What are the fundraising trends in the cybersecurity market?
In our cybersecurity market deck, you will find everything you need to understand the market
SUMMARY
We analyzed every publicly disclosed equity round raised by pure-play cybersecurity companies between January 2024 and May 2026. The dataset keeps equity rounds of $300K or more, excludes undisclosed-size and non-equity transactions, and focuses on six categories: Identity Security, Endpoint Security, Network Security, Cloud Security, Application Security, and Managed Security Services.
The full-year cybersecurity market expanded from about $4.49B across 116 deals in 2024 to about $5.44B across 162 deals in 2025. That means 2025 was a broader year for funding activity, with more companies raising even though the average round size was slightly lower.
The year-to-date 2026 market looks very different. From January through April 2026, the cybersecurity market raised about $2.57B across only 28 deals, compared with about $1.81B across 65 deals over the comparable early-2025 period. The current cycle is therefore being driven by much larger rounds, not by more rounds.
Capital concentration is the defining 2026 signal. The top 10 cybersecurity rounds captured 72.7% of all year-to-date capital, while the bottom half of deals captured only 17.7%. The market is still active, but the largest checks are going to a narrow group of perceived category leaders.
The typical 2026 cybersecurity round is unusually large. The median disclosed round is $53.5M and the average is $91.6M, with half of all deals above $50M and more than one-third above $100M. That is a very different funding shape from 2025, when the median round was about $14.5M for the full year.
Managed Security Services leads the 2026 dataset by deal count and capital, with 10 deals and about $842M raised. The category is not being funded as traditional services; the investable theme is AI SOC, MDR, autonomous detection-response, and workflow automation.
Cloud Security has the highest capital density in 2026. It represents 17.9% of deals but 30.0% of dollars, helped by large rounds for Cyera, Upwind, WitnessAI, Tracebit, and Native. That suggests investors are paying up for scaled cloud security and AI-era cloud control planes.
Application Security remains broad and strategically important. It accounted for 67 deals and about $1.58B in 2025, then produced several large 2026 rounds tied to autonomous offensive security, software supply-chain security, vulnerability automation, and developer security.
Identity Security remains a major scale-up category, but the 2026 signal is follow-on-heavy. All five year-to-date identity deals are follow-ons, which suggests investors are backing existing winners in non-human identity, access governance, impersonation defense, and identity control planes rather than flooding the market with new identity startups.
Geographically, the 2026 cybersecurity market is highly concentrated in North America. North America accounts for about 93.3% of capital and 82.1% of deals, while Europe remains visible but smaller, and the Middle East appears as a single qualifying follow-on round.
This chart, featured in our cybersecurity market deck, illustrates revenue distribution by customer segment in the cybersecurity market
Is more or less capital going into the cybersecurity market?
More capital is going into the cybersecurity market, but the answer needs two layers: the full-year comparison shows a broad increase from 2024 to 2025, while the fresher 2026 year-to-date comparison shows a sharper increase in dollars despite fewer deals. Full-year capital rose from about $4.49B in 2024 to about $5.44B in 2025, and year-to-date 2026 capital reached about $2.57B versus about $1.81B over the comparable early-2025 period.
The cleaner structural read is that the cybersecurity market recovered in capital terms in 2025 after 2024. The increase was not only caused by one company: even excluding the largest deal, 2025 still had about $4.74B of funding versus about $3.49B in 2024 excluding the largest 2024 deal.
The fresher 2026 signal is more aggressive but also more distorted. Only 28 deals produced about $2.57B, which means the market is raising more capital with far fewer rounds. That is not a broad liquidity boom; it is a selective repricing of a small number of high-conviction companies.
The strongest interpretation is that the cybersecurity market is attracting more dollars overall, but those dollars are becoming more selective. Investors are still willing to write very large checks, but they are concentrating those checks in companies that look like control-plane platforms, AI-native security infrastructure, scaled identity platforms, security operations leaders, or cloud security winners.
Is cybersecurity funding driven by more deals or larger rounds?
Cybersecurity funding is currently being driven much more by larger rounds than by more deals. The best evidence is the 2026 year-to-date comparison: the market has only 28 deals, down sharply from 65 deals over the comparable early-2025 period, yet total capital is higher at about $2.57B versus about $1.81B.
The round-size indicators are decisive. The average year-to-date 2026 round is about $91.6M, more than 3x the roughly $27.8M average over the comparable period in 2025. The median round is about $53.5M in 2026, compared with about $14M over the comparable early-2025 period.
The megaround count confirms the same point. So far in 2026, 14 of 28 deals, or 50% of all rounds, were above $50M. Rounds above $100M also jumped from about 6% of early-2025 deals to nearly 36% of early-2026 deals.
The full-year 2025 versus 2024 comparison tells a different background story. Full-year deal count increased from 116 deals in 2024 to 162 deals in 2025, while average round size fell from about $38.7M to about $33.6M. So 2025 was more deal-count-driven, while 2026 is overwhelmingly round-size-driven.
For deeper benchmarks on cybersecurity deal sizes, medians, and concentration, see the full cybersecurity market report.
Is cybersecurity capital moving toward later-stage or earlier-stage companies?
Cybersecurity capital is still mostly moving toward later-stage companies, but 2026 has an important twist: early-stage rounds are becoming much larger when they are tied to AI-native security, offensive automation, SOC automation, or new security control planes. Year-to-date 2026 Seed plus Series A rounds account for about 26% of capital, while Series B and later rounds account for about 74%.
The full-year comparison shows that 2025 became somewhat less late-stage-heavy than 2024. In 2024, Seed plus Series A captured about 17.5% of capital; in 2025, Seed plus Series A rose to about 28.5% of capital.
The 2026 year-to-date period looks superficially similar to 2025, but the composition is unusual. Seed rounds include Armadin at about $190M, Kai at $125M, Surf AI at $57M, and Fig Security at $38M. In AI-native cybersecurity, some company-formation rounds are being priced like growth rounds.
The strongest stage signal is Series B. In 2026 year-to-date, Series B represents about 36% of deals and about 32% of capital. That makes Series B the market’s center of gravity, where investors are repricing companies after early product-market validation but before fully mature late-stage profiles.
This chart, included in our cybersecurity market deck, compares the main business model options for XDR and MDR cybersecurity vendors
Is the cybersecurity market maturing or still experimental?
The cybersecurity market is maturing, but it still has a very active experimental layer. The clearest maturity signal is that most capital is going to later-stage or follow-on rounds, while the clearest experimentation signal is that new-company formation remains healthy.
Full-year 2025 had 162 deals, up from 116 in 2024, and first financings rose from about 28% of deals in 2024 to about 35% in 2025. So far in 2026, first financings remain about 36% of deals.
