Cybersecurity Market Review for Q2 2017 - Momentum Partners [PDF]

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Cybersecurity Market Review Q2 • 2017

Advisors & Dealmakers In Cybersecurity.

Momentum Partners at September 26 - 27 • South San Francisco. Select Notable Speakers

Newsweek’s Annual Structure Security Conference



September 26 - 27 South San Francisco Conference Center

Arlete Hart CISO



Topic: “Security at the FBI”

Join us as at Newsweek’s Annual Structure Security event which will bring together over 500 cyber executives, investors, advisors and over 40 speakers, including the FBI, IBM, Cisco, Century Link, UBER, Carbon Black, Verodin, and many others for cutting edge discussions and workshops about latest industry trends.

Scott Chasin CEO & Co-Founder Topic: “The Problem in Enterprise

Industry Topics Include:

Security”

How Virtualization Could Transform Cloud Security

Funding The Future of Security Innovation

Securing The Internet of Things

The Cybersecurity Landscape

Internet Vulnerabilities: How You Will Be Owned

The Evolution of The CISO

Automating Application Security

The Problem In Enterprise Security

Select Conference Advisors Dino Boukouris Director & Founding Member Momentum Partners

Jay Leek Managing Director ClearSky Security

Asheem Chandra General Partner Greylock Partners

Mark Hatfield Founder & General Partner Topic: “Funding the Future Of Security

Innovation”

Patrick Morley President & CEO Topic: “The Cybersecurity Landscape”

Candace Worley Chief Technical Strategist Topic: “Warning: What You Need to

Know About the Security Workforce Crisis”

David Mahon VP & Chief Security Officer Topic: “The Evolution of the CISO”

Leading Security Experts, Investors and Advisors Charles Beeler General Partner Rally Ventures

Matt Bigge Operating Partner Crosslink Capital

Alex Doll Managing Member Ten Eleven Ventures

2

Table of Contents A Comprehensive Review Of The Cybersecurity Strategic Landscape In 2Q17. I.

About Momentum Partners ▪ ▪ ▪ ▪

II.

In Focus: Data Privacy In Focus: Cloud Security

Cybersecurity Sector vs. Benchmark Performance Despite An Uptick In Correlation of Value To Growth… …Balancing Growth & Profitability Matters Much More

Q2 2017 Watch List

Cybersecurity Multiples Have Begun To Increase After Their Rerating CYBERscape

12

18 ▪ ▪

Update: Private Equity Continues To 2Q17 Cybersecurity Investor Spotlight

▪ ▪

Public Company Trading Analysis Okta IPO Profile

33 ▪

Momentum’s Watch List Outperforms



Highlighted M&A Transactions

▪ ▪

Venture Capital Activity Highlighted Fundraising Activity

38

VC Activity In Cybersecurity ▪ ▪

Financing Activity Since 2010 Cybersecurity Startups & Investors

Cybersecurity

23

M&A Activity In Cybersecurity ▪ Cybersecurity M&A Activity ▪ Notable M&A Transactions

VII.

▪ ▪

Momentum’s Watch List ▪

VI.

2017: Market Update & Observations The Cybersecurity Dashboard: Q2 2017 A Summary of Recent Strategic Activity in Cybersecurity

Public Company Trading Analysis ▪ ▪ ▪

V.

Thought Leadership In Cybersecurity Momentum’s Vast Cybersecurity Network & Reach Why Momentum Partners

Cybersecurity Industry Perspectives ▪ ▪

IV.

▪ ▪ ▪

Executive Summary ▪ ▪ ▪

III.

The Premier Cybersecurity Advisors Highly Focused On The Cybersecurity Sector Prolific M&A Advisory Experience Balanced & Highly Experienced Advisors

4

55

3

I.

About Momentum Partners

The Premier Cybersecurity Advisors Enterprise Class Advice. Aligned With The Entrepreneur.

The Firm Momentum Partners is a boutique Cybersecurity focused Investment Bank based in Silicon Valley with operations globally. We employ a bespoke high-impact advisory model tailored to the unique needs of earlier stage Founders/CEOs and the complexity of later stage/Public companies – Series A to Exit – where we are relentless in our pursuit for better outcomes for our clients.

