All the fundraising deals in the cybersecurity market (from Q1 2025 to Q1 2026)
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The cybersecurity market raised over $14 billion across five consecutive quarters, from Q1 2025 through Q1 2026.
Funding accelerated sharply through 2025, with deal counts climbing from 85 in Q1 2025 to 112 in Q4 2025, and mega-rounds above $250 million becoming a recurring feature of each quarter.
Identity security, AI-native threat detection, and cloud security dominated the biggest fundraising rounds, reflecting where enterprise buyers are concentrating their security budgets.
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Insights
- Q4 2025 was the strongest quarter in the cybersecurity market, with 112 deals and $4.6 billion raised, but three companies alone (Saviynt, Armis, and Cyera) accounted for roughly one-third of all capital raised that quarter.
- Identity security led all categories in total funding across the five-quarter period, with Saviynt ($700M), ID.me ($340M), and Oasis Security ($120M) all attracting large rounds from top-tier investors.
- The average cybersecurity deal size roughly doubled between Q1 2025 ($25.9M) and Q2 2025 ($42M), driven almost entirely by a handful of growth-stage rounds above $300 million.
- AI is reshaping the cybersecurity market from two directions simultaneously: it is both the new attack surface that startups are building products to defend, and the core technology powering the next generation of detection and response platforms.
- Non-human identity, meaning securing the credentials and permissions held by bots, APIs, and AI agents, emerged as one of the fastest-growing subcategories, with Oasis Security raising $120M and Linx Security raising $50M in Q1 2026 alone.
- Israeli founding teams and Israel-linked investors remain structurally overrepresented in frontier cybersecurity innovation, particularly in identity, AI security, and vulnerability management startups.
- Cybersecurity deal counts rose 32% from Q1 2025 (85 deals) to Q4 2025 (112 deals), suggesting that investor appetite broadened even as the biggest checks concentrated in fewer companies.
- AppSec and vulnerability management funding is shifting away from detection tools and toward automated triage, validation, and remediation platforms, reflecting buyer fatigue with yet another scanner.
- Q1 2026 is already on pace to match or exceed Q2 2025 in total dollars, with at least $3 billion verified through the end of March, even before a full monthly tally is available.
- SYN Ventures and Ten Eleven Ventures each appeared in at least five publicly surfaced cybersecurity funding rounds during the period, making them the most active seed and early-stage investors by deal count in the publicly tracked data.
In our cybersecurity market deck, we will give you useful market maps and grids
Summary table of the funding deals in the cybersecurity market (last 5 quarters)
We define the cybersecurity market as the set of technologies and services whose primary purpose is to protect digital systems, data, and users from cyber threats.
We include security software (e.g., identity, endpoint, network, cloud, application, and data security), as well as dedicated security services such as managed detection and response, security operations, penetration testing, incident response, and security awareness training.
We exclude general IT infrastructure and services (e.g., basic hosting, generic backup and disaster recovery, IT outsourcing, and purely physical security) unless they are specifically designed and marketed as cybersecurity offerings.
You can also read our detailed analysis to understand how funding activity in the cybersecurity market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the cybersecurity market.
