Q4 Cyber Security Vendor Transaction Highlights
- 102 total funding and M&A transactions
- $1.6 Billion raised over 85 rounds
- 17 total M&A events
Crunching the Numbers
- The $1.6 Billion raised in Q4, 2023 represents a 45% decrease in funding raised when compared to Q4, 2022.
- YoY funding volume increased by 21%. 85 funding rounds tracked in Q4 ’23 when compared to 70 in Q4, ’22.
- Seed funding represented 43% of all Q4, 2023 funding rounds recorded.
- In 2023, Cybersecurity vendors have raised $8.7 Billion over 346 rounds.
- The 346 rounds of investment recorded through Q4 ’23 has exceeded 2022’s volume of 303 rounds recorded.
Annual Funding Comparison
Q4 Security Vendor Funding
Q4 Funding Round Count
Q4's funding rounds and mergers & acquisitions
December 2023
November 2023
October 2023
December 2023
| Vendor | Activity Type | Acquiring Company | Financials | Market Segment |
| Isovalent | Acquisition | Cisco | Undisclosed | Container |
| Spera | Acquisition | Okta | $100,000,000 | Identity |
| Teleskope | Seed | N/A | $7,175,000 | Data |
| Qnu Labs | Seed | N/A | $6,500,000 | Quantum |
| Salvador Technologies | Seed | N/A | $6,000,000 | OT/ICS |
| Turngate | Seed | N/A | $5,000,000 | Forensics |
| Xeol | Seed | N/A | $3,200,000 | Supply Chain |
| Bowtie | Seed | N/A | $3,200,000 | Network Security |
| Enveedo | Seed | N/A | $3,150,000 | GRC |
| Cytidel | Seed | N/A | $1,457,000 | Threat Intel |
| Hackless | Seed | N/A | $1,200,000 | Crypto |
| Andalusia Labs | Funding, A | N/A | $48,000,000 | GRC |
| BabylonChain | Funding, A | N/A | $18,000,000 | Crypto |
| Guardz | Funding, A | N/A | $18,000,000 | Detection/Response |
| ProvenRun | Funding, A | N/A | $16,100,000 | IoT |
| Base Operations | Funding, A | N/A | $9,100,000 | Threat Intel |
| ArmorCode | Funding, B | N/A | $40,000,000 | AppSec |
| Halcyon | Funding, B | N/A | $40,000,000 | Detection/Response |
| Mine | Funding, B | N/A | $30,000,000 | Data |
| Phosphorus | Funding, B | N/A | $27,000,000 | IoT |
| Opal | Funding, B | N/A | $22,000,000 | Identity |
| Zero Networks | Funding, B | N/A | $20,000,000 | Network Security |
| SimSpace | Funding | N/A | $45,000,000 | Training |
| StrikeGraph | Funding | N/A | $8,500,000 | GRC |
| Salv | Funding | N/A | $4,290,000 | Fraud |
| Nedscaper | Funding | N/A | $2,420,000 | MSSP |
November 2023
| Vendor | Activity Type | Acquiring Company | Financials | Market Segment |
| Maytech | Acquisition | Kiteworks | Undisclosed | Data |
| Conquest Cyber | Acquisition | BlueVoyant | Undisclosed | GRC |
| Corvus | Acquisition | Travelers Insurance | $435,000,000 | Cyber Insurance |
| Innotec Security | Acquisition | Accenture | Undisclosed | MSSP |
| Jeli.io | Acquisition | PagerDuty | Undisclosed | Detection/Response |
| Krebs Stamos Group | Acquisition | SentinelOne | Undisclosed | Security Services |
| Solutions Granted | Acquisition | SonicWall | Undisclosed | MSSP |
| Talon Cyber | Acquisition | Palo Alto Networks | $615,000,000 | Browser |
| Dream Security | Seed | N/A | $33,600,000 | Detection/Response |
| Refine Intelligence | Seed | N/A | $13,000,000 | Fraud |
| Radicl | Seed | N/A | $9,000,000 | XDR |
| WraithWatch | Seed | N/A | $8,000,000 | AI/LLM |
| Zip Security | Seed | N/A | $7,700,000 | Identity |
| Myrror | Seed | N/A | $6,000,000 | AppSec |
| Lasso Security | Seed | N/A | $6,000,000 | AI/LLM |
| Aikido Security | Seed | N/A | $5,428,000 | AppSec |
| Tidal Cyber | Seed | N/A | $5,000,000 | Threat Intel |
| Protecto | Seed | N/A | $4,000,000 | Data |
| Hydrox AI | Seed | N/A | $4,000,000 | AI/LLM |
| HyperSphere | Seed | N/A | $3,320,000 | Data |
| Ostra Cybersecurity | Seed | N/A | $2,500,000 | MSSP |