The Founders

Empathy

Michael Tedesco

Founder & Executive Chairman

Action Eric McAlpine

Founder & Managing Partner

15+ Years Board/CEO Advisor, Cybersecurity & Enterprise Software

Tenacity Innovation

Keith Skirbe Director

Dino Boukouris

Momentum Partners

200+ Deals $200+ Billion

Objectivity

20+ Years M&A and Board Advisory Across Enterprise IT, Board Member, & Investor

Momentum Capital Markets 340 Brannan Street | Suite 501 San Francisco, California 94107

Director

Long Term Loyalty Sense of Humor

5

Highly Focused On The Cybersecurity Sector Significant Deal Experience And Comprehensive Coverage Across The Cybersecurity Landscape. Network



Vulnerability Management



Web



Email



Cloud



SIEM



Analytics



Threat Intelligence



Mobile



Endpoint



MSSP

acquired by

acquired by

Board Advisory & Corporate Strategy

acquired

acquired

acquired by

acquired

acquired by

Cloud Security

Secure Cloud Orchestration

Threat Intelligence

SaaS / Mobile Security

Endpoint Security

SIEM

MDM

Network / Web Security

Undisclosed

Undisclosed

$220M

$65M

Undisclosed

Undisclosed

$465M

acquired

acquired

acquired by

acquired by

acquired

acquired

acquired by

Network Security

Email Security

Vulnerability Management

SaaS / Email Security

Strategic Financing & Share Buyback

Intrusion Detection

Managed Security Services

Network Security

$295M

$273M

$86M

$695M

$145M

$135M

Undisclosed

$2.0B

6

Prolific Technology M&A Advisory Experience: 200+ Deals For Over $200+ Billion Highly Experienced At Executing Transactions Of All Sizes Across All Enterprise IT Sectors For Two Decades. Client

Counterparty

Wireless Solutions Business

Database Business

Transaction

Amount ($M)

Transaction

Amount ($M)

Transaction

Amount ($M)

Merger

25,000

Client

Counterparty

Sellside

497

Buyside

170

Sellside

13,299

Sellside

465

Sellside

162

Defense

10,300

Joint Venture

420

Buyside

157

Sellside

8,005

Buyside

420

Buyside

145

Buyside

5,030

Sellside

400

Sellside

142

Sellside

4,838

Buyside

380

Buyside

135

Buyside

3,500

Sellside

375

Buyside

112

Buyside

2,448

Sellside

339

Sellside

106

Client

Counterparty

Sellside

1,900

Sellside

327

Dual Track

97

Buyside

1,700

Buyside

295

Sellside

86

Buyside

1,600

Buyside

273

Buyside

75

Divestiture

1,400

Sellside

245

Buyside

65

MOE

1,300

Buyside

230

Buyside

63

Sellside

1,000

Buyside

220

Buyside

61

Sellside

1,000

Sellside

219

Buyside

900

Sellside

205

Buyside

710

Sellside

Sellside

695

Sellside

Sellside

593

Sellside

Buyside

500

Sellside

Buyside

Undisclosed

Divestiture

Undisclosed

200

Sellside

Undisclosed

180

MBO

Undisclosed

178

Sellside

Undisclosed

170

Sellside

Undisclosed

Cable Access Business

An EDS Company

Management Buyout

7

Balanced & Highly Experienced Advisors A Bespoke, High-Impact Advisory Boutique For Discerning Clients Seeking Better Outcomes.