| Name | What they do | Amount | Quarter | Source(s) |
|---|---|---|---|---|
| Saviynt | Cloud-based identity governance and access management platform for enterprises. | $700M | Q4 2025 | New Market Pitch |
| ReliaQuest | Managed detection and response platform that unifies security operations for enterprises. | $500M | Q2 2025 | New Market Pitch |
| Cyera | Data security platform that discovers and protects sensitive data across cloud and AI environments. (Q2 2025 round) | $500M | Q2 2025 | New Market Pitch |
| Armis | Asset intelligence and security platform for IoT, OT, and connected devices. | $435M | Q4 2025 | New Market Pitch |
| Cyera | Data security platform that discovers and protects sensitive data across cloud and AI environments. (Q1 2026 round) | $400M | Q1 2026 | Business Wire |
| Chainguard | Software supply chain security company that hardens container images and open-source dependencies. (Q2 2025 round) | $356M | Q2 2025 | New Market Pitch |
| ID.me | Digital identity verification platform used by government agencies and large enterprises. | $340M | Q3 2025 | New Market Pitch |
| Chainguard | Software supply chain security company that hardens container images and open-source dependencies. (Q4 2025 round) | $280M | Q4 2025 | New Market Pitch |
| Island | Enterprise browser that builds security and access controls directly into the browsing experience. | $250M | Q1 2025 | New Market Pitch |
| Upwind | Cloud runtime and infrastructure security platform protecting workloads in real time. | $250M | Q1 2026 | Pinpoint Search Group |
| Tenex.AI | AI-native security operations center and threat detection platform. | $250M | Q1 2026 | MarketWatch |
| Claroty | Cyber-physical systems security platform for industrial, healthcare, and critical infrastructure. | $150M | Q1 2026 | PR Newswire |
| Oasis Security | Non-human identity and agentic access management platform for enterprises. | $120M | Q1 2026 | SecurityWeek |
| XBOW | Autonomous offensive security platform for continuous penetration testing at scale. | $120M | Q1 2026 | SecurityWeek |
| Cape | Privacy-first mobile carrier built to defend users against cellular network threats. | $100M | Q1 2026 | SecurityWeek |
| Linx Security | Autonomous identity security and governance platform with AI-driven access management. | $50M | Q1 2026 | Business Insider |
| Eclypsium | Hardware, firmware, and device supply-chain security platform for enterprise IT and AI infrastructure. | $25M | Q1 2026 | SecurityWeek |
| Evervault | Developer-focused data security infrastructure for encrypting and processing sensitive data. | $25M | Q1 2026 | SecurityWeek |
| 1stProtect | Endpoint security startup that monitors behavior and verifies user intent in real time to stop data theft. | $20M | Q1 2026 | SecurityWeek |
| Onit Security | Exposure management platform that helps security teams prioritize and reduce their attack surface. | $11M | Q1 2026 | SecurityWeek |
In our cybersecurity market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the cybersecurity market changed over time?
Q4 2025 was the most active quarter in the cybersecurity market, both by deal count (112 rounds) and total capital ($4.6 billion), largely driven by three mega-rounds: Saviynt ($700M), Armis ($435M), and Chainguard ($280M).
Q1 2025 was the quietest quarter, with 85 deals and $2.2 billion raised, a period before the wave of large growth-stage rounds that defined the rest of 2025.
Total cybersecurity funding in Q1 2026 is up at least 37% compared to Q1 2025 (from $2.2 billion to at least $3 billion verified), suggesting continued momentum year-over-year.
If you strip out the top one or two deals per quarter in the cybersecurity market, the underlying activity level is remarkably consistent across the five quarters, pointing to a steady and broad base of mid-size rounds rather than a market driven purely by outliers.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q1 2025 | 85 | $2.2B | Steady start to the year; Island's $250M Series E was the standout deal. |
| Q2 2025 | 100 | $4.2B | Sharp spike driven by ReliaQuest ($500M), Cyera ($500M), and Chainguard ($356M). |
| Q3 2025 | 95 | $2.95B | Pullback from Q2 highs; ID.me's $340M round kept total dollars elevated. |
| Q4 2025 | 112 | $4.6B | Strongest quarter of the period; Saviynt's $700M alone represented 15% of all capital raised. |
| Q1 2026 | 75+ verified | $3.021B+ verified | Strong floor already; March figures are incomplete, final total is likely higher. |
| All quarters | 467+ deals | $16.77B+ | Cybersecurity market funding accelerated consistently from Q1 2025 to Q4 2025. |
In our cybersecurity market deck, we identify repeatable patterns you can use if you’re building in this market
Which startups in the cybersecurity market raised the largest rounds over the last months?
These startups raised the most recently in the cybersecurity market:
- Saviynt raised $700M because enterprise demand for cloud identity governance exploded as companies tried to manage access for millions of human and machine identities across hybrid environments.
- ReliaQuest raised $500M because large enterprises increasingly want a single managed platform that can unify their fragmented security tools rather than buying and integrating more point solutions themselves.