The maturity signal deserves more weight because capital allocation is much more mature than deal formation. In 2024, first financings represented about 28% of deals but only about 4% of capital. In 2025, they represented about 35% of deals but only about 11% of capital. So far in 2026, they represent about 36% of deals and about 23% of capital.
The stage mix also points to maturity. In 2026, Series B and later rounds capture about 74% of capital. That is not the profile of a purely speculative market; it is the profile of a market where buyers and investors are rewarding companies that have crossed a validation threshold.
The most defensible conclusion is that the cybersecurity market is maturing at the capital layer while remaining experimental at the company-formation layer. Serious dollars are going to validated platforms, but founders are still entering the market wherever buyer pain is acute.
Are new startups still entering the cybersecurity market?
Yes, new startups are still entering the cybersecurity market, and the signal is surprisingly resilient. First financings represented about 28% of all deals in full-year 2024, about 35% in full-year 2025, and about 36% so far in 2026.
The full-year 2025 comparison is the cleaner read because it uses a complete year. In 2025, first financings accounted for 56 of 162 deals, up from 32 of 116 deals in 2024. That means 2025 was not only a year of late-stage recycling; it brought more newly funded companies into the market.
The 2026 year-to-date signal is fresher but needs caution. Ten of 28 deals are first financings, and several are unusually large. Armadin, Kai, Surf AI, Fig Security, Artemis, and Cogent Security raised first financings that look more like high-conviction platform formation than conventional seed-stage experimentation.
Capital share also matters. First financings captured about 4% of capital in 2024, about 11% in 2025, and about 23% so far in 2026. That means new entrants are not only still being funded; some are being funded aggressively.
For the broader category view across cybersecurity startups, first financings, and new-company formation, see the cybersecurity market deck.
Are more investors entering the cybersecurity market?
The cybersecurity market does not show a simple surge in the number of disclosed investors, but it does show sustained investor breadth and a more concentrated set of high-conviction repeat backers. Full-year 2024 had about 121 unique disclosed investors, while full-year 2025 had about 117.
The more important signal is not raw investor count. The more important signal is who is repeating. In 2024, Evolution Equity Partners led the repeat-investor ranking with 6 deals. In 2025, SYN Ventures led with 7 deals. So far in 2026, Accel and Sequoia each appear in 6 deals, Cyberstarts appears in 4, and Insight appears in 3.
This suggests that investor attention is not randomly expanding. Instead, a core group of generalist and cybersecurity-specialist investors is increasing conviction around specific themes: AI SOC, cloud security, identity control planes, application security automation, and autonomous offensive security.
The strongest answer is that more investors are not obviously entering the cybersecurity market in a broad democratic way. Investor breadth remains healthy, but investor conviction is being expressed through fewer, larger, more thematic rounds.
This chart, included in our cybersecurity market deck, illustrates yearly funding for cybersecurity startups
Are top investors getting more or less active in cybersecurity?
Top investors are getting more active in the parts of the cybersecurity market that matter most for pricing and narrative formation. The strongest evidence is the 2026 year-to-date repeat-investor pattern: Accel and Sequoia each appear in 6 qualifying deals, Cyberstarts appears in 4, and Insight appears in 3.
The current-year signal is preliminary because 2026 has only 28 deals so far. But the concentration of elite investors inside those 28 deals is hard to ignore. Accel, Sequoia, Cyberstarts, Bessemer, Insight, Lightspeed, Index, Ten Eleven, Redpoint, and Ballistic are showing up in the exact areas receiving large rounds.
The full-year 2025 comparison adds nuance. Top-investor activity in 2025 was broad but not overwhelmingly concentrated. SYN Ventures had 7 deals, and a long tail of investors had 2 or 3. That pattern suggested a healthy market with distributed conviction.
The better interpretation is that top investors are not necessarily funding more cybersecurity companies overall, but they are becoming more visible and more influential in the most narrative-setting rounds. Their activity is concentrated enough to shape the market’s perception of which themes are real.
Which cybersecurity subcategories are gaining momentum?
Managed Security Services, Application Security, Identity Security, and selected Cloud Security platforms are gaining momentum, but each is gaining momentum in a different way. Managed Security Services leads 2026 year-to-date deal count with 10 of 28 deals and about $842M raised.
Managed Security Services has the clearest fresh momentum. In full-year 2025, it had 37 deals and about $1.08B, up from 23 deals and about $394M in 2024. The category is benefiting from AI SOC, MDR, security operations, detection-response, and workflow automation.
Application Security has the strongest breadth momentum. It moved from 30 deals and about $795M in 2024 to 67 deals and about $1.58B in 2025. So far in 2026, it has produced large autonomous offensive-security and software-supply-chain rounds.
Identity Security has the strongest sustained strategic importance. It captured about $882M in 2024, then nearly doubled to about $1.73B in 2025. In 2026, the category is follow-on-heavy, which suggests scale-up momentum rather than formation momentum.
Cloud Security is the most capital-dense gainer. It had only 5 deals in 2026 year-to-date but about $770M, or 30% of all capital. That means investors are not funding every cloud security startup; they are paying up for companies that look like scaled cloud security platforms or AI-era cloud control planes.
We cover this subcategory shift in more detail in the market report covering cybersecurity subcategories.
Which cybersecurity subcategories are losing momentum?
Endpoint Security is the category most clearly losing standalone venture momentum, while Cloud Security had a weak 2025 in the strict filtered classification but has already reaccelerated in 2026. So the truly weak current signal is Endpoint Security, not Cloud Security.
Endpoint Security declined from about $679M across 10 deals in 2024 to about $398M across 15 deals in 2025. That means deal count increased, but capital fell, and average round size dropped sharply. So far in 2026, Endpoint Security has no qualifying disclosed deals in the filtered set.
The Endpoint Security decline should not be read as endpoint becoming irrelevant. A better interpretation is that endpoint functionality is being absorbed into adjacent categories: browser security, cloud workload security, identity-based access, detection-response, XDR-like workflows, and managed security operations.
Cloud Security is trickier. It looked weak in 2025 under the strict category definition, but year-to-date 2026 already shows about $770M across 5 deals. That makes 2025 look more like a taxonomy and timing dip than a structural abandonment of cloud security.
The categories losing momentum are those that look like standalone point products rather than control planes, automation layers, or AI-era security infrastructure.
This chart, included in our cybersecurity market deck, breaks down CrowdStrike’s playbook in cybersecurity
Which regions are gaining momentum in cybersecurity funding?
North America is the region gaining the clearest momentum in the cybersecurity market, especially in the freshest 2026 year-to-date period. So far in 2026, North America accounts for about $2.39B of the $2.57B raised, or about 93% of capital, and 23 of 28 deals.