Our Advisory Services

Our Balance

Cybersecurity

▪ Mergers & Acquisitions - Sellside -

Buyside Divestitures Joint Ventures Dual Process (+ Cap Raise)

28%

37%

Enterprise IT

Cloud & SaaS

35%

1,100

5

06/06/17 05/25/17

0

100

2016

2017 YTD

Jan-15 Mar-15 May-15

Volume ($B)

100

04/05/17 06/27/17

01/25/17

Sep-15 Nov-15 Jan-16 Mar-16 May-16

Public Comps

268

05/17/17

Jul-15

89

70

2017 YTD

# of Deals

Specialized Threat Analysis & Protection Identity & Access Management

15

Threat Intel / SecOps / IR

7 5

120

2016

2017

(EV / 2016E Rev) Multiple as of 06/30/16

(EV / 2017E Rev) Multiple as of 06/30/17

31

27

Application Security Risk & Compliance Web Security Industrial / IOT Security Network Security Messaging Security MSSP

6

10 24

2016 Total: 268

Fraud Prevention / Transaction Security

2016

14

M&A Activity

17

2017 YTD Total: 134

23

1

7 12

6

3

8

15

6

3

2016 Total: 137

2

8

10

5 14

34

16 30

120

7

12

22

14

13

2017 YTD

# of Deals

(Median EV / LTM Rev)

9 8

16

14

2016

2017 YTD

Financing Activity

Mobile Security Endpoint Security

215

33

5

Data Security

235 69

Min 1.4x

15

Cloud Security

400

137

4.6x

Min 1.0x

2016

614

2017 YTD

Volume ($B)

4.9x

Median 3.0x

75

2016

M&A EV / Rev Multiples

Median 4.2x

134

Sep-16 Nov-16 Jan-17 Mar-17 May-17

Max 8.7x

Max 7.3x

100

Jul-16

3

11

2017 YTD Total: 69

4

5 2

9

19 5

4

6

5

8

4 2

11 3

2

5

A Summary Of Recent Strategic Activity In Cybersecurity Investing Activity Continues To Outpace Exits (M&A + IPO). Selected Acquisition Activity

Selected VC Activity

Equity

(Date: Implied Enterprise Value / LTM Rev Multiple)

(Date: $ Raised / Pre-$ Valuation / Funding Stage)

(Date: $ Raised) On File

5/17: $100M / NA

5/17: $120M / NA

4/17: $215M / 7.2x

3/17: $614M / 6.1x

6/17: $125M / NA / D

6/17: $100M / NA / D

6/17: $100M / NA / E

File Confidentially on 2/1/17

Filed Confidentially on 9/30/16

4/17: IPO: $187M 2/17: $400M / NA

12/16: $1.9B / 2.0x

2/17: $105M / 10.5x

11/16: $650M / 6.5x

2/17: $120M / 4.8x

11/16: $2.4B / 3.6x

1/17: $1.1B / NA

9/16: $NA / NA

5/17: $100M / NA / Venture

3/17: $12M / NA / B

5/17: $100M / NA / D

3/17: $15M / NA / Venture

4/17: $89M / NA / F

9/15: Series F: $75M 6/14: Series E: $75M 9/13: Series D: $27M 12/12: Series C: $25M 8/11: Series B: $17M 2/10: Series A: $10M

$229M

2/17: $40M / NA / C 4/16: IPO: $112M Dell Spinoff

9/16: $1.3B / 3.5x

6/16: $293M / 10.0x+

9/16: $4.2B / 2.0x-2.5x

7/16: $1.5B / 3.4x

6/16: $4.7B / 7.9x

6/16: NA / NA

9/16: $488M /3.7x

6/16: $600M / NA

1/17: $70M / NA / C

11/16: $31M / NA / C

1/17: $45M / NA / C

9/16: $40M / $300M / D

11/16: $60M / NA / C

8/16: $50M / NA / F

11/15: IPO: $78M 9/16: Secondary Offering: $66M 9/12: Series C: $62M 1/10: Series B: $21M $91M 12/08: Series A: $8M

2/16: $100M / NA

2/16: $45M / NA

2/16: $30M / NA

1/16: $275M / 6.9x

7/16: $64M / NA / C

7/16: $180M / NA / A

6/16: $20M / $71M / B

7/15: IPO: $103M 12/14: Series D: $30M 11/11: Series C: $50M 2/10: Series B: $2M 9/08: Series A: $7M

1/16: $10M / NA

1/16: NA / NA

12/15: $35M / 1.9x

11/15: $78M / NA

6/16: $20M / NA / B

6/16: $100M / $900M / D

5/16: $41M / NA / D

6/15: IPO: $553M 5/02: Minority: $60M 9/98: Venture: $4M

Source: Capital IQ, 451 Group, Crunchbase, TechCrunch. Momentum Partners maintains a proprietary Cybersecurity M&A deal database.