- Cyera raised $400M in Q1 2026 because the explosion of AI workflows in enterprises created an urgent need to discover and protect the sensitive data those AI systems are touching.
- Armis raised $435M because critical infrastructure operators and industrial companies are under growing regulatory pressure to secure the connected devices and OT systems that traditional security tools cannot see.
- Cyera raised $500M in Q2 2025 as part of its earlier growth round, reflecting consistent investor confidence in the data security and cloud protection space well before its follow-on raise.
- Chainguard raised $356M in Q2 2025 because software supply chain attacks became one of the most feared threat vectors for enterprises, making hardened container images and dependency security a board-level priority.
- ID.me raised $340M because governments and large organizations need scalable, privacy-respecting digital identity verification that can handle millions of users without creating new fraud risks.
- Upwind raised $250M because cloud-native companies needed runtime security that could detect active threats in real time, not just scan for misconfigurations after the fact.
- Tenex.AI raised $250M because security operations teams are overwhelmed with alert volume and are eager to adopt AI-native platforms that can triage and respond to threats autonomously.
- Claroty raised $150M because healthcare providers and industrial operators face rising cyberattack rates on their physical systems and need purpose-built security that understands operational technology protocols.
And, yes, we do cover most of them in our beautiful pitch about the cybersecurity market.
You may also want to check our ranking of the most funded startups in the cybersecurity market as well as our list of the most valued startups.
In our cybersecurity market deck, we answer all the common questions from investors and entrepreneurs
Is the cybersecurity market shifting toward smaller or bigger deals?
Across the four complete quarters of 2025, the average cybersecurity funding round was about $35M, but that average was pulled significantly upward by a handful of rounds above $250 million.
The average deal size in the cybersecurity market jumped from $25.9M in Q1 2025 to $42M in Q2 2025, then settled back to $31.1M in Q3 2025 before rising again to $41.1M in Q4 2025, a pattern that closely tracks when the biggest individual rounds happened rather than any broad shift in deal sizes across the market.
If you remove the top two deals from each quarter, the underlying average in the cybersecurity market stays relatively flat across all five quarters, suggesting that the core of the market, the mid-size Series A through C rounds, is growing steadily but not dramatically.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q1 2025 | 85 | $25.9M | N/A publicly | N/A publicly |
| Q2 2025 | 100 | $42.0M | N/A publicly | N/A publicly |
| Q3 2025 | 95 | $31.1M | N/A publicly | N/A publicly |
| Q4 2025 | 112 | $41.1M | N/A publicly | N/A publicly |
| Q1 2026 | 75+ verified | $40.3M+ verified | N/A publicly | N/A publicly |
| All quarters | 467+ | ~$35.9M avg | N/A publicly | N/A publicly |
In our cybersecurity market deck, we help you understand how the market is structured
How concentrated was funding activity in the cybersecurity market?
Cybersecurity funding is heavily top-heavy: in Q4 2025, the single largest deal (Saviynt's $700M round) captured over 15% of all capital raised that quarter, and the top three deals together accounted for more than a third of everything raised. This level of concentration is not unusual for the cybersecurity market, but it does mean that overall funding totals can swing dramatically based on whether one or two late-stage companies decide to raise in a given quarter.
Interestingly, Q1 2025 and Q3 2025, the two quarters with the lowest concentration ratios, also had lower total funding, which confirms that cybersecurity market growth has been driven more by occasional mega-rounds than by a rising tide of mid-market deals.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q1 2025 | 85 | 11.4% | 23.2% | N/A publicly |
| Q2 2025 | 100 | 11.9% | 29.9% | N/A publicly |
| Q3 2025 | 95 | 11.5% | 17.8% | N/A publicly |
| Q4 2025 | 112 | 15.2% | 33.4% | N/A publicly |
| Q1 2026 | 75+ verified | 8.3%+ | 16.1%+ | N/A publicly |
| All quarters | 467+ | ~11.7% avg | ~24.1% avg | N/A publicly |
In our cybersecurity market deck, we have designed useful charts to give you full market clarity
Which categories in the cybersecurity market received the most funding?
