March 2024 Cyber Funding & M&A Brief
Published by Pinpoint Search Group — the cybersecurity executive search firm that tracks every disclosed vendor funding round and acquisition in the sector.
At a glance
Get the full March 2024 dataset — every named company, round, investor, and segment.
What March told us
March 2024 was the single busiest month of the year: 51 transactions, $1.42B in disclosed funding, and 8 acquisitions. The funding side was led by three nine-figure rounds — Cyera's $300M growth round at a $1.4B valuation, Axonius's $200M Series E, and Coro's $100M Series E — all into existing platform vendors with established enterprise distribution. None of these were category debuts; all three were companies the workbook has tracked across multiple prior rounds.
Data security was the dominant segment with 12 transactions, more than double any other category in March. That density was largely a function of the Cyera moment: $300M into the lead vendor in DSPM in the same month CrowdStrike acquired Flow Security ($200M) and Zscaler acquired Avalor ($350M), both Data-segment companies. The data-security category, dormant as a venture story through most of 2023, came back at scale in a single 30-day window.
Wiz's $350M acquisition of Gem Security stands out within the M&A column. Gem had raised an $11M Seed in February 2023 and a $23M Series A in September 2023 — a 13-month, $350M Seed-to-acquisition arc that compressed the typical cloud-detection venture cycle by years. The deal is Wiz's first strategic move tracked in the workbook and confirms the company is now operating as both a funded growth vendor and an active strategic acquirer.
Stage and segment breakdown
| Stage | Count |
|---|---|
| Seed | 19 |
| Series A | 8 |
| Series B | 3 |
| Series D+ | 4 |
| Growth Funding | 4 |
| Merger | 1 |
| Acquisition | 8 |
| Top segments | Transactions |
|---|---|
| Data | 12 |
| AppSec | 5 |
| Detection/Response | 3 |
| Vulnerability | 3 |
| Threat Intel | 3 |
| XDR | 2 |
Two deals worth your attention
Cyera — $300M growth round led by Coatue. Cyera's data security posture management platform raised $300M at a $1.4B valuation, reclassifying within the workbook from Data to AI/LLM as the company leaned into the LLM-classification storyline. The round is the largest funding event of March and Cyera's third workbook appearance after a $60M event in March 2022 and a $100M Series B in June 2023 — a 24-month single-segment ramp from $60M to $300M.
Wiz's $350M acquisition of Gem Security. Wiz folded Gem Security's cloud detection and response platform into its CNAPP stack roughly 13 months after Gem's Seed round. The math — $11M Seed in Feb 2023, $23M Series A in Sep 2023, $350M acquisition in Mar 2024 — sets the cadence for what 2024 cloud-security M&A would look like: short Seed-to-strategic windows, with the buyer paying for capability rather than revenue.
Companies we've covered before
Cyera first appeared in March 2022 with a $60M funding round in Data security, returning in June 2023 with a $100M Series B. The March 2024 $300M growth round is Cyera's third appearance in the workbook and the first under the AI/LLM segment classification — a clean illustration of how a single vendor's positioning evolved alongside the taxonomy.
Axonius first appeared in March 2021 with a $100M Series D in Vulnerability, returning in March 2022 with a $200M Series E refresh. The March 2024 $200M round is the third Axonius D/E-stage event in three years — same segment classification, same scale, three consecutive March windows.
Gem Security first appeared in February 2023 with an $11M Seed in Detection/Response, returning in September 2023 with a $23M Series A in the same segment. Thirteen months after the Seed, Gem exits to Wiz for $350M — among the steepest Seed-to-strategic markups in the workbook.
The other 49 transactions are in the data feed — including the 8 acquisitions whose values never hit the press. Get March's details and more →
Methodology
Every transaction in this brief was sourced from a primary public report and dedupe-checked against the master Pinpoint funding workbook, which now contains ~2,600 transactions back to May 2020. Funding totals reflect disclosed capital only; acquisition values are included where publicly available.
Each deal is classified against Pinpoint's normalized cybersecurity segment taxonomy — read directly off what the company says they protect and mapped to one of the canonical segments. The taxonomy has been maintained continuously since 2020 and currently covers roughly 55 segments. Identity, Data, Detection / Response, and Threat Intel have been tracked from the first month of the series; AppSec and GRC entered the following month; emergent categories (AI/LLM, Supply Chain, Quantum, Browser) are added when they first appear in vendor positioning. That normalization layer is what makes multi-year, cross-segment comparisons possible against an otherwise inconsistent vocabulary in the broader market.
About Pinpoint Search Group
Cybersecurity innovators work with Pinpoint Search Group to identify, attract, and land professionals that enable maturation, scale, and successful outcomes. As start-ups continue raising millions in funding and established vendors make acquisitions to round out their offerings, Pinpoint Search Group is keeping track.
Get the underlying data
The narrative above is the free version. The paid Pinpoint Cyber Funding Data feed gives you every named transaction, every disclosed investor, every segment classification — exportable, filterable, and updated as the deals close.