$89M

$64M

15

Cybersecurity Multiples Have Begun To Increase After Their Rerating One Year Ago Public Market Valuations For Cybersecurity Have Begun To Increase Since Their Rapid Decline From ‘The Peak.’ Max 14.8x

Today 51.0% Reduction

A Year Ago

Max 8.7x

Max 7.3x

20.2% Increase Median 8.5x

64.6% Reduction

Median 4.2x

Median 3.0x

41.5% Increase Min 2.4x EV / 2015E Revenue Multiple as of 6/23/15*

38.3% Increase

56.2% Reduction

The Peak

Min 1.4x Min 1.0x EV / 2016E Revenue Multiple as of 6/30/16

* Date Cybersecurity ETF Index HACK hit all-time high. Note: Excludes OKTA given recent IPO status.

EV / 2017E Revenue Multiple as of 6/30/17

Company

EV/2016E Revenue

EV/2017E Revenue

% Change

1.0x

2.6x

147.3%

2.7x

6.1x

125.3%

3.0x

5.2x

74.7%

2.5x

4.2x

71.0%

2.3x

3.7x

61.1%

3.0x

4.6x

53.2%

1.9x

2.8x

46.2%

4.2x

5.6x

32.3%

7.0x

8.7x

24.1%

2.9x

3.3x

14.1%

3.2x

3.5x

11.0%

3.7x

4.0x

7.6%

7.3x

7.5x

3.6%

3.5x

3.6x

2.6%

2.5x

2.3x

8.8%

6.6x

5.9x

9.6%

6.9x

5.7x

16.9%

6.6x

5.4x

18.2%

2.4x

1.4x

40.1%

16

CYBERscape: The Cybersecurity Landscape Network Security

Endpoint Security

Application Security

Network Firewall

Network Monitoring/Forensics

Endpoint Prevention

WAF & Application Security

Intrusion Prevention Systems

Unified Threat Management

Endpoint Detection & Response

Vulnerability Assessment

Web Security

Messaging Security

Managed Security Service Provider

Risk & Compliance

Data Security

Security Operations & Incident Response

Mobile Security

SIEM

Threat Intelligence

Security Incident Response

Industrial / IoT Security

Identity & Access Management

Specialized Threat Analysis & Protection

Fraud Prevention / Transaction Security

The Cybersecurity Landscape is Vast and Dynamic. We Have Vigilantly Covered The Sector For Over Two Decades.

Cloud Security

III.

Cybersecurity Industry Perspectives

In Focus: Data Privacy The EU General Data Protection Regulation (GDPR) Is Driving Growth In Software-Based Privacy Solutions. What is GDPR? ▪ ▪ ▪

Companies Addressing GDPR

GDPR is a regulation designed to enhance the protection of individuals residing in the EU as well as address the export of “personal data” outside the EU It applies to all organizations that do business in the EU and any organization outside the EU handling EU citizens’ personal data It broadens the definition of “personal data” and includes identifiers such as genetic, mental, cultural, economic, social identity and online (IP addresses, cookies)

Artificial intelligence, machine learning, automation, identity intelligence and big data expertise are key capabilities and requirements of GDPR platforms Company

Founded

HQ

Amount Raised ($M)

CEO

2015

San Francisco, CA

--

Nimrod Luria

2016

New York, NY

2.1

Dmitri Sirota

2016

Seattle, WA

3.0

Kristina Bergman

2013

San Jose, CA

7.0

Stuart Lacey

GDPR Requirements: 25 May 2018: GDPR goes into effect

Penalties: 4% of revenue or €20M (whichever is greater)

Satisfy customer data portability support and enable right-to-beforgotten and erased from records

Users may request a copy of personal data in a portable format

Implement adequate technical and organizational measures to protect persons’ data and systems

Demonstrate enforcement of customer consent for personal data collection

Privacy risk impact assessments will be required where privacy risks are high

What Is Required Of Companies To Comply?