Identity security led all categories in the cybersecurity market with roughly $1.07 billion raised across three deals, because enterprises are under enormous pressure to govern who, and what, can access which systems, especially as AI agents and automated services create millions of new non-human identities that traditional IAM tools were never designed to handle.
IoT and OT security came second with around $552 million across two deals, reflecting the growing regulatory and operational pressure on industrial companies and critical infrastructure operators to secure the connected devices and operational technology systems that are now routinely targeted by nation-state attackers.
Data security ranked third with approximately $435 million across two deals, driven almost entirely by Cyera's repeated fundraising success, which signals strong enterprise willingness to pay for platforms that can automatically discover, classify, and protect sensitive data at cloud scale.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Identity security | 3 | ~$1.07B | Saviynt ($700M), ID.me ($340M), Bureau (seed) |
| IoT / OT / embedded security | 2 | ~$552M | Armis ($435M), Exein (~$117M) |
| Data security | 2 | ~$435M | Cyera ($400M Q1 2026), Tonic.ai ($35M) |
In our cybersecurity market deck, we cover the latest tech updates shaping the market
Who are the biggest investors in the cybersecurity market?
SYN Ventures is the most active investor by deal count in the publicly surfaced cybersecurity funding rounds, appearing in at least five deals including Terra Security, NetFoundry, Miggo Security, SquareX, and FireTail, reflecting a deliberate strategy of building a dense portfolio across early-stage cybersecurity startups.
Ten Eleven Ventures matched SYN Ventures with five surfaced deals (VulnCheck, Furl, Blackbird.AI, CloudSEK, and Hypernative), confirming its position as one of the most consistently active specialist cybersecurity investors across geographies and categories.
Accel appeared in four deals (Tailscale, Veza, Daylight, and Oasis Security), continuing its long track record of backing category-defining cybersecurity companies at the Series A and B stages.
DTCP participated in four deals (Anecdotes, Doppel, Ox Security, and Resistant AI), showing a particular focus on compliance, threat intelligence, and AppSec, three areas where enterprise buyers are actively consolidating vendors.
Insight Partners appeared in two deals (SpecterOps and Tonic.ai) in the publicly surfaced rounds, consistent with its broader strategy of backing high-growth enterprise security software companies at growth and expansion stages.
Evolution Equity Partners backed two cybersecurity companies (Pentera and Noma Security), both focused on offensive security and AI security respectively, suggesting a thesis around proactive and automated security approaches.
Menlo Ventures invested in two deals (Astrix Security and Zafran Security), both Israeli-founded companies, reflecting the firm's ongoing commitment to backing frontier cybersecurity innovation coming out of the Israeli startup ecosystem.
Ballistic Ventures participated in two deals (GombocAI and 1stProtect), with both focused on proactive and behavioral security, areas where Ballistic has built a focused thesis around cybersecurity-only investing.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. "Total funded" does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| SYN Ventures | 5 | N/A publicly | Terra Security, NetFoundry, Miggo Security, SquareX, FireTail |
| Ten Eleven Ventures | 5 | N/A publicly | VulnCheck, Furl, Blackbird.AI, CloudSEK, Hypernative |
| Accel | 4 | N/A publicly | Tailscale, Veza, Daylight, Oasis Security |
| DTCP | 4 | N/A publicly | Anecdotes, Doppel, Ox Security, Resistant AI |
| Insight Partners | 2 | N/A publicly | SpecterOps, Tonic.ai |
| Evolution Equity Partners | 2 | N/A publicly | Pentera, Noma Security |
| Menlo Ventures | 2 | N/A publicly | Astrix Security, Zafran Security |
| Ballistic Ventures | 2 | N/A publicly | GombocAI, 1stProtect |
In our cybersecurity market deck, we track adoption trends and shifts in consumer behavior
Related blog posts
- An overview of funding deals in the cybersecurity market
- The startups that have raised the most funding in cybersecurity