The regional comparison must be handled carefully because the 2025 source did not provide reliable row-level geography. The best available contrast is against full-year 2024, when North America had 56% of deals and 43% of capital, while the Middle East had 27% of deals and 48% of capital.
Europe has some activity, but not the same capital depth. So far in 2026, Europe has 4 deals and about $134M, or about 14% of deals and 5% of capital. That suggests Europe is visible in company formation and technical innovation, but it is not capturing U.S.-style megarounds at the same rate.
The strongest answer is that North America is gaining momentum in the current funding cycle. Europe remains present but undercapitalized relative to North America, while the Middle East was a major capital center in 2024 but is not showing the same broad year-to-date strength in 2026.
For ongoing regional tracking across cybersecurity funding markets, see the deeper analysis of the cybersecurity market.
Which regions are losing momentum in cybersecurity funding?
The Middle East is losing visible momentum in the cybersecurity market on the freshest available regional comparison, while Europe is not losing deal relevance but remains weaker in capital depth. In full-year 2024, the Middle East captured about 48% of all capital and 27% of all deals. So far in 2026, it accounts for only about 1% of capital and one qualifying deal.
This conclusion needs caution because the 2026 period is still short. A few large Israeli or Middle Eastern cybersecurity rounds later in the year could change the picture quickly. The 2024 Middle East share was also unusually high because several Israeli-linked cybersecurity companies raised very large follow-on rounds.
Europe is not clearly losing momentum by deal count. In 2026 year-to-date, Europe has 14% of deals, slightly higher than its 11% full-year 2024 deal share. But Europe has only 5% of 2026 capital, similar to its 6% full-year 2024 capital share.
Asia-Pacific, Latin America, and Africa are absent from the 2026 year-to-date filtered set. That should not be overinterpreted as no startup formation in those regions; it more likely reflects public-disclosure limits, smaller round sizes, local-market financing patterns, and the short current-year window.
Is cybersecurity becoming more global or regionally concentrated?
The cybersecurity market is becoming more regionally concentrated in the freshest available period, and the concentration is overwhelmingly in North America. So far in 2026, North America has about 93% of capital and 82% of deals.
The 2025 regional picture cannot be used as a clean bridge because the source did not provide reliable row-level geography. Without a trustworthy 2025 geography split, the safest interpretation is based on 2024 versus 2026, with an explicit warning that 2026 is incomplete and could be distorted by a few large rounds.
Even with that caveat, the 2026 regional concentration is too strong to ignore. North America has 23 of 28 deals and nearly all capital. Europe has 4 deals but only about $134M. The Middle East has only one deal. Asia-Pacific, Latin America, and Africa have no qualifying disclosed deals in the filtered set.
The reason the market looks more concentrated is not simply that North America has more companies. North America also has much larger rounds, with an average round of about $104M versus about $34M in Europe and $37M in the Middle East.
The strongest answer is that the cybersecurity market is not becoming more global in capital terms right now. It may remain global in talent, customers, threat exposure, and company formation, but disclosed venture capital is becoming more regionally concentrated around North American companies and North American-style megarounds.
This chart, included in our cybersecurity market deck, shows how ransomware pressure has driven growth in the cybersecurity market over time
Is cybersecurity capital moving toward proven winners or new opportunities?
Cybersecurity capital is moving toward both proven winners and new opportunities, but most dollars still favor proven winners. So far in 2026, follow-on rounds account for about 64% of deals and about 77% of capital, while first financings account for about 36% of deals and about 23% of capital.
The full-year trend confirms the same hierarchy. In 2024, first financings captured about 28% of deals but only about 4% of capital. In 2025, first financings captured about 35% of deals and about 11% of capital. That shows a genuine increase in capital going to new opportunities, but follow-ons still dominate dollars.
The 2026 shift is meaningful because first financings are now capturing a much larger share of dollars than in either 2024 or 2025. The reason is not that ordinary seed rounds became large across the board. The reason is that a few AI-native cybersecurity companies raised extremely large first financings.
Proven winners remain the main capital magnets. In 2026, large follow-on rounds include Cyera, Upwind, Torq, Claroty, TENEX.AI, Oasis Security, XBOW, Vega Security, and Aikido Security. These companies are being funded because investors believe they can become category leaders.
The practical takeaway is that cybersecurity capital still favors proof, but the definition of a new opportunity has changed. New opportunities can now receive winner-sized checks if they are credible responses to AI-driven attacks, AI SOC, cloud security, or non-human identity.
The full market view on cybersecurity winners and new opportunities provides more context on repeat raisers and first financings.
Is the cybersecurity market becoming winner-takes-most?
Yes, the cybersecurity market is becoming more winner-takes-most in capital allocation, especially in the 2026 year-to-date period. So far in 2026, the top 10 deals captured about 73% of all capital, the top 5 captured about 48%, and the top 3 captured about 35%.
The 2026 year-to-date comparison is the most relevant because winner-takes-most behavior is about current capital allocation. The market has fewer deals than early 2025 but more capital. That combination is a classic winner-takes-most signal.
Round-size distribution reinforces the conclusion. Half of all year-to-date 2026 deals are above $50M, and more than one-third are above $100M. The average round is about $91.6M, while the median is about $53.5M.
The full-year 2025 comparison adds nuance. In 2025, the market became less concentrated than 2024 by top-10 share, falling from about 49% to about 40%. But 2026 has reversed that broadening sharply.
The strongest answer is that the cybersecurity market is becoming winner-takes-most again after a broader 2025. The current market still funds new entrants, but the large checks are going to companies investors believe can dominate a control point.
Is the next wave of cybersecurity winners becoming visible?
Yes, the next wave of cybersecurity market winners is becoming visible, but the signal is concentrated in a few themes rather than spread evenly across the market. The strongest candidates are companies in AI-native security operations, autonomous offensive security, cloud security control planes, non-human identity, and identity governance.
The 2026 year-to-date period is especially useful for identifying emerging winners because capital is selective. Companies such as Cyera, Upwind, Torq, TENEX.AI, XBOW, Oasis Security, Vega Security, Claroty, and Aikido Security raised large follow-on rounds.
The new-winner signal is also visible in first financings. Armadin, Kai, Surf AI, Fig Security, Artemis, and Cogent Security show that investors are willing to treat certain new companies as immediate contenders. A normal first financing says “this might work.” A $50M-plus first financing says investors want the company to matter before the category settles.
The strongest category-level pattern is that winners are forming around control points. Cloud Security companies are being funded when they can sit across cloud risk, AI security, or workload protection. Managed Security Services companies are being funded when they can automate SOC workflows or deliver AI-native detection and response. Identity companies are being funded when they secure non-human identities, access governance, or impersonation risk.
The answer should still be cautious. A visible funding winner is not the same thing as a durable operating winner. The next wave is visible, but not fully proven.