Controllers must comply with breach notification windows

Appointment of data protection officer (DPO) will be mandatory for companies processing high volumes of personal data

Are Companies Prepared?

2011

New York, NY

--

Todd Feinman

20% CAGR) Palo Alto Networks

$1,567

$1,924

$2,333

23%

21%

$334

$453

$581

21%

24%

25%

Splunk

950

1,200

1,507

26%

26%

91

136

204

10%

11%

14%

Proofpoint

375

500

638

33%

28%

39

59

89

10%

12%

14%

Okta

160

236

321

47%

36%

(61)

(82)

(71)

(38%)

(35%)

(22%)

CyberArk

217

270

326

25%

21%

60

63

80

28%

23%

25%

Mimecast

171

229

286

34%

25%

9

18

28

5%

8%

10%

Rapid7

157

196

237

24%

21%

(25)

(22)

(14)

(16%)

(11%)

(6%)

Symantec

$3,777

$4,970

$5,352

32%

8%

$1,503

$2,166

$2,597

40%

44%

49%

Check Point Software

1,741

1,876

2,004

8%

7%

963

1011

1083

55%

54%

54%

Fortinet

1,275

1,491

1,711

17%

15%

242

302

376

19%

20%

22%

Trend Micro

1,130

1,311

1,383

16%

5%

369

444

478

33%

34%

35%

FireEye

714

731

799

2%

9%

(31)

62

87

(4%)

9%

11%

Sophos

501

568

665

13%

17%

62

58

196

12%

10%

30%

Imperva

264

321

380

22%

18%

7

33

46

2%

10%

12%

Qualys

198

227

264

14%

16%

68

72

88

34%

32%

33%

Barracuda Networks

347

369

406

6%

10%

76

69

84

22%

19%

21%

Secureworks

430

463

511

8%

10%

(16)

(25)

2

(4%)

(5%)

0%

F-Secure

167

196

216

17%

10%

26

19

32

15%

10%

15%

VDSI

192

185

206

(4%)

11%

21

16

23

11%

9%

11%

MobileIron

164

183

205

12%

12%

(26)

(10)

(4)

(16%)

(6%)

(2%)

Low Growth Cybersecurity (10x

$200M

25%

29 15%

21

17%

20% 13%

15%

41

10%

31

5% 0%

32

20%

112

24%

>$0M - $50M

$50M - $100M

6% 23

$100M - $250M

10%

10%

$250M - $500M

8%

14

19

$500M - $1B

$1B+



The median exit enterprise value for Cybersecurity exits since 2010 was $63.5M



M&A exits in Cybersecurity are typically below $100M – 60%+ of the time



Exits > $1B are rare, representing 8% of all deals (7 public, 9 private and 3 spin-out)

22

5%

11

0% ▪

>0.0 - 3.0x

3.0x - 5.0x

5.0x - 10.0x

10.0x+

Valuations for M&A exits in Cybersecurity vary for many reasons – growth, market leadership, customer validation, technology and team



Exits >10x are a minority (18%) where the buyers are typically cash rich and willing to pay what it takes (median cash balance of the buyers at time of acquisition was $2.2B and median market cap was $16.3B)

Buyers Source: Momentum Partners, 451 Research, Capital IQ.

40

Notable Cybersecurity M&A Transactions Cybersecurity M&A Transactions With Disclosed Transaction Values. Date

Target

Buyer

Enterprise Value ($M)

TTM Revenue ($M)

06/30/17

Cloud Security Corporation

06/20/17

ProofID Limited

06/08/17

Management Buyout

0.4





PEGRight

5.0





Hexadite

Microsoft

100.0





05/11/17

Conjur

CyberArk Software

42.0





05/05/17

Open Systems

EQT Partners

120.0





04/28/17

Guavus

Thales S.A.

