Saturday, April 20 2024

Recent cybersecurity companies that raised capital, announced mergers and acquisitions, or financial or strategic transactions. This week, identity security and operational technology (OT) security companies raised the highest venture funding rounds. Acquisition transactions highlight familiar trends: application security, cloud security, and network security.


Aura, a Massachusetts-based digital security company specializing in identity theft protection, has recently closed a $150 million Series E funding round led by New York-based Warburg Pincus.

Aiden Technologies, a Texas-based deliverer of patch management, software deployment, and endpoint security services, has secured $2.9 million in a seed funding round headed by Right Side Capital Management, which invests exclusively in pre-seed and seed rounds of technology start-ups. Additionally, strategic individual investors also participated.

Nuvolo, an integrated workplace management solution and OT security solution provider based in New Jersey, has recently raised $32 million in a Series C funding round fulfilled by Mayo Clinic.

Overhaul, a Texas-based risk management and supply chain visibility solutions provider, has closed a $35 million Series B funding round headlined by Macquarie Capital, the advisory and principal investment arm of Macquarie Group. The round was also fulfilled by Edison Partners and Avanta Ventures.

Brinqa, a cybersecurity risk management and analytics company headquartered in Texas, has announced $110 million in growth funding led by Insight Partners, a New York-based private equity firm which specializes in growth-stage technology and software businesses.

Nexxiot, a Zurich, Switzerland-based supplier of integrated digital supply chain solutions that digitizes cargo “to ensure trust, security and efficiency,” has secured $25 million in a funding round fulfilled by US investment firm QVIDTVM.

Ledger, a France-based digital asset management solution provider that develops security and infrastructure solutions for cryptocurrencies and blockchain applications, has completed a $380 million Series C funding round led by 10T Holdings, which invests in private companies operating in the digital asset ecosystem. The round was also fulfilled by previous investors including Cathay Innovation, Draper Esprit, Draper Associates, Draper Dragon, DCG, Korelya Capital, and Wicklow Capital and new investors including Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financière Agache (Groupe Arnault), and iAngels Technologies.

KETS Quantum Security, a Bristol, UK-based developer of technologies for quantum-secured communications, has recently closed a £3.1 funding round headed by Quantonation and Speedinvest, with participation from Mustard Seed MAZE.

Cyber Guru, an Italy-based cybersecurity awareness training platform, has raised €3.6 million in a Series A funding round led by P101 SGR, with participation from Adara Ventures.

Razorsecure, a UK-based cybersecurity software company specializing in railway cybersecurity, has raised over £2 million in a funding round fulfilled by existing investors including Enterprise M3 Growth Fund, Mainport Innovation Fund II, Wentworth Limited, and Breed Reply.

UpGuard, a California-based threat intelligence and third-party risk attack surface management company, has secured $19 million in a Series B-1 funding round fulfilled by existing investors IAG Firemark Ventures, Pelion Venture Partners, Square Peg Capital, and August Capital.

Trulioo, a Vancouver-headquartered online identity verification platform provider, has secured $394 million in a Series D funding round directed by TCV, the California-based venture capital firm that focuses on the technology industry. Existing investors Amex Ventures, Citi Ventures, Blumberg Capital, and Mouro Capital also contributed.

Exabeam, the California-based big data security analytics and automation company, has secured $200 million in a Series F funding round led by Blue Owl Capital, with participation from existing investors Acrew Capital, Lightspeed Venture Partners, and Norwest Venture Partners.

[redacted], a San Francisco-based threat intelligence and cyber security provider, has closed a $35 million Series B funding round headed by Ten Eleven Ventures, a venture capital firm that focuses on cybersecurity startups. Valor Equity Partners and SVB Capital also contributed. (Yes, the company name is specifically and annoyingly styled all lowercase and bracketed: “[redacted]”)

Oak9, “a cloud-based security platform that integrates into the CI/CD pipeline” based in Chicago, has raised $5.9 million in a seed funding round headlined by Menlo Ventures, the Menlo Park-based venture capital firm focusing on “companies with the potential to disrupt huge markets.” Hyde Park Angels and Uncorrelated Ventures also participated in the round.

HarfangLab, a French cybersecurity start-up specializing in endpoint detection and response, has recently closed a €5 million seed funding round led by Elaia, which focuses on European digital and deep tech start-ups.

Hypori, the Austin-based zero-trust mobile security software developer, has recently closed a $20 million Series A funding round directed by San Francisco-based GreatPoint Ventures. “Hypori breaks the binds to hardware by enabling secure access without device enrollment, collapsing the security boundary from edge devices to the enterprise,” stated Hypori CEO Jared Shepard.

Alation, California-based provider of data intelligence technology, has raised $110 million in a Series D round of funding led by Redwood Capital, with participation from new investors Sanabil Investments and Snowflake Ventures and previous investors Costanoa Ventures, Dell Technologies Capital, Icon Ventures, Salesforce Ventures, Sapphire Ventures and Union Grove Partners.

project44, the Chicago-based supply chain visibility platform, has closed a $202 million Series E funding round led by New York-based Goldman Sachs and Silicon Valley’s Emergence Capital, with additional participation from Girteka and Lineage Logistics.