| COGNNA | Seed | N/A | $2,225,000 | Detection/Response |
| Vigilant Ops | Seed | N/A | $2,000,000 | Supply Chain |
| Polymer | Seed | N/A | $1,686,993 | Data |
| Blindspot Technologies | Seed | N/A | $1,527,000 | Web |
| Brightside AI | Seed | N/A | $1,000,000 | Training |
| FusionAuth | Funding, A | N/A | $65,000,000 | Identity |
| Radiant Security | Funding, A | N/A | $15,000,000 | XDR |
| Sequretek | Funding, A | N/A | $8,000,000 | MSSP |
| Risk Ledger | Funding, A | N/A | $7,680,000 | Supply Chain |
| Chainguard | Funding, B | N/A | $61,000,000 | Supply Chain |
| Vulcan Cyber | Funding, B | N/A | $34,000,000 | Vulnerability |
| Xage | Funding, B | N/A | $20,000,000 | OT/ICS |
| Cyble | Funding, B | N/A | $6,200,000 | Threat Intel |
| ALTR | Funding, C | N/A | $25,000,000 | Data |
| Graylog | Funding, C | N/A | $9,000,000 | SIEM |
| BlueVoyant | Funding, E | N/A | $140,000,000 | Detection/Response |
| Cowbell Cyber | Growth Equity | N/A | $25,000,000 | Cyber Insurance |
| SpiderSilk | Funding | N/A | $9,000,000 | Threat Intel |
| Keyless | Funding | N/A | $6,000,000 | Identity |
| Cavelo | Funding | N/A | $3,632,000 | Vulnerability |
October 2023
| Vendor | Activity Type | Acquiring Company | Financials | Market Segment |
| Dig Security | Acquisition | Palo Alto Networks | $400,000,000 | Data |
| Uno | Acquisition | Okta | Undisclosed | Identity |
| MNEMO | Acquisition | Accenture | Undisclosed | MSSP |
| Revelstoke | Acquisition | Arctic Wolf | Undisclosed | Orchestration |
| Tessian | Acquisition | Proofpoint | Undisclosed | |
| Trsutwave | Acquisition | Chertoff Group | $205,000,000 | MSSP |
| Verve Industrial Protection | Acquisition | Rockwell Automation | Undisclosed | OT/ICS |
| Gutsy | Seed | N/A | $51,000,000 | GRC |
| Harmonic Security | Seed | N/A | $7,000,000 | AI/LLM |
| ZeroRISC | Seed | N/A | $5,000,000 | Firmware Security |
| Cyacomb | Seed | N/A | $4,500,000 | Forensics |
| Synqly | Seed | N/A | $4,000,000 | Orchestration |
| Compliance Risk | Seed | N/A | $3,500,000 | GRC |
| Anonybit | Seed | N/A | $3,000,000 | Identity |
| CipherStash | Seed | N/A | $3,000,000 | Data |
| Zygon | Seed | N/A | $3,000,000 | SaaS Security |
| Fairblock Network | Seed | N/A | $2,500,000 | Crypto |
| Blockaid | Funding, A | N/A | $33,000,000 | Crypto |
| HarfangLab | Funding, A | N/A | $26,500,000 | Detection/Response |
| Cranium | Funding, A | N/A | $25,000,000 | AI/LLM |
| Darwinium | Funding, A | N/A | $18,000,000 | Fraud |
| Carefull | Funding, A | N/A | $16,500,000 | Fraud |
| Reality Defender | Funding, A | N/A | $15,000,000 | Fraud |
| Spec | Funding, A | N/A | $15,000,000 | Fraud |
| Turnkey | Funding, A | N/A | $14,500,000 | Crypto |
| Conveyor | Funding, A | N/A | $12,500,000 | GRC |
| Upfort | Funding, A | N/A | $8,000,000 | Cyber Insurance |
| Adlumin | Funding, B | N/A | $70,000,000 | XDR |
| JinJing Yunhua | Funding, B | N/A | $14,000,000 | Detection/Response |
| Island | Funding, C | N/A | $100,000,000 | Browser |
| Censys | Funding, C | N/A | $50,000,000 | Vulnerability |
| FingerprintJS | Funding, C | N/A | $33,000,000 | Fraud |
| SecureW2 | Funding | N/A | $80,000,000 | Identity |
| Prove Identity | Funding | N/A | $40,000,000 | Identity |
| Evo Security | Funding | N/A | $1,000,000 | Identity |
Research Methodology
About Pinpoint Search Group
Pinpoint recruits VPs, Directors and Sr. Individual Contributors for cyber security vendors. As start-ups continue raising millions in funding and established vendors make acquisitions to round out their offerings, Pinpoint Search Group is keeping track.
Contact us to discuss adding talent to your team, or if it’s time to explore new opportunities.
