💰 Security, Funded #48 - Rates Only Go Up and to the Right, Valuations Only Go Down and to the Left

Good morning,

A predictably slow week following on the heels of the RSA Conference this year, but that doesn't mean there's no action.

Broader economic trends of rising inflation, the beginning of a series of Federal Funds rate hikes, and tech companies d0ing rounds of layoffs have created a tightening environment for fund raising for startups and established companies alike.

Those who are raising funds should expect increased due diligence periods and less frothy valuations, but there are still a lot of funds to capture out there.

Let's dive in.

💰 Summary

• 11 companies raised $146.5M across 9 unique product categories
• 6 companies were acquired or had a merger event

🧩 By Product Category

• $50.0M for Physical Security
• $38.5M for Application Security
• $15.0M for Threat Intelligence
• $11.1M for Security Awareness
• $8.5M for Attack Surface Management (ASM)
• $7.0M for Privileged Access Management (PAM)
• $6.8M for Secure Access Service Edge (SASE)
• $5.5M for Secure Networking
• $4.1M for Data Protection

🗣️ SPONSOR

🏢 By Company

• LiveView Technologies, a physical security software and hardware company, raised a $50.0M Series B from Sorenson Capital. (FinSMES)
• Jit, a developer-focused application security platform, raised a $38.5M Seed from Boldstart Ventures. (CTech)
• GreyNoise Intelligence, a threat intelligence platform, raised a $15.0M Series A from Radian Capital. (TechCrunch)
• CyberConIQ, a security awareness training platform, raised a $11.0M Venture Round.
• RapidFort, an attack surface management (ASM) company, raised a $8.5M Seed from Felicis Ventures. (TechCrunch)
• Quickpass, a privileged access management (PAM) platform for managed service providers (MSPs), raised a $7.0M Series A from Arthur Ventures. (Yahoo)
• BBT.live, a secure access service edge (SASE) platform, raised a $6.8M Seed from [Tzvi Neta Holdings](). (PR Newswire)
• evolutionQ, a platform for managing quantum devices and networks, raised a $5.5M Series A from Quantonation. (evolutionQ)
• Kriptos, a data identification and classification platform, raised a $3.1M Venture Round from Act One Ventures. (Contxto)
• Bunkyr, an encrypted cryptocurrency wallet account recovery platform, raised a $1.0M Pre-Seed from Soma Capitaland Y Combinator. (Bunkyr)

🤝 Mergers & Acquisitions

• CeroUno, a professional services firm, was acquired by Revelo for an undisclosed amount. (BusinessWire)
• Miburo, a cyber threat intelligence and response company, was acquired by Microsoft for an undisclosed amount. (Built In Seattle)
• New Access S.A, a managed security services provider (MSSP), was acquired by EdgeUno for an undisclosed amount. (Capacity)
• PrivateVPN, a consumer virtual private network (VPN) platform, was acquired by Miss Group for an undisclosed amount. (Cision)
• Randori, an attack surface management (ASM) company, was acquired by IBM for an undisclosed amount. (ITPro)
• The Guardian Eagle, a database security company, was acquired by Centroid Systems for an undisclosed amount. (Security Week)

🔐 Secure The Job

If you're looking for new opportunities (actively or passively), I've got two ways to help:

• Return on Security Job Board - Browse the jobs I curate each week and apply for what matches your interests.
• Return on Security Talent Collective - Join the talent collective to get personally matched with high-growth, high-upside opportunities. This is invite-only, curated by me, and you can set your profile to be public or anonymous.

Search firms, recruiters, and hiring managers - hire the best talent from the Return on Security community by signing up here.

📚 Great Reads & Finds

• The Philosophy of Prevention - Chris Farris talks about the pit-falls of cloud security posture management (CSPM) and how the art and science behind taking a preventative approach to cloud security is harder than you think.
• Top Ten Security Tips for APIs - APIs are being attacked by bots all the time, being abused all over the internet. Even without a front end, APIs are still a big target for malicious actors. How do we fight this? In this talk WeHackPurple covers all the best practices for making your APIs tough and safe.
• How Cloud Security Has Changed in the Age of COVID-19 - The COVID-19 pandemic has accelerated the migration to the cloud for many organizations, and there have also been challenges associated with securing hybrid or multi-cloud environments, according to Omdia Senior Principal Analyst Fernando Montenegro.

🧪 Labs

POV: You work in cybersecurity and just went to the RSA or Gartner security conferences and you're trying to make sense of what you just saw

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Thanks for reading!

Cheers,

Mike P