As this chart shows, and as featured in our cybersecurity market deck, search interest in cybersecurity has been trending upward
Is the cybersecurity funding landscape fragmenting or consolidating?
The cybersecurity funding landscape is consolidating in capital terms while still fragmenting in company-formation terms. This is one of the most important tensions in the market. In 2025, deal count expanded from 116 to 162, first financings increased, and Application Security alone produced 67 deals. That looks fragmented.
The 2026 year-to-date comparison is the best evidence for consolidation. Deal count fell sharply versus the comparable period in 2025, but capital rose. Median round size jumped to about $53.5M, and half of all rounds exceeded $50M.
Both readings can be true because fragmentation and consolidation are happening at different layers. At the formation layer, founders continue to create new companies in AI SOC, AppSec automation, identity, non-human identity, offensive security, and cloud security. At the capital-allocation layer, investors are concentrating the largest dollars into fewer companies with stronger category-leadership narratives.
The strongest answer is that the cybersecurity market is fragmenting at the bottom and consolidating at the top. The early-stage market keeps producing new wedges, but later-stage and large-check investors are increasingly forcing a winner-selection process.
Where is investor attention shifting in cybersecurity?
Investor attention in the cybersecurity market is shifting toward AI-native security operations, cloud security, identity control planes, non-human identity, autonomous offensive security, and application-security automation. The shift is visible in 2026 year-to-date capital concentration: Managed Security Services has about $842M, Cloud Security has about $770M, Application Security has about $494M, and Identity Security has about $297M.
The most important shift is toward security operations and automation. Managed Security Services led 2026 year-to-date deal count and capital, but the investable theme is not generic services. The funded companies are tied to AI SOC, MDR, autonomous detection-response, security workflow automation, and operational complexity reduction.
Cloud Security has also returned as a major capital magnet. In 2026 year-to-date, Cloud Security has only 5 deals but about 30% of capital, giving it the highest capital-share-to-deal-share ratio. That means investors are funding companies that look like scaled cloud security platforms or AI-era cloud control planes.
Identity Security remains strategically important, but attention is shifting inside identity. The market is moving toward non-human identity, machine identity, agentic access governance, impersonation defense, and identity as a security control plane.
Application Security attention is shifting toward automation and offensive capability. The largest 2026 AppSec rounds include autonomous offensive security, AI attacker simulation, software-supply-chain security, and developer-security automation.
For real-time tracking of how investor attention is moving across AI SOC, cloud security, identity, AppSec, and offensive automation, see the cybersecurity market report.
Is cybersecurity funding activity driven by more global breadth or by a few category clusters?
Cybersecurity funding activity is driven more by a few category clusters than by broad global expansion. The 2026 year-to-date market is highly concentrated in North America and clustered around Managed Security Services, Cloud Security, Application Security, and Identity Security.
The category pattern matters more than the geography pattern for understanding investor behavior. Investors are not simply buying exposure to cybersecurity. They are funding companies tied to specific enterprise pain points: AI security operations, cloud risk, non-human identity, application and offensive security automation, and security workflow consolidation.
The 2025 full-year comparison shows that broad activity can coexist with clustering. Application Security, Managed Security Services, and Identity Security together accounted for 139 of 162 deals in 2025, or about 86% of all activity. Even in the broader year, funding was not evenly distributed across the six allowed categories.
The 2026 year-to-date market is even more clustered. Endpoint Security has no qualifying disclosed deals, Network Security has only 2, and most dollars are concentrated in the top categories. This confirms that investor attention is not spread evenly across the cybersecurity stack.
The honest interpretation is that cybersecurity is a large market, but this funding cycle is not broad-based. It is concentrated around a few urgent operating problems and a few geographies with the capital depth to finance large rounds.
All the funding deals in the cybersecurity market from 2024 to April 2026
The table below lists every disclosed cybersecurity funding deal in the supplied dataset between January 1, 2024 and April 25, 2026.
Each row shows the company, the fundraising date, what the company does, its category, the funding stage, the round size, the region, whether it was a first financing or a follow-on, and the tier-1 investor if any. For the broader investability view, see the supplied market report.
| Company | Date | What they do | Category | Stage | Deal size | First/Follow-on | Tier 1 investor(s) |
|---|---|---|---|---|---|---|---|
| Kai | Apr 2026 | AI cyber. | Managed Security Services | Seed | $125M | First financing | Evolution Equity |
| Artemis | Apr 2026 | AI detection and automated response. | Managed Security Services | Series A | $70M | First financing | Felicis, First Round |
| TENEX.AI | Mar 2026 | AI human-led MDR. | Managed Security Services | Series B | $250M | Follow-on | Crosspoint |
| Linx Security | Mar 2026 | Identity governance. | Identity Security | Series B | $50M | Follow-on | Index, Team8 |
| Oasis Security | Mar 2026 | NHI and agentic. | Identity Security | Series B | $120M | Follow-on | Accel, Cyberstarts, Sequoia |
| Native | Mar 2026 | Cloud-security control. | Cloud Security | Series A | $42M | First financing | Insight |
| Surf AI | Mar 2026 | Agentic SecOps. | Managed Security Services | Seed | $57M | First financing | Sequoia |
| Tracebit | Mar 2026 | Cloud-native deception. | Cloud Security | Series A | $20M | Follow-on | Accel, Atomico |
| XBOW | Mar 2026 | Autonomous offensive. | Application Security | Series C | $120M | Follow-on | Sequoia, Altimeter |
| Armadin | Mar 2026 | Autonomous AI attacker. | Application Security | Seed | $189.9M | First financing | Accel, GV, Kleiner Perkins, Menlo |
| Fig Security | Mar 2026 | Security data-flow monitoring. | Managed Security Services | Seed | $38M | First financing | Ten Eleven |
| Cogent Security | Feb 2026 | Autonomous AI agents. | Application Security | Series A | $42M | First financing | Bain Capital Ventures |
| GitGuardian | Feb 2026 | Secrets and NHI. | Identity Security | Series B | $50M | Follow-on | Sapphire, Balderton |
| Vega Security | Feb 2026 | Security analytics. | Managed Security Services | Series B | $120M | Follow-on | Spark, Accel, Redpoint |
| Outtake | Feb 2026 | Digital trust anti-phishing. | Identity Security | Series B | $40M | Follow-on | Cyberstarts, Sequoia |
| RapidFort | Feb 2026 | Supply-chain security. | Application Security | Series B | $42M | Follow-on | Accel, Sequoia |
| RADICL | Feb 2026 | Autonomous virtual SOC. | Managed Security Services | Series A | $31M | Follow-on | Ten Eleven, Okta Ventures |
| Memcyco | Jan 2026 | Anti-impersonation and digital. | Identity Security | Series B | $37M | Follow-on | None identified |
| Mesh Security | Jan 2026 | Cyber mesh. | Network Security | Series A | $12M | First financing | None identified |
