Tuesday, February 7 2023

Noname Security achieves unicorn status. Unisys Corporation acquires CompuGain. University of Strathclyde spins out Lupovis. Dueling API security firms close respective Series C rounds.

Funding

Identity access management (IAM) company PlainID raised $75 million in Series C funding. Insight Partners led the funding round, with participation from Itai Tsiddon, Viola Ventures and existing investors.

Zorus, Inc. closed a $9 million Series A investment round led by Asymmetric Capital Partners with participation from Innospark Ventures and General Catalyst.  Zorus will use the new funding to add detection and response security solutions to its web filtering and productivity monitoring software.

UncommonX, a SaaS-based cybersecurity managed detection and response (MDR) provider, announces that it has completed its Series A financing round with an additional $9.5 million in funding, raising a total of $36M through individual private investors. As a result of the funding, UncommonX launched a dedicated innovations division – UncommonX Labs – led by founder and chief innovation officer Ray Hicks.

Crosspoint Capital Partners led a $50 million Series C investment in Afero, an IoT security platform as a service. The Home Depot also participated in the investment round. Terms of the transaction were not disclosed.

External attack surface management provider Reposify raised $8.5 million in seed funding from Joule Ventures and First Rays Venture Partners. Reposify’s platform enables security teams to detect, prioritize, and manage all exposed internet-facing assets that are centralized or remote across on-premise, subsidiary, cloud, or third-party assets.

Enterprise API security provider Noname Security raised $135 million in Series C funding at $1 billion valuation. The funding round was led by Georgian and Lightspeed, with participation from existing investors Insight Partners, Cyberstarts, Next47, Forgepoint, and The Syndicate Group. This new capital will fund the company’s R&D and global expansion.

Another API security firm, Cequence Security, closed $60 million in a Series C funding round by new investor Menlo Ventures. ICON Ventures, Telstra Ventures, HarbourVest Partners, Shasta Ventures, Dell Technologies Capital, and T-Mobile Ventures also participated.

 

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

 

MERGERS AND ACQUISITIONS

Acclaim Technical Services acquired Entegra Systems, LLC, a provider of cyber technology solutions in support of defense, intelligence and national security missions. This acquisition enhances ATS’ strategic expansion into technology to support its clients’ objectives, building upon the acquisition of Global Consulting Services and Axis of Engineering. Entegra Systems Inc., is a provider of mission-critical solutions and services to U.S. government defense and intelligence customers.

IT solutions giant Unisys paid $87.3 million for cloud solutions provider CompuGain on a cash-free, debt-free basis. The acquisition will bolster Unisys’ suite of cloud offerings.

LG Electronics approves the acquisition of Tel Aviv-based Cybellum, a vehicle cybersecurity risk assessment solution provider. The deal allows LG to assume an approximate 64% stake in the tech company valued at $140 million.  LG eyes this move with the intent to its cybersecurity capabilities and promote its efforts in future mobility.  Remaining shares will be acquired in the near future with the final valuation and total investment amount to be confirmed at that time. On top of this initial investment, LG committed to a simple agreement for future equity to invest an additional $20 million in Cybellum upon conclusion of the trading process in the fourth quarter.

Acclaim Technical Services (ATS), technology services company serving the national security industry, acquired Entegra Systems, a cyber technology solutions provider. The acquisition furthers ATS’ expansion into support technology to advance its clients’ objectives.

Corporate intelligence consultancy Kroll acquired Security Compass Advisory, a Toronto-based cybersecurity services provider. The acquisition expands Kroll’s penetration testing and cloud security capabilities to deliver testing that integrates with code development.

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

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