Tuesday, May 30 2023

Cybersecurity venture funding and mergers: The most sizable venture rounds involved password management and compliance solutions. Managed detection and response (MDR) and identity and access management (IAM) tools remain strong targets for strategic buyers.


Security awareness platform SoSafe raised $73 million in its Series B funding round led by expansion-stage investor Highland Europe. This capital influx is geared to accelerate its presence in international markets and scale the development of its behavioral science-based security solution.

Password manager 1Password closed a $620 million Series C, raising the company’s valuation to $6.8 billion. Led by ICONIQ Growth, with participation from Tiger Global, Lightspeed Venture Partners, Backbone Angels, and Salesforce Ventures. 1Password will use this additional capital infusion to develop and scale human-centric security solutions and focus on helping people protect their sensitive data and information.

Polar Security launched from stealth mode and announced an $8.5 million seed round. The funding round was led by Glilot Capital Partners with participation from IBI Tech Fund, as well as angel investors, including Cloud Security Alliance co-founder and chief executive Jim Reavis, former RSA CTO Tim Belcher, former Qualys president Ann Johnson, and IBM Security vice president Tom Noonan, among others. The data security and compliance provider claims its agentless technology can automate discovery and classification of sensitive data.

Cloud security and compliance services provider Anitian raised $55 million in Series B funding. The funding was led by investor Sageview Capital with participation from Forgepoint Capital. The additional funding will help in the company’s expansion of cloud security and compliance services.

Evo Security, an IAM solution for managed service providers, closed a $3.9 million seed round. This funding was led by Sorenson Ventures, Inner Loop Capital, Secure Octane, and Channel Angels. The funding will help to expand new products and develop the company’s talent pipeline.

Data security company Virtru closed a $60 million growth financing round. The Washington, D.C.-based startup’s funding round was led by ICONIQ Growth and Foundry Capital, with participation from Tiger Global, MC2, Bessemer Venture Partners and other investors.

Secure-IC raised over €20 million in a growth funding round led by private equity investor Alliance Entreprendre with participation from GO Capital and BNP Paribas Développement. The ten-year-old French company will use the funding to accelerate growth, recruit talent, and implement the “Chip to Cloud” approach to cover the entire security lifecycle of connected devices and embedded systems.

Codenotary raised $12.5 million in Series B funding led by Swiss investment firm Bluwat AG, French venture capital firm Elaia. The Houston-based supply chain security provider will use the funding to accelerate product development and expand marketing and business development globally.

Learn about the top security ventures and merger trends in the SecureDisruptions cybersecurity investment report.

Mergers and Acquisitions

Identity and access management consultancy iC Consult Group completed its acquisition of SecureITsource for an undisclosed purchase price.

MSP tech solution provider Datto acquired Austin-based Infocyte. The transaction will expand Datto’s managed detection and response (MDP) and endpoint detection and response (EDR) capabilities. The two companies deliver complementary offerings within the “critical protect, detect, and respond stages” of the NIST cybersecurity framework, according to Datto CEO Tim Weller.

Tech-focused private equity firm PSG acquired Canadian visitor management system Traction Guest. Keith Metcalfe will continue to lead and focus on growing the Traction Guest business as chief executive officer. The transaction is structured as a bolt-on acquisition to PSG portfolio company ShieldCo.

Read more cybersecurity M&A and funding updates from SecureDisruptions.


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