| Upwind | Jan 2026 | Runtime-first CNAPP cloud-security. | Cloud Security | Series D+ | $250M | Follow-on | Bessemer, Greylock, CRV, Cyberstarts |
| AiStrike | Jan 2026 | AI cyber defense. | Managed Security Services | Seed | $7M | First financing | Lightspeed |
| Asymmetric Security | Jan 2026 | AI forensic investigation. | Managed Security Services | Seed | $4.2M | First financing | Seedcamp, Cyberstarts |
| Depthfirst | Jan 2026 | Vulnerability smart-contract. | Application Security | Series A | $40M | Follow-on | Redpoint, Craft |
| Claroty | Jan 2026 | Cyber-physical systems OT. | Network Security | Series D+ | $150M | Follow-on | None identified from disclosed lead |
| Aikido Security | Jan 2026 | Developer and AppSec. | Application Security | Series B | $60M | Follow-on | Index Ventures |
| WitnessAI | Jan 2026 | AI security. | Cloud Security | Series B | $58M | Follow-on | GV |
| Torq | Jan 2026 | Agentic AI SecOps. | Managed Security Services | Series D+ | $140M | Follow-on | Bessemer, Insight |
| Cyera | Jan 2026 | AI DSPM. | Cloud Security | Series D+ | $400M | Follow-on | Lightspeed, Greenoaks, Sequoia, Accel |
| Multifactor | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Soverli | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Dux | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Gambit Cyber | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Saporo | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| COGNNA | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Equixly | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Prime Security | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Echo | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Saviynt | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Adaptive | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Logpresso | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Zafran Security | Dec 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Tenzai | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Self | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Seezo | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Blast Security | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Opti | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| SubImage | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| iVerify | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| FireTail | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Codenotary | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Daylight | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Truffle Security | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Humanix Security | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Method Security | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Feroot | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Clover Security | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| NetFoundry | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Sweet Security | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Apono | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Guardio | Nov 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Descope | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| MokN | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Rilevera | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Field Effect | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Talion Cyber Security | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Oneleet | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Arcjet | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Glide Identity | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| OneLayer | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| CybaVerse | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| ConductorOne | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Sublime Security | Oct 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Hush Security | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| ScaleKit | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Fabrix Security | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| SafeHill | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Remedio | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Prelude | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| FireCompass | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Koi | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| TENEX | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Adaptive | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Terra Security | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| BotCity | Sep 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| RunReveal | Aug 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Blueskytec | Aug 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Approov | Aug 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| 1Kosmos | Aug 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Empirical | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Cogent Security | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| AirMDR | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Root Evidence | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Cavelo | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| North Pole Security | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Echo | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Zip Security | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Seal Security | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Fable Security | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Dropzone AI | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Wallarm | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| HeroDevs | Jul 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Dedge Security | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Repello AI | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Circumvent | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Better-Auth | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| 8Layers | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| ThreatSpike | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Infisical | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Maze | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Guardz | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Fleet | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Zero Networks | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Swimlane | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Cato Networks | Jun 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Minimus | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Tesseral | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Pixee | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| StackHawk | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| ClearVector | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Bright Security | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Clarity Security | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Ox Security | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Cerby | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Persona | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Horizon3.ai | May 2025 | Not provided. | Unknown | Unknown | Unknown | Unknown | Unknown |
| Prowler | Apr 2025 | Cloud vulnerability. | Application Security | Seed | $6.5M | First financing | None flagged |
| Octane | Apr 2025 | AppSec. | Application Security | Seed | $6.75M | First financing | None flagged |
| Unosecur | Apr 2025 | Identity security. | Identity Security | Seed | $5M | First financing | None flagged |
| GlitchSecure | Apr 2025 | Vulnerability AppSec. | Application Security | Seed | $1.44M | First financing | None flagged |
