Top 10 Cybersecurity Funding in February/March 2021

Cybersecurity funding and investments continue to be constant with the growth of cyberattacks 

Cybersecurity has been a hot cake for modern businesses over the years. It will continue to be a trending space in technology and diverse industries alike. With relentless demand for network security, web and email security, endpoint security, data security, security analytics, and identity access management, the cybersecurity market is expected to reach US$60.2 billion in 2021. While the COVID-19 pandemic has hit the world and businesses shifted to remote work, work from home, the spending and adoption of cybersecurity solutions has risen.

In its 'Data Protection Trends for 2021' report, Dell Technologies unveiled that 42% of organisations in India and globally will continue to invest in cybersecurity and privacy solutions in 2021. This will allow them to stay ahead of the growing cyberattacks in the era of remote working.

Here's the list of top 10 cybersecurity funding and investments happened in February/March 2021.

Axonius

Amount Raised: US$100 Million

Transaction Type: Series D

Key Investor(s): Lightspeed Venture Partners, Stripes

Axonius is a cybersecurity asset management platform providing asset inventory, uncovering security solution coverage gaps, and validating and enforcing security policies. The company in its new funding round has raised US$100 million to boost its asset management platform capabilities. The Series D funding round was led by Lightspeed and Stripes, with participation from existing investors Bessemer Venture Partners (BVP), OpenView, and Vertex. Ken Fox, founder and partner at Stripes, will join the Axonius board of directors.

Identiq

Amount Raised: US$47 Million

Transaction Type: Series A

Key Investor(s): Entrée Capital, Insight Partners

Identiq is an Israel-based Anonymous Identity Validation Network service provider. The company has secured US$47 million in its Series A financing round led by Insight Partners and Entrée Capital, with participation from Amdocs, Sony Innovation Fund by IGV, as well as existing investors Vertex Ventures Israel, Oryzn Capital and Slow Ventures. With the latest funds, Identiq will further accelerate its network growth, adding more members, each of which will improve the validation, quality and coverage for all members.

seedata.io 

Amount Raised: £120,000 (US$165,946)

Transaction Type: Pre-Seed Round

Key Investor(s): Antler

seedata.io, a SaaS platform that lowers the time to detect cybersecurity breaches, received £120,000 pre-seed funding from Antler, a global early-stage VC. The fresh capital will enable seedata.io to further develop and bring to market its SaaS platform. The company has already agreed 9 proof of concept with global organisations across the U.S., UK and Italy.

CYE

Amount Raised: US$120 Million

Transaction Type: Series A

Key Investor(s): EQT

CYE is an Israel-based cybersecurity startup that provides organizational security assessments, revealing complete attack routes and building optimized mitigation plans. The company has raised US$120 million in a Series A financing round to bolster its growth plans and stimulate its go-to-market and product investments. The round was led by EQT and with participation from 83North.

vArmour

Amount Raised: US$58 Million

Transaction Type: Venture Round

Key Investor(s): AllegisCyber, NightDragon Security

California-based data-defined perimeter security solutions provider vArmour has raised US$58 million in a venture round. The fund will enable the company to increase its headcounts and expedite product innovation. The round was led by AllegisCyber Capital and NightDragon, with participation from existing investors Standard Chartered Ventures, Highland Capital Partners, Telstra, Redline Capital, and EDBI.

Armorblox

Amount Raised: US$30 Million

Transaction Type: Series B

Key Investor(s): Next47

Armorblox, a venture-backed stealth cybersecurity startup, has bagged US$30 million in a Series B round. The round was led by Next47, with participation from Polaris Partners and Unusual Ventures, as well as General Catalyst and other early investors. The funding round brings Armorblox's total funding to US$46.5 million.

1Kosmos

Amount Raised: US$15 Million

Transaction Type: Series A

Key Investor(s): ForgePoint Capital

Digital Identity and passwordless authentication solutions provider for workforce and customers 1Kosmos raised US$15 million in a Series A funding round. The round was led by ForgePoint Capital, the premier venture investor for early-stage cybersecurity companies. With this funding, 1Kosmos comes out of stealth mode to offer a unique security platform that brings the highest identity and authentication assurance levels through advanced biometrics and a private blockchain ecosystem.

SecurityAdvisor

Amount Raised: US$7.3 Million

Transaction Type: Series A

Key Investor(s): ClearSky

SecurityAdvisor provides a personalized security awareness platform that quantifiably helps minimize security incidents. The company has closed US$7.3 million in a Series A funding round led by ClearSky Security with participation from Crosslink Capital, SixThirty Ventures, and Cyber Mentor Fund. The funds will support SecurityAdvisor's product development and drive market awareness of its innovative offering amongst enterprise security leaders.

Spectral

Amount Raised: US$6.2 Million

Transaction Type: Seed Round

Key Investor(s): Amiti Ventures, MizMaa Ventures

Spectral is an Israel-based data leak prevention solutions provider. The company has bagged US$6.2 million in a Seed round led by Amiti Ventures and MizMaa Ventures. Spectral is a DevSecOps company that provides a developer-first cybersecurity solution that detects and protects against security mistakes in code, configuration, and other developer assets. The latest funds will enable the company to bring its new DevSecOps code scanner.

Horizon3.ai

Amount Raised: US$5 Million

Transaction Type: Series A

Key Investor(s): SignalFire

Horizon3.ai, a California-based cybersecurity startup, has secured US$5 million in a Series A funding round led by SignalFire. Founded in 2019, Horizon3.ai provides continuous, automated Pen Test operations to enable customers to interpret whether critical systems and data are protected. It also let them see what urgent issues must be immediately triaged or remediated, how to prioritize vulnerabilities and other defensive efforts, whether detection and remediation times are improving, and identify ineffective tools, controls, policies, processes, and training.