Mergers and Acquisitions

Bain Capital Private Equity and Crosspoint Capital Partners have announced their acquisition of ExtraHop, a supplier of cloud-native network cybersecurity headquartered in Seattle, Washington, for $900 million. Managing director at Bain Capital Private Equity stated, “We believe that network detection and response is the next major cybersecurity segment and that ExtraHop has the best enterprise technology in the space.”

Synopsys, a California-based provider of “silicon-to-software” solutions to companies developing electronic products and software, has acquired Code Dx, a New York-based provider of application security risk management solutions. With the acquisition, Synopsys aims to offer customers consolidated risk reporting and prioritization across correlated software vulnerability data produced by Synopsys solutions as well as other security products.

Deloitte, a multinational professional services network, has announced its acquisition of CloudQuest, a California-based cloud security posture management provider. According to the Deloitte cyber cloud leader and principal, the acquisition will support Deloitte’s existing cloud cybersecurity offerings to improve data security and manage security workflows.

Parsons, a Virginia-based defense, intelligence, security, and infrastructure engineering firm, has agreed to acquire BlackHorse Solutions, a digital security firm also headquartered in Virginia which provides cyber, electromagnetic warfare, and information operations for the US Department of Defense. The acquisition would diversify Parsons’ digital operations and expand its customer base.

Microsoft has acquired ReFirm Labs, the Maryland-based developer of Binwalk, the open-source firmware that compiles cybersecurity risks so that they can be easily interpreted. With its fourth acquisition in 2021, Microsoft will enhance chip-to-cloud protection, thereby bolstering its IoT security offerings. According to David Weston, Microsoft’s director of enterprise and OS security, “The addition of ReFirm Labs to Microsoft will bring both world-class expertise in firmware security and the Centrifuge [now Binwalk] firmware platform to enhance our ability to analyze and help protect firmware backed by the power and speed of our cloud.”

FireEye, the publicly traded cybersecurity company headquartered in California, has recently announced the sale of its business, FireEye Products, to Symphony Technology Group for $1.2 billion. “We believe this separation will unlock our high-growth Mandiant Solutions business and allow both organizations to better serve customers,” stated Kevin Mania, FireEye’s Chief Executive Officer. Post the transaction, FireEye’s endpoint, cloud security products, network, and security management platform will be independent from Mandiant’s controls-agnostic software and services.

Coalfire, an IT Governance, Risk and Compliance firm headquartered in Colorado, has announced its acquisition of Denim Group, the Texas-based firm specializing in application risk and security, aiming to transform modern app development in order to optimize scarce DevSecOps resources.

Versar, the construction management company providing technical support to the US Federal Government and commercial industries, has completed its acquisition of BayFirst Solutions, Washington, DC-based deliverer of cybersecurity, network engineering, and intelligence support to the US government. With the acquisition, Versar intends to diversify its capabilities in IT and intelligence services.

Pangiam, a deliverer of customized identity management, biometrics, and advanced analytics software that is aimed at revolutionizing the future of security and safety of airports, seaports, and land border crossings, acquired Trueface, a facial recognition company based in Los Angeles. The acquisition is Pangiam’s second, and will aid it in its mission to make travel more secure.

Egress Software, a UK-based provider of data security services, has announced its acquisition of Aquilai Cyber Intelligence, a security startup that develops anti-phishing software that prevents email attacks, spear phishing, and impersonation attempts. The acquisition will strengthen the Egress Intelligent Email Security platform, which helps resolve. insider risk within organizations.

Cerberus Capital Management has acquired Red River, the New Hampshire-based provider of managed IT services specializing in security, networking, data center, collaboration, mobility, and cloud applications.

OwnBackup, a cloud-to-cloud data protection provider, has acquired Nimmetry, the Santa Clara based supplier of a unified platform for the integration of SaaS-based data. With the acquisition, OwnBackup aims to not only accelerate its multi-cloud strategy, but also enter the Indian market through Nimmetry’s strong presence in India.

Cloudera, the Palo Alto-based provider of an enterprise data cloud, has agreed to sell to buyout firms Clayton, Dubilier & Rice (CD&R) and KKR at $5.3 billion, thereby becoming a private company. “Our partnership with CD&R and KKR will enable us to pursue exciting new markets that offer tremendous growth opportunities,” stated Mick Hollison, Cloudera’s president.

Prove, a New York-based company that provides the “modern way of proving identity with just a phone number” has acquired UnifyID, a deliverer of mobile-based passive authentication and behavioural biometrics. The acquisition will support Prove in providing a variety of modern authentication techniques, such as enhanced push authentication and dynamic mobile behavioral biometrics, for its customers.


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