| Terra Security | Apr 2025 | Penetration testing. | Application Security | Seed | $8M | First financing | SYN Ventures |
| Authmind | Apr 2025 | Identity security. | Identity Security | Seed | $19.3M | First financing | None flagged |
| Amplifier Security | Apr 2025 | Human-risk security. | Managed Security Services | Seed | $5.6M | First financing | None flagged |
| Adaptive | Apr 2025 | AI social-engineering. | Managed Security Services | Unknown | $43M | Follow-on | Andreessen Horowitz |
| NetFoundry | Apr 2025 | Zero trust. | Network Security | Unknown | $12M | Follow-on | SYN Ventures |
| Corsha | Apr 2025 | Machine identity. | Identity Security | Series A | $18M | Follow-on | None flagged |
| Outtake AI | Apr 2025 | Detection. | Managed Security Services | Series A | $16.5M | Follow-on | None flagged |
| Miggo Security | Apr 2025 | Detection. | Managed Security Services | Series A | $17M | Follow-on | SYN Ventures |
| Jericho Security | Apr 2025 | Security awareness. | Managed Security Services | Series A | $15M | Follow-on | None flagged |
| SquareX | Apr 2025 | Browser endpoint. | Endpoint Security | Series A | $20M | Follow-on | SYN Ventures |
| Pistachio | Apr 2025 | Security training. | Managed Security Services | Series A | $7M | Follow-on | None flagged |
| LayerX | Apr 2025 | Browser endpoint. | Endpoint Security | Series A | $11M | Follow-on | None flagged |
| Endor | Apr 2025 | AppSec dependency. | Application Security | Series B | $93M | Follow-on | None flagged |
| Cynomi | Apr 2025 | Virtual CISO managed. | Managed Security Services | Series B | $37M | Follow-on | None flagged |
| Reco | Apr 2025 | SaaS AppSec. | Application Security | Series B | $25M | Follow-on | None flagged |
| Push Security | Apr 2025 | Identity security. | Identity Security | Series B | $30M | Follow-on | Redpoint Ventures |
| Tailscale | Apr 2025 | Zero-trust network. | Network Security | Series C | $160M | Follow-on | Accel |
| Veza | Apr 2025 | Identity security. | Identity Security | Series D+ | $108M | Follow-on | Accel |
| Aryon Security | Mar 2025 | Vulnerability AppSec. | Application Security | Seed | $9M | First financing | None flagged |
| Hawcx | Mar 2025 | Identity security. | Identity Security | Seed | $3M | First financing | None flagged |
| Harmony Intelligence | Mar 2025 | Vulnerability AppSec. | Application Security | Seed | $3M | First financing | None flagged |
| Hunted Labs | Mar 2025 | AppSec. | Application Security | Seed | $3M | First financing | None flagged |
| Protectt.AI | Mar 2025 | Endpoint security. | Endpoint Security | Seed | $8.8M | First financing | Bessemer |
| SplxAI | Mar 2025 | Vulnerability AppSec. | Application Security | Seed | $7M | First financing | None flagged |
| Cybereason | Mar 2025 | Endpoint detection. | Endpoint Security | Unknown | $120M | Follow-on | None flagged |
| VulnCheck | Mar 2025 | Vulnerability intelligence. | Application Security | Series A | $12M | Follow-on | Ten Eleven Ventures |
| Strike Security | Mar 2025 | Penetration testing. | Application Security | Series A | $13.5M | Follow-on | None flagged |
| Cloudsmith | Mar 2025 | Supply-chain AppSec. | Application Security | Series B | $23M | Follow-on | None flagged |
| SpecterOps | Mar 2025 | Vulnerability attack. | Application Security | Series B | $75M | Follow-on | Insight Partners |
| Pentera | Mar 2025 | Automated penetration. | Application Security | Series D+ | $60M | Follow-on | None flagged |
| Aura | Mar 2025 | Identity. | Identity Security | Series D+ | $140M | Follow-on | Ten Eleven Ventures |
| Invary | Feb 2025 | Vulnerability AppSec. | Application Security | Seed | $3.5M | First financing | None flagged |
| ThreatMate | Feb 2025 | Vulnerability AppSec. | Application Security | Seed | $3.2M | First financing | None flagged |
| Andesite | Feb 2025 | Vulnerability AppSec. | Application Security | Seed | $23M | First financing | General Catalyst |
| Jscrambler | Feb 2025 | Browser-side endpoint. | Endpoint Security | Unknown | $5.2M | Follow-on | None flagged |
| Nirmata | Feb 2025 | Web AppSec. | Application Security | Unknown | $9.6M | Follow-on | None flagged |
| SGNL | Feb 2025 | Identity access. | Identity Security | Series A | $30M | Follow-on | None flagged |
| RAD Security | Feb 2025 | Detection and response. | Managed Security Services | Series A | $14M | Follow-on | None flagged |
| Mimic | Feb 2025 | Detection. | Managed Security Services | Series A | $50M | Follow-on | Menlo Ventures |
| Riot | Feb 2025 | Security awareness employee. | Managed Security Services | Series B | $30M | Follow-on | None flagged |
| Dream Security | Feb 2025 | Detection. | Managed Security Services | Series B | $100M | Follow-on | Bain Capital |
| Whalebone | Feb 2025 | DNS network. | Network Security | Series B | $14M | Follow-on | None flagged |
| Semgrep | Feb 2025 | AppSec code. | Application Security | Series D+ | $100M | Follow-on | Menlo Ventures |
| Astra Security | Feb 2025 | Penetration testing. | Application Security | Growth Equity | $2.7M | Follow-on | None flagged |
| Orchid Security | Jan 2025 | Identity security. | Identity Security | Seed | $36M | First financing | None flagged |
| DryRun Security | Jan 2025 | AppSec secure development. | Application Security | Seed | $8.7M | First financing | None flagged |
| Axoflow | Jan 2025 | Detection and response. | Managed Security Services | Seed | $7M | First financing | None flagged |
| Kymatio | Jan 2025 | Security awareness. | Managed Security Services | Seed | $1.9M | First financing | None flagged |
| Backline | Jan 2025 | Vulnerability AppSec. | Application Security | Seed | $9M | First financing | None flagged |
| Freeze | Jan 2025 | Vulnerability AppSec. | Application Security | Seed | $2.6M | First financing | None flagged |
| Dune Security | Jan 2025 | Security awareness. | Managed Security Services | Seed | $6M | First financing | None flagged |
| Fudo Security | Jan 2025 | Identity and privileged. | Identity Security | Unknown | $9.4M | Follow-on | None flagged |
| Conifers.AI | Jan 2025 | Detection and response. | Managed Security Services | Unknown | $25M | Follow-on | SYN Ventures |
| SignPath | Jan 2025 | AppSec code signing. | Application Security | Series A | $5.1M | Follow-on | None flagged |
| Passbolt | Jan 2025 | Password and identity. | Identity Security | Series A | $8M | Follow-on | None flagged |
| Token Security | Jan 2025 | Identity security. | Identity Security | Series A | $20M | Follow-on | None flagged |
| Clutch | Jan 2025 | Identity security. | Identity Security | Series A | $20M | Follow-on | None flagged |
| Seraphic | Jan 2025 | Enterprise browser. | Endpoint Security | Series A | $29M | Follow-on | None flagged |
| Mitiga | Jan 2025 | Cloud detection. | Managed Security Services | Series B | $30M | Follow-on | SYN Ventures |
| Hypori | Jan 2025 | Secure mobile. | Endpoint Security | Series B | $12M | Follow-on | None flagged |
| Oligo | Jan 2025 | Application runtime. | Application Security | Series B | $50M | Follow-on | None flagged |
| Bureau | Dec 2024 | Fraud. | Identity Security | Series B | $30M | Follow-on | None identified |
| Start Left Security | Nov 2024 | AppSec. | Application Security | Seed | $1.35M | First financing | None identified |
| Symbiotic Security | Nov 2024 | AppSec. | Application Security | Seed | $3M | First financing | None identified |
| Corgea | Nov 2024 | AppSec remediation. | Application Security | Seed | $2.6M | First financing | None identified |
| Noma | Nov 2024 | AI AppSec. | Application Security | Series A | $32M | Follow-on | Ballistic Ventures |
| ZITADEL | Nov 2024 | Identity infrastructure. | Identity Security | Series A | $9M | Follow-on | Nexus Venture Partners |
| Gray Market Labs | Nov 2024 | Identity. | Identity Security | Series A | $8M | Follow-on | None identified |