215.0

30.0

7.2x

04/20/17

SecurEnvoy

Shearwater Group PLC

25.7

4.1

6.3x

04/04/17

Cloud Security Corporation

Zhi Lu Peng

0.4





03/15/17

Greenview Data

Zix Corporation

8.1





03/14/17

CyberGhost S.R.L.

Crossrider Plc

9.8

2.2

4.4x

03/08/17

Sotera Defense Solutions

The KEYW Corporation

235.0





03/07/17

Avaya (Network Security Solutions Business)

Extreme Networks

100.0





03/06/17

Veracode

CA

614.0





02/28/17

LightCyber

Palo Alto Networks

105.0

10.0

10.5x

02/23/17

BlueCat Networks

Madison Dearborn Partners

400.0





02/08/17

Invincea

Sophos

120.0





02/08/17

Skyfence Networks

Forcepoint

40.0





02/01/17

Niara

HPE Aruba

50.0





02/01/17

Delta ID

Fingerprint Cards AB

01/30/17

Ixia

Keysight Technologies

01/17/17

CynergisTek

Auxilio

Source: Capital IQ, 451 Research.

EV / Revenue

120.0





1,659.3

495.2

3.4x

34.2

15.0

2.3x

41

Notable Cybersecurity M&A Transactions Cybersecurity M&A Transactions With Disclosed Transaction Values. Date

Target

Buyer

Enterprise Value ($M)

TTM Revenue ($M)

01/09/17

Harvest.ai

01/09/17

BluVector

01/03/17

LANDESK

Lumension Security (Heat Software)

12/27/16

Hexatier

Huawei

12/06/16

Optiv Security

KKR

11/21/16

Dyn

Oracle

11/20/16

LifeLock

Symantec

11/11/16

Virtual Security Research

NCC Group

11/01/16

Barricade Security Systems

Sophos

10/20/16

FireLayers

Proofpoint

EV / Revenue

Amazon

20.0





LLR Partners

50.0





1,100.0





42.0





1,900.0

943.3

2.0x

650.0

100.0

6.5x

2,362.1

650.2

3.6x

6.0





1.9





55.0





10/04/16

ValidSoft UK

Management Buyout

3.0





09/19/16

Infoblox

Vista Equity Partners

1,254.3

358.3

3.5x

09/07/16

McAfee

TPG Capital

4,200.0





08/26/16

PhenixID

Clavister Holding

11.5

1.1

10.5x

08/24/16

Return Path, Email Fraud Protection Division

Proofpoint

18.0





08/17/16

Modulo Security

SAI Global

5.2





08/17/16

Sypris Electronics, Cyber Security Solutions

Analog Devices

42.0





07/26/16

Appcito

A10 Networks

6.5





07/25/16

OpenLimit

WISeKey

20.4

13.1

1.6x

07/22/16

Damballa

Core Security Technologies

9.0





07/19/16

Confer Technologies

Carbon Black

100.0





Source: Capital IQ, 451 Research.

42

Notable Cybersecurity M&A Transactions Cybersecurity M&A Transactions With Disclosed Transaction Values. Date

Target

Buyer

07/13/16

Imprivata

Thoma Bravo

07/07/16

AVG Technologies

AVAST Software

06/29/16

IDscan Biometrics

GB Group

06/28/16

Cloudlock

Cisco

06/12/16

BlueCoat

Symantec

06/07/16

AccelOps

Fortinet

06/01/16

Ping Identity Corporation

Vista Equity Partners

05/05/16

Advanced Security Consulting

Falanx Group

04/27/16

ANXeBusiness

04/18/16

CSIdentity

03/23/16

Sookasa

03/10/16

Agata Solutions

03/03/16

Enterprise Value ($M)

TTM Revenue ($M)

EV / Revenue

488.5

131.1

1,463.0

430.6

3.7x 3.4x

60.8

10.3

5.9x

293.0



10.0x+

4,722.2

598.3

7.9x

32.0





600.0





0.8





Open Text

104.0





Experian

360.0





Barracuda Networks

0.4





CyberArk

3.1





Safend

SuperCom

1.5





02/29/16

Resilient Systems

IBM

100.0





02/18/16

ValidSoft

Cross River Initiatives

12.6





02/08/16

IronKey Enterprise Management Services

DataLocker

0.4





02/08/16

IID

Infoblox

45.0





02/01/16

Invotas

FireEye

30.0





01/20/16

iSight Partners

FireEye

275.0

40.0

6.9x

01/13/16

ScrapeSentry

Distil

10.0





01/05/16

TowerSec

Harman Becker Automotive Systems

75.8





Source: Capital IQ, 451 Research.

