November 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 November 2022 dataset — every named company, round, investor, and segment.
What November told us
November 2022 ran 23 transactions and $462.5M in disclosed funding — one of the lighter funded months of the year, behind only August's thinner reading. Palo Alto Networks' $195M acquisition of Cider Security in AppSec was the largest disclosed M&A event of the month and a tuck-in scale move on application security posture. Cider had only raised a $32M Series A in March 2022, an eight-month Series-A-to-strategic arc that is one of the more compressed full-cycle exits the workbook tracks for an AppSec vendor.
Funding activity was led by Apiiro's $100M Series B in AppSec, the largest funded round of November and the company's second workbook event after a $35M Series A in October 2020. Akeyless at $65M Series B in Data, Laika at $50M Series C in GRC, Bishop Fox at $46M Series B in Vulnerability, and Binary Defense Systems at $36M Series A in Detection/Response rounded out the named funded cohort. Nine of the 16 funding rounds cleared at Seed or Series A — a baseline distribution consistent with the year's broader early-stage activity.
AppSec stood out as a segment with two notable November events — Cider's $195M exit and Apiiro's $100M Series B — both inside the same month, signaling continued strategic and growth-stage investor attention to application security posture and supply chain integrity even as M&A volume ran lighter overall.
Stage and segment breakdown
| Stage | Count |
|---|---|
| Seed | 5 |
| Series A | 4 |
| Series B | 6 |
| Series C | 1 |
| Acquisition | 7 |
| Top segments | Transactions |
|---|---|
| AppSec | 6 |
| Identity | 3 |
| Detection/Response | 2 |
| GRC | 2 |
| Data | 2 |
| API | 1 |
Two deals worth your attention
Palo Alto Networks's $195M acquisition of Cider Security. Palo Alto Networks acquired Cider Security at $195M, the largest disclosed M&A event of November. The deal folded an application security posture vendor into PANW's broader platform and is consistent with the year's pattern of strategic platform vendors absorbing AppSec specialist capabilities. Cider's compressed exit — $32M Series A in March 2022, $195M acquisition eight months later — is one of the faster Seed-to-strategic AppSec arcs the workbook tracks.
Apiiro — $100M Series B in AppSec. Apiiro raised $100M Series B for its application risk management platform, the largest funded round of November. The round was Apiiro's second workbook event after a $35M Series A in October 2020 — same-segment, roughly 25 months apart, with a 3x scale-up consistent with the year's broader AppSec funding strength.
Companies we've covered before
Apiiro first appeared in October 2020 with a $35M Series A in AppSec. The November 2022 $100M Series B is Apiiro's second tracked event, same segment classification, and a clean A-to-B step-up inside application risk management.
Cider Security first appeared in March 2022 with a $32M Series A in AppSec. The November 2022 $195M acquisition by Palo Alto Networks closes a roughly eight-month Series A-to-strategic arc — one of the more compressed full-cycle AppSec exits the workbook tracks.
Bishop Fox first appeared in July 2022 with a $75M Series B in Vulnerability. The November 2022 $46M Series B extension is Bishop Fox's second tracked event, same segment classification, and a smaller follow-on inside the same Series B window.
Akeyless first appeared in April 2021 with a $14M Series A in Data. The November 2022 $65M Series B is Akeyless's second tracked event, same segment classification, and a clean A-to-B ramp inside data security and secrets management.
The other 21 transactions are in the data feed — including the 7 acquisitions whose values never hit the press. Get November'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.