| Upwind | Nov 2024 | Cloud-security. | Cloud Security | Series B | $100M | Follow-on | Craft Ventures |
| Prime Security | Oct 2024 | AppSec. | Application Security | Seed | $6M | First financing | Foundation Capital |
| Zenity | Oct 2024 | AppSec for AI. | Application Security | Series B | $38M | Follow-on | None identified |
| AppCD | Sep 2024 | AppSec posture. | Application Security | Seed | $12.3M | First financing | None identified |
| Arcjet | Sep 2024 | Developer security. | Application Security | Seed | $3.6M | First financing | Andreessen Horowitz |
| P0 Security | Sep 2024 | Cloud access. | Identity Security | Series A | $15M | Follow-on | None identified |
| Aembit | Sep 2024 | Workload identity. | Identity Security | Series A | $25M | Follow-on | None identified |
| Operant | Sep 2024 | Runtime AppSec. | Application Security | Series A | $10M | Follow-on | None identified |
| DefectDojo | Sep 2024 | AppSec vulnerability. | Application Security | Series A | $7M | Follow-on | None identified |
| Apono | Sep 2024 | Just-in-time privileged. | Identity Security | Series A | $15.5M | Follow-on | None identified |
| Endari | Aug 2024 | Managed cyber. | Managed Security Services | Seed | $4M | First financing | None identified |
| Axiad | Aug 2024 | Identity security. | Identity Security | Unknown | $25M | Follow-on | None identified |
| Uniqkey | Aug 2024 | Password. | Identity Security | Unknown | $5.9M | Follow-on | None identified |
| Anjuna | Aug 2024 | Confidential computing. | Application Security | Series B | $25M | Follow-on | None identified |
| PureCyber | Jul 2024 | Managed cyber. | Managed Security Services | Seed | $6.4M | First financing | None identified |
| FoxIo | Jul 2024 | Network security. | Network Security | Seed | $2M | First financing | None identified |
| Heeler Security | Jul 2024 | AppSec. | Application Security | Seed | $8.5M | First financing | Norwest Venture Partners |
| Clutch | Jul 2024 | NHI security. | Identity Security | Seed | $8.5M | First financing | Lightspeed |
| Linx | Jul 2024 | Identity security. | Identity Security | Series A | $27M | Follow-on | Index Ventures |
| Evo Security | Jul 2024 | Identity and access. | Identity Security | Series A | $6M | Follow-on | None identified |
| ZeroTier | Jul 2024 | Secure networking. | Network Security | Series A | $13.5M | Follow-on | Battery Ventures |
| Dazz | Jul 2024 | AppSec remediation. | Application Security | Series B | $50M | Follow-on | Greylock |
| SpyCloud | Jun 2024 | Identity threat. | Identity Security | Unknown | $35M | Follow-on | None identified |
| ThreatModeler | Jun 2024 | Application threat. | Application Security | Unknown | $60M | Follow-on | None identified |
| Mondata | Jun 2024 | Managed security. | Managed Security Services | Unknown | $17M | Follow-on | None identified |
| Entro | Jun 2024 | NHI security. | Identity Security | Series A | $18M | Follow-on | Dell Technologies Capital |
| Pomerium | Jun 2024 | Identity-aware access. | Identity Security | Series A | $13.75M | Follow-on | Benchmark |
| Authzed | Jun 2024 | Permissions. | Identity Security | Series A | $12M | Follow-on | General Catalyst |
| iVerify | Jun 2024 | Mobile endpoint. | Endpoint Security | Series A | $12M | Follow-on | None identified |
| HYPR | Jun 2024 | Passwordless authentication. | Identity Security | Series D+ | $30M | Follow-on | Silver Lake |
| Semperis | Jun 2024 | Identity threat detection. | Identity Security | Growth Equity | $125M | Follow-on | J.P. Morgan |
| OnSecurity | Jun 2024 | Penetration testing. | Managed Security Services | Growth Equity | $7M | Follow-on | None identified |
| Anetac | May 2024 | Identity. | Identity Security | Seed | $16M | First financing | None identified |
| Token Security | May 2024 | Machine and NHI. | Identity Security | Seed | $7M | First financing | None identified |
| Userfront | May 2024 | Authentication and user. | Identity Security | Seed | $5.3M | First financing | Heavybit |
| Seamfix | May 2024 | Digital identity. | Identity Security | Unknown | $4.5M | Follow-on | None identified |
| Idfy | May 2024 | Identity verification. | Identity Security | Unknown | $10.8M | Follow-on | None identified |
| Aikido Security | May 2024 | Developer-first AppSec. | Application Security | Series A | $17M | Follow-on | None identified |
| Lumos | May 2024 | Identity governance. | Identity Security | Series B | $35M | Follow-on | Scale Venture Partners |
| StrongDM | May 2024 | Privileged access. | Identity Security | Series C | $34M | Follow-on | None identified |
| Wiz | May 2024 | Cloud-security. | Cloud Security | Series D+ | $1,000M | Follow-on | Andreessen Horowitz, Lightspeed, Sequoia, Thrive |
| NightVision | Apr 2024 | AppSec testing. | Application Security | Seed | $5.4M | First financing | None identified |
| Anon | Apr 2024 | Identity. | Identity Security | Seed | $6.5M | First financing | Union Square Ventures |
| StrikeReady | Apr 2024 | AI SecOps and managed. | Managed Security Services | Series A | $12M | Follow-on | None identified |
| Sublime Security | Apr 2024 | Email and application-layer. | Application Security | Series A | $20M | Follow-on | Index Ventures |
| Dropzone AI | Apr 2024 | Autonomous SOC. | Managed Security Services | Series A | $16.85M | Follow-on | None identified |
| Defense Unicorns | Apr 2024 | Secure delivery. | Application Security | Series A | $35M | Follow-on | Sapphire Ventures |
| ThreatLocker | Apr 2024 | Endpoint and application. | Endpoint Security | Series D+ | $115M | Follow-on | General Atlantic |
| Finite State | Apr 2024 | And supply-chain security. | Application Security | Growth Equity | $20M | Follow-on | None identified |
| BBT.Live | Mar 2024 | Network security. | Network Security | Seed | $1.1M | First financing | None identified |
| Youverify | Mar 2024 | Identity verification. | Identity Security | Seed | $2.5M | First financing | None identified |
| Codezero | Mar 2024 | AppSec. | Application Security | Seed | $3.5M | First financing | Ballistic Ventures |
| BlueFlag Security | Mar 2024 | AppSec. | Application Security | Seed | $11.5M | First financing | None identified |
| Defense Unicorns | Mar 2024 | Secure delivery. | Application Security | Series A | $35M | Follow-on | Sapphire Ventures |
| Sprocket Security | Mar 2024 | Continuous penetration testing. | Managed Security Services | Series A | $8M | Follow-on | None identified |
| Tenchi Security | Feb 2024 | Third-party cyber risk. | Managed Security Services | Series A | $7M | Follow-on | None identified |
| Permit.io | Feb 2024 | Authorization. | Identity Security | Series A | $8M | Follow-on | Scale Venture Partners |
| LimaCharlie | Feb 2024 | SecOps. | Managed Security Services | Series A | $10.2M | Follow-on | None identified |
| Device Authority | Feb 2024 | Device identity. | Identity Security | Series A | $9M | Follow-on | Ten Eleven Ventures |
| Oleria | Jan 2024 | Adaptive access. | Identity Security | Series A | $33M | Follow-on | Salesforce Ventures, Zscaler |
| Oasis Security | Jan 2024 | NHI management. | Identity Security | Series A | $35M | Follow-on | Sequoia |
| Incognia | Jan 2024 | Location-based identity. | Identity Security | Series B | $31M | Follow-on | Bessemer |
| Clerk | Jan 2024 | Developer identity. | Identity Security | Series B | $30M | Follow-on | CRV |
| Secret Double Octopus | Jan 2024 | Passwordless enterprise. | Identity Security | Series C | $15M | Follow-on | None identified |
| Silverfort | Jan 2024 | Unified identity. | Identity Security | Series D+ | $116M | Follow-on | None identified |
| Aqua Security | Jan 2024 | Cloud-native application. | Cloud Security | Series D+ | $60M | Follow-on | None identified |
INSIGHTS
The insights below come from reviewing the filtered pure-play cybersecurity funding dataset across 2024, 2025, and year-to-date 2026, with the strongest emphasis on the January through April 2026 window.