43

Notable Cybersecurity M&A Transactions Cybersecurity M&A Transactions With Disclosed Transaction Values. Date

Target

Buyer

Enterprise Value ($M)

TTM Revenue ($M)

12/16/15

Evault

12/14/15

SurfRight

12/11/15

EV / Revenue

Carbonite

14.0



Sophos

31.8





Cyveillance

LookingGlass Cyber Solutions

35.0

18.0

1.9x

12/10/15

Trustev

TransUnion

44.0





11/24/15

Fox-IT Group

NCC Group

140.6

29.0

4.9x

11/17/15

Aura Information Security

Kordia Group Limited



11/09/15

Secure Islands

Microsoft

11/09/15

Elastica

Blue Coat Systems

11/02/15

Bloxx

Akamai

10/27/15

Lancope

Cisco

10/22/15

Cloudpath Networks

Ruckus Wireless

9.0





10/21/15

TippingPoint Technologies

Trend Micro

300.0

169.0

1.8x

10/19/15

Vormetric

Thales e-Security

421.0

53.5

7.9x

10/13/15

Logentries

Rapid7

10/09/15

LastPass

LogMeIn

10/08/15

Daegis

10/07/15

Viewfinity

10/06/15



6.5



77.5





280.0

7.5

37.3x

18.7





452.5





71.1





115.7

11.2

10.3x

Open Text

20.8

23.7

0.9x

CyberArk

30.5





Code Green Networks

Digital Guardian

18.0





10/05/15

Foreground Security

Raytheon Company

62.0





09/29/15

Intronis

Barracuda Networks

65.0

20.6

3.2x

09/24/15

Billguard

Prosper

30.0





Source: Capital IQ, 451 Research.

44

Notable Cybersecurity M&A Transactions Cybersecurity M&A Transactions With Disclosed Transaction Values. Date

Target

Buyer

09/22/15

Elitcore Technologies

Sterlite Technologies

27.3

22.3

1.2x

09/21/15

Absolute Software

HEAT Software

11.0





09/16/15

Infoplex

Bulletproof Group

2.6

4.3

0.6x

09/08/15

Adallom

Microsoft

290.0





09/04/15

Good Technology

Blackberry

425.0

211.9

2.0x

08/25/15

Above Security

Hitachi Data Systems

4.7





08/06/15

Pawaa Software

Cisco

5.0





07/31/15

Sansa Security

ARM Holdings

71.6





07/09/15

Caspida

Splunk

190.0





06/30/15

OpenDNS

Cisco Systems

635.0





06/26/15

White Sky

Intersections

1.1





06/16/15

Knowledge Consulting Group

ManTech International

68.0





06/10/15

Brivo Systems

Dean Drako

50.0





06/09/15

Reflexion Networks

Sophos

22.0





06/08/15

IdMlogic

CA Technologies

20.0





06/02/15

nSense

F-Secure

20.0

7.8

2.6x

05/27/15

ShieldArc

Palo Alto Networks

18.0





05/06/15

Privax

AVG

60.0





05/04/15

NT Objectives

Rapid7

6.5





04/28/15

Cervalis

CyrusOne

400.0

70.0

5.7x

04/21/15

Watchdox

Blackberry

70.0





Source: Capital IQ, 451 Research.

