💰 Security, Funded #156 – Cyber Earnings Szn

Security, Funded is a weekly deep dive into cybersecurity funding and industry news, captured and analyzed by Mike PrivetteThis week’s issue is published together with Material safety And Outpost24.

Hello there,

If you were at Hacker Summer Camp with Black Hat and DEF CON last week, I hope you had a great time! Apologies to anyone I didn’t get to talk to, and I hope to see you at the next event!

It was also an amazing and surreal experience to moderate my first panel at Black Hat. A big thank you and shoutout to Jon Sakoda, Ross HaleliukAnd Kaiti Delaney for my participation on the panel and making the conversation so interesting.

Black Hat Innovators & Investors Summit

Thanks to everyone who came and said they liked the newsletter! Stuff like that really helps me keep grinding 😤 👊

You also know that The Security Newsletter Mafia ™️ had to work hard and make a strong impression on Black Hat💪 📰

Matt Johansen @mattjay

Can we interest you in a newsletter?

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Let’s move on to this week’s issue.

_{TOGETHER WITH}

Get more from your email security budget.

When every dollar counts, you want to make sure you’re getting the most out of what you’re getting. You’re getting paid for anti-phishing tools (hopefully), but the threat landscape extends beyond the inbox.

As attacks become more frequent and faster, email security must also consider insider risk scenarios, account takeover protection, and data loss prevention.

See why Material safety is the preferred choice for organizations that want to protect more areas of their Microsoft 365 or Google Workspace footprint with one unified toolkit… and a single line item in the budget.

😎 Vibe check

This week, a year ago, after a conversation at Black Hat, I decided to do the Vibe Check in the newsletter. This is a really fun and interesting part every week, but I want to make sure it still has vibes.

Are you still a fan of the Vibe Check section?

If you have any questions for me to ask, feel free to send them my way and I’ll see how I can work them in!

Vibecheck of the previous edition:
Are you attending any of the BSides LV, Black Hat or DEF CON events this week?
🟩🟩🟩🟩🟩🟩 ✅ Yes (tell me which) (27)
🟨⬜️⬜️⬜️⬜️⬜️ ❌ Not this year (tell me what you’re doing instead) (8)
35 Votes

Of the people who voted last week, most went to at least Black Hat and DEF CON.

Some of the key observations from last week:

“Not this year – I’ll be sitting in the office wishing I was at BSides LV and Defcon”

“Not this year – I adopted our company’s unlimited PTO policy and just got back from an 8 week vacation” 🫡

💰 Market overview

5 companies raised $290.6 million about 5 unique product categories in 2 countries
5 companies were taken over or a merger took place 5 unique product categories
100% of financing went to product-based cybersecurity companies
4 public cyber companies had an earnings report

📸 YoY Snapshot

This is a 12-week chart comparing financings and acquisitions each week on a year-over-year (YoY) basis between 2023 and 2024.

Last week’s funding announcements were small but mighty. While there were fewer transactions overall, one huge deal pushed the average up significantly (details below). Black Hat tends to focus more on product and partnership announcements than funding announcements.

However, M&A activity was stronger and remained at a healthy pace, with some larger names in the later stages. I expect M&A to continue its upward trajectory through the remainder of Q3 and Q4.

🤙 Profit Reports

Here are notable earnings reports from public cybersecurity companies. This section is Powered by Quartrwhere I keep track of all the latest income reports.

To keep this email shorter, this section is only visible on the blog here.

Earnings reports this week: CyberArk, Fortinet, Qualys and Rapid7

🧩 Financing by product category

$250.0 million for email security via 1 deal
$25.0 million for confidential computing in 1 deal
$12.8 million for artificial intelligence (AI) security in 1 deal
$1.5 million for Cyber Risk Quantification in 1 deal
$1.4 million for fraud and financial crime protection in 1 deal

🏢 Company Financing

Abnormal securitya US-based email security company, has a $250.0 Million Series D by Wellington Management.more)
Anjunaa confidential computer platform based in the United States, has a $25.0 Million Series B by M-enterprises.more)
Aura landscapea US-based security posture management platform for AI applications and workloads, has a $12.8 million seed by Mayfield Fund.more)
Inscorea Canada-based cyber risk assessment platform for cyber insurance brokers, has a $1.5 million pre-seed by Sledding Capital.more)
Scamnetica US-based AI-based fraud and scam threat detection platform, has a $1.4 million pre-seed by Roo Partners, Ruxton Companies, And SaaS companies.more)

🌎 Financing by country

🤝 Mergers and acquisitions

Acronisa Switzerland-based company that provides solutions to safety, accessibility, privacy, authenticity and security (SAPAS) challenges, has been acquired by EQT for an unknown amount.more)
Fort SRMa United States-based managed security services provider (MSSP), was acquired by Fulcrum IT Partners for an unknown amount.more)
Researcha US-based file-based malware analysis platform, was acquired by OPSWAT for an unknown amount.more)
Next DLPa UK-based insider risk and data loss prevention platform, has been acquired by Fortune for an unknown amount.more)
Phx-ITa United States-based professional services company focused on cyber incident response, has been acquired by Data provision for an unknown amount.more)