- Cybersecurity funding totals should be read as winner financing first and market liquidity second. In 2026 year-to-date, the top 10 deals account for 72.7% of all dollars, while the bottom half of deals accounts for only 17.7%.
- The market is broader by company count than by capital allocation. Twenty-eight companies raised in 2026 year-to-date, but just five companies absorbed 48.3% of the dollars, which means company formation and capital concentration are happening at the same time.
- Cloud Security is the strongest scaled-platform category in the current dataset. It represents only 17.9% of deals but 30.0% of capital, giving it the highest capital-share-to-deal-share ratio at 1.68x.
- Managed Security Services has the opposite shape. It leads on deal count, with 35.7% of 2026 year-to-date deals, but its capital ratio sits below parity. Investors are funding many SOC, MDR, and detection-response rebuilds rather than anointing only one winner.
- Identity Security looks mature rather than formation-heavy. All five 2026 identity deals are follow-ons, which suggests this category is being financed through scaling and consolidation of previously validated companies.
- Application Security remains strategically important but fragmented. Its six 2026 deals span seed through Series C, and its median round size of $51M suggests investors see durable demand but have not concentrated capital as aggressively as in Cloud Security.
- Endpoint Security is conspicuously absent from the filtered 2026 dataset. That does not mean endpoint is unimportant; it suggests new disclosed venture formation is being routed into adjacent categories such as cloud workload protection, identity, SOC automation, browser security, and offensive or application security.
- The seed label is no longer a reliable proxy for small financing in AI-native cybersecurity. Seed rounds such as Armadin, Kai, Surf AI, and Fig Security show that elite teams can raise company-creation rounds at scale-stage dollar levels.
- The median round size of $53.5M is more decision-useful than the $91.6M average. The average is pulled upward by Cyera, Upwind, TENEX.AI, Armadin, Claroty, Torq, Kai, and other $100M-plus rounds.
- Series D+ rounds are only 14.3% of 2026 deals but 36.6% of dollars. This confirms that late-stage cybersecurity remains investable, but only for companies that can credibly claim category leadership.
- Series B is the market’s central financing stage by count and capital balance. It represents 35.7% of deals and 32.2% of dollars, making it the clearest signal of where repeatable product-market fit is being repriced into scale.
- First financings are numerous but not dominant in dollars. They represent 35.7% of deals but only 22.9% of capital, which means company formation is active, but investors still allocate most money to follow-on validation.
- North America is not just the largest region; it is the only region with real capital depth in this sample. It captures 93.3% of capital and 82.1% of deals, so geography materially affects both probability of raising and likely round size.
- Europe shows credible technical formation but weaker scale financing. Its four 2026 deals total only $134.2M, with a $35M median, suggesting European cybersecurity companies in this set are visible but less likely to secure U.S.-style megarounds.
- The Middle East appears as a single identity-security follow-on in the 2026 dataset, not a broad funding ecosystem. That makes the region’s current signal company-specific rather than market-structural.
- The biggest capital asymmetry is not simply between early and late stages. It is between AI-native security narratives and everything else, because the largest seed and Series A rounds are tied to AI attacker simulation, AI SOC, AI protection, or AI cyber operations.
- Investor concentration is high enough to shape category narratives. Accel and Sequoia each appear in six deals, which means their conviction can materially influence what later investors perceive as hot inside cybersecurity.
- Specialist cybersecurity investors still matter at the earliest credibility layer. Cyberstarts, Ten Eleven, Ballistic, Evolution Equity, Team8, and Crosspoint appear repeatedly or in strategically important rounds, suggesting generalist mega-funds do not fully replace specialist validation.
- The dataset rewards companies that collapse operational complexity. SOC automation, MDR, detection-response, cloud control planes, non-human identity, and vulnerability automation all point to the same buyer pain: security teams need fewer manual workflows, not just more alerts.
- The year-to-date market is healthiest where the product can plausibly become a control plane. Cloud security, security operations, and identity governance attract the most meaningful rounds because they sit near policy, telemetry, response, or access decisions.
- The number of large rounds is unusually high. Sixteen of 28 rounds are at least $50M, and 10 rounds exceed $100M, which suggests 2026 cybersecurity financing is selectively repricing companies with strong AI, cloud, or operational-security narratives.
- The absence of Latin America, Africa, and Asia-Pacific in this filtered 2026 dataset is more likely a public-disclosure and venture-market visibility signal than evidence of no cybersecurity company formation. Those regions should be researched through local sources before being treated as inactive.
This chart, included in our cybersecurity market deck, shows how identity verification platform technology has evolved over time
OUR METHODOLOGY TO BUILD THIS TRACKER
We built this cybersecurity funding tracker by reviewing publicly disclosed equity rounds raised by pure-play cybersecurity companies between January 2024 and May 2026. A company counts as pure-play when more than 80% of its activity is dedicated to cybersecurity software, cybersecurity infrastructure, or dedicated cybersecurity services within the market scope.
We applied four filters to build the dataset. First, we only included equity rounds, so grants, debt, structured financings, SPAC transactions, acquisitions, mergers, and business combinations are excluded. Second, we only counted rounds of $300K or more. Third, we only kept pure-play cybersecurity companies, which means we excluded general IT, generic enterprise software, broad AI tools, consulting, fraud, crypto, insurance, and adjacent security businesses unless the company’s activity was clearly more than 80% dedicated to the covered cybersecurity scope. Fourth, every entry had to be confirmed by a direct company announcement, press release, tier-1 media report, specialized industry source, or relevant regional publication.
The included categories are Identity Security, Endpoint Security, Network Security, Cloud Security, Application Security, and Managed Security Services. Adjacent segments were mapped into these categories only when the company was cybersecurity-first and the product clearly fit the taxonomy. Undisclosed-amount rounds were excluded because including them would distort dollar-based metrics such as total capital raised, average round size, median round size, and concentration ratios.
The final dataset uses the announcement month and year for timing, and every average, median, share, and concentration figure is computed on the disclosed qualifying sample. Privately raised rounds, unannounced extensions, undisclosed-size rounds, and deals without credible public confirmation are necessarily missing, which is a known limitation of any public-only cybersecurity funding tracker.
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