Thursday, July 18 2024

Two Homomorphic Encryption outfits fight for superiority through competing rounds of funding. Orca Security closes $550 million in Series C.  Coalition purchases Attune for undisclosed sum.  One Identity acquires OneLogin.

Funding

Cloud security provider Orca Security closes latest Series C at $550 million.  This round led by Singapore based Temasek provides an updated valuation at $1.8 billion.  This move deepens Orca Security’s geographic expansion into the Asia-Pacific region, and follows its trending expansion in the EMEA region.

Homomorphic encryption startup Duality secures an additional $30 million in funding through the closing of its Series B.  Following its recent contract with the U.S. Department of Defense, this round is led by LG Technology Ventures, Euclidean Capital, and the National Bank of Canada’s venture capital wing NAventures.  Duality’s homomorphic encryption technique allows users to analyze and utilize encrypted data without first decrypting that data.  Duality elected not to disclose its latest valuation, but announced its use of these funds will focus on efforts to scale and commercialize its technology.

Network observability company Kentik closes a $40 million Series C led by Third Point Ventures.  With the explosion of digital business, the API economy, and consumer expectations for instantaneous service, Kentick provides full-stack observability to understand the root cause of a service outage.  “This financing will help us accelerate investments in our platform as well as partner with other observability leaders to end the era of fragmented monitoring,” said Avi Freedman, Co-founder and CEO of Kentick.

DevOps security platform operation Mondoo secures $12 million through Series A and announces prior seed round funding of $3 million.  Mondoo is determined to bring your DevOps and security teams together to better secure their target environment through its cloud native security platform.  A wide swath of institutional investors participated in these rounds; including Firstminute Capital, System.One, MongoDB Chairman Tom Killalea, Intuit CTO Marianna Tessel, Google Product VP Bradley Horowitz, and Puppet co-founder Andrew Clay Shafer.

SaaS security outfit Adaptive Shield announces $30 million Series A funding led by VC firm Insight Partners, Okta Ventures, and Vertex Ventures Israel.  Adaptive Shield intends to use this influx of monies to ramp up its efforts to secure client SaaS stacks and manage businesses various SaaS applications.  “Expecting security teams to stay on top of SaaS Security misconfigurations without a proper SSPM solution in place is like expecting a bodyguard to protect an invisible person. Deep visibility and continuous maintenance of SaaS security hygiene is crucial to keeping the company secure” said Maor Bin, CEO and Co-Founder of Adaptive Shield. “Thanks to this latest round of funding, we will be able to further evolve our SSPM offering while extending our reach to meet growing demands from businesses around the globe looking to increase their SaaS usage while eliminating any risk.”

Another homomorphic encryption company finalizes its Series C at $50 million; Carnami looks to bring fully homomorphic encryption (FHE) to the market and aims to deliver real-time FHE, which will fundamentally change how data is shared and monetized.  “The availability of practical fully homomorphic encryption introduces a sea change to the cloud computing marketplace and the entire information processing industry,” said Dr. Wally Rhines, CEO of Cornami. “Privacy and data confidentiality become achievable goals, allowing a wide range of services to become accessible while maintaining full confidentiality of the data, the application, and service results.”

Coeur d’Alene startup Gravwell snags $3 million in seed funding with an eye to further the development of its enterprise data fusion and analytics platform.  Gravwell provides enterprises with full data ingestion and retention and allows teams to assess their data and proactively respond to malicious actors.  This funding was speared by Next Frontier Capital, Gula Tech Adventures, Kickstart Fund, and Revolution’s Rise of the Rest.

MERGERS AND ACQUISITIONS

Consolidation of cybersecurity companies continue as One Identity acquires OneLogin.  While the terms of this acquisition have been withheld from the public, One Identity will now manage approximately 290 million identities; including both people and M2M-style nodes.  While One Identity manages “zero trust” system access, log management, and other governance services, OneLogin provides secure sign-on services for users; and together, this consolidation sees One Identity securing its identity management offerings by addressing exposed weaknesses preyed on by malicious hackers.

Cyber insurance and security company Coalition purchases Attune for a currently undisclosed sum of monies.  After this acquisition, Coalition seeks use of Attune’s marketplace and broker platform to expand its market share for cyber insurance.  Coalition also acquires Attune’s analytics capabilities and machine learning technology which necessarily expands its offering in the cyber insurance market.

Blockchain data analytics and security platform Chainalysis acquires cybercrime investigators Excygent to reinforce its fight against ransomware attacks.  These 2 outfits each have a history of working with regulators to aid in cybercrime investigations; and together, Chainalysis will leverage the newly acquired assets to keep fighting.  “The Excygent team has been leveraging Chainalysis technology and working alongside their team to tackle some of the most significant investigations into cryptocurrency crime in recent years,” said Excygent’s Aaron Bice.

The cyber security company Criterion Systems swallows another one through its acquisition of the government contractor SAGE Black Consulting and Contracting per undisclosed terms. SAGE Black’s AI and machine learning abilities will be used by Criterion’s Intelligence Solutions arm to support its system integration and cyber operations services.  “This acquisition, combined with our purchases of Realm Consulting and Protas Solutions earlier this year, provides Criterion with a deep bench of expertise that will benefit both our intelligence community customers and the company as a whole,” said Steve Mast, CEO of Criterion.

Read more cybersecurity M&A and funding updates from SecureDisruptions here.

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