September 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 September 2022 dataset — every named company, round, investor, and segment.
What September told us
September 2022 ran 34 transactions and $838.2M in disclosed funding, with the M&A column producing no large disclosed transactions — the second month of 2022 without a nine-figure announced M&A deal (May was the first). Nine acquisitions cleared overall but none with disclosed values above the small-cap range, a column composition consistent with the workbook's mass-undisclosed M&A baseline rather than a structural slowdown.
Funding activity carried the disclosed-value side. Malwarebytes raised $100M growth funding in Endpoint and Bitwarden raised $100M growth funding in Identity — two consumer-and-SMB-adjacent names clearing matching nine-figure rounds in the same month, an unusual coincidence for the workbook. Fortanix at $90M Series C in Data, Cymulate at $70M Series D+ in Training, and Deep Instinct at $62M Series D+ in Endpoint rounded out the funded headline cohort.
Stage distribution leaned toward Series D+ with six rounds at that stage — a heavier late-stage skew than most prior 2022 months. The mix of late-stage activity spanned Data (Fortanix), Training (Cymulate), Endpoint (Deep Instinct), and Identity (Bitwarden), suggesting the late-stage cohort that had compounded through 2020 and 2021 was still drawing growth capital in size even as M&A activity ran quieter. The month also marked the Stealth segment's first appearance in the workbook taxonomy.
Stage and segment breakdown
| Stage | Count |
|---|---|
| Seed | 7 |
| Series A | 2 |
| Series B | 5 |
| Series C | 2 |
| Series D+ | 2 |
| Growth Funding | 3 |
| Acquisition | 9 |
| Top segments | Transactions |
|---|---|
| Data | 6 |
| MSSP | 4 |
| Detection/Response | 3 |
| Network Security | 2 |
| Identity | 2 |
| Ratings | 2 |
New segment in the taxonomy this month: "Stealth" enters the Pinpoint segment taxonomy for the first time in September 2022. Emergent categories are added when they first appear in vendor positioning; this is the first workbook event in this classification.
Two deals worth your attention
Malwarebytes — $100M growth round in Endpoint. Malwarebytes raised $100M growth funding for its consumer and SMB endpoint security platform, the joint-largest funded round of September. The round was Malwarebytes's first workbook event at this size and one of the more notable nine-figure consumer-and-SMB-adjacent endpoint rounds the workbook tracks for 2022.
Bitwarden — $100M growth round in Identity. Bitwarden raised $100M growth funding for its password management platform, the joint-largest funded round of September. The round matched Malwarebytes's number to the dollar inside the same month — an unusual coincidence — and signaled that consumer-adjacent identity tooling was clearing nine-figure rounds alongside enterprise-focused Identity vendors.
Companies we've covered before
Cymulate first appeared in May 2021 with a $45M Series C in Training. The September 2022 $70M Series D+ is Cymulate's second tracked event, same segment classification, and a clean C-to-D+ step-up inside security training and breach-and-attack simulation.
Deep Instinct first appeared in April 2021 with a $100M Series D+ in Endpoint. The September 2022 $62M Series D+ extension is Deep Instinct's second tracked event, same segment classification, and a step-down from the 2021 round size consistent with broader mid-year endpoint funding compression.
The other 32 transactions are in the data feed — including the 9 acquisitions whose values never hit the press. Get September'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.