May 2022 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 May 2022 dataset — every named company, round, investor, and segment.
What May told us
May 2022 ran the funded side hot while M&A dropped to a thin month. Five funded rounds cleared above $100M across distinct segments: Abnormal Security at $210M Series C in Email, Semperis at $200M Series C in Identity, Pathlock at $200M growth in GRC, Mosyle at $196M Series B in Endpoint, and Teleport at $110M Series C in Identity. Disclosed funding totaled $1.64B across 35 rounds — heavy breadth without any single nine-figure standout above the $200M level.
Stage distribution skewed toward Series C with eight rounds at that stage, a heavier Series C count than any prior 2022 month. The mix of Series C activity spanned Email (Abnormal), Identity (Semperis, Teleport), Endpoint (Mosyle), and GRC (Pathlock), suggesting the early-stage cohort that had funded across 2020 and 2021 was working through its first major growth events at scale.
M&A column ran quiet on value. Sabanci's $45M acquisition of Radiflow in OT/ICS was the largest disclosed deal of the month — the first 2022 month in which the M&A column produced no nine-figure transactions. Seven acquisitions cleared overall, with the broader pattern consistent with the workbook's long-running mass-undisclosed M&A baseline.
Stage and segment breakdown
| Stage | Count |
|---|---|
| Seed | 7 |
| Series A | 8 |
| Series B | 8 |
| Series C | 8 |
| Merger | 2 |
| Spinout | 1 |
| Acquisition | 7 |
| Top segments | Transactions |
|---|---|
| Data | 6 |
| Identity | 4 |
| AppSec | 4 |
| OT/ICS | 3 |
| Detection/Response | 3 |
| API | 2 |
Two deals worth your attention
Abnormal Security — $210M Series C in Email. Abnormal Security raised $210M Series C for its email security platform, the largest funded round of May. The round was Abnormal's second workbook event after a $50M Series B in November 2020 — same segment classification, 18 months between rounds, and a 4x scale-up consistent with broader Email-segment funding strength in 2022.
Semperis — $200M Series C in Identity. Semperis raised $200M Series C for its identity threat detection and response platform, focused on Active Directory and Azure AD recovery. The round was Semperis's second workbook event after a $40M Series B in May 2020 — a clean two-year, same-segment ramp at 5x the prior round size.
Companies we've covered before
Abnormal Security first appeared in November 2020 with a $50M Series B in Email. The May 2022 $210M Series C is Abnormal's second tracked event, same segment classification, and a 4x step-up over the prior round.
Semperis first appeared in May 2020 with a $40M Series B in Identity. The May 2022 $200M Series C is Semperis's second tracked event, same segment classification, and a clean two-year ramp at 5x the prior round size.
Pathlock first appeared in March 2021 with a $20M growth funding event in GRC. The May 2022 $200M growth round is Pathlock's second tracked event, same segment classification, and a notable 10x scale-up over the prior round.
The other 40 transactions are in the data feed — including the 7 acquisitions whose values never hit the press. Get May'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.