Enterprise Value ($M)

TTM Revenue ($M)

EV / Revenue

45

Notable Cybersecurity M&A Transactions Cybersecurity M&A Transactions With Disclosed Transaction Values. Date

Target

Buyer

04/20/15

Websense

Raytheon

04/14/15

Fidelis Cybersecurity

Marlin Equity Partners

04/18/15

Oculis Labs

Optio Labs

04/07/15

Trustwave

Singtel

04/02/15

Lacoon Mobile Security

Check Point

03/31/15

Redspin

Auxilio

3.9





03/24/15

Accumuli

NCC Group

82.8

34.9

2.4

03/10/15

Blue Coat Systems

Bain Capital

2,400.0





03/10/15

CyActive

Paypal

43.0





03/02/15

Emerging Threats

Proofpoint

32.3





03/02/15

Xerocole

Akamai

16.6





03/02/15

Cloudshield

Lookingglass Cyber Solutions

5.0





02/24/15

Optenet

Allot Communications

38.0





02/19/15

MegaPath Managed Services Business

Global Technology & Telecom

152.4

142.4

1.2x

01/14/15

IntellinX

Bottomline Technologies

84.9





12/09/14

Tripwire

Belden

710.0

118.5

6.0x

11/13/14

Aorato

Microsoft

200.0





11/05/14

Blackbird Technologies

Raytheon

420.0





10/21/14

Silversky Networks

BAE Systems

232.5





10/20/14

RightSignature

Citrix Systems

36.0





10/13/14

Danaher (Textronix, Arbor, Fluke)

Netscout

2,619.4

836.0

3.1x

Source: Capital IQ, 451 Research.

Enterprise Value ($M)

TTM Revenue ($M)

EV / Revenue

1,900.0





200.0

60.0

3.3x

0.5





785.7

216.0

3.6x

80.0





46

Notable Cybersecurity M&A Transactions Cybersecurity M&A Transactions With Disclosed Transaction Values. Date

Target

Buyer

10/01/14

MobileSpaces

Pulse Secure

100.0





09/15/14

Attachmate

Micro Focus

2,159.4

875.4

2.5x

09/11/14

Morvirtu

Blackberry

32.5





09/04/14

Meldium

LogMeIn

15.0





09/03/14

Location Labs

AVG Technologies

220.0

33.0

6.7x

09/02/14

BeyondTrust Software

Veritas Capital

310.0

70.5

4.4x

09/02/14

SOFTPRO

Kofax

34.7

13.3

2.6x

08/08/14

SafeNet

Gemalto

890.0

454.8

2.0x

08/04/14

MDotLabs

Comscore

4.5





07/31/14

NetClarity

Hexis Cyber Solutions

1.9





07/29/14

Secusmart

Blackberry

9.0





07/22/14

Pulse Secure

Siris Capital Group

250.0

125.6

2.0x

07/21/14

Retail Decisions

ACI Worldwide

205.0





07/08/14

Delphiis

Auxilio

2.7





07/07/14

CA Arcserve Data Protection Assets

Marlin Equity Partners

170.0





Mean

310.2

176.2

5.2

50.0

46.8

3.6

Median

Source: Capital IQ, 451 Research.

Enterprise Value ($M)

TTM Revenue ($M)

EV / Revenue

47

Highlighted M&A Transactions

1

acquires

acquires

acquires

acquires

acquires

open systems

Undisclosed

$100M

$42M

$120M

$215M

June 12, 2017

May 24, 2017

May 11, 2017

May 5, 2017

April 28, 2017

Honeywell Acquires Nextnine Honeywell Will Deliver Industry’s Only Field-Proven Solution To Secure Connected Industrial Operations & IoT. Transaction Overview Date:

Nextnine Overview 6/12/2017 acquires

HQ:

New York, NY

acquires

Founded:

1998

Nextnine provides security management solutions and technologies for industrial cyber security. ICS Shield, is a top-down OT security management solution to secure connected environments that can be deployed as a single system. ICS Shield

Americas

EMEA

Asia

▪ Configuration Collection: collect detailed data about each asset

Oil & Gas

119

1,061

170

▪ Change Management: monitor changes in asset inventory & configuration

Medical & Pharma

818

14

26

Minerals & Mining

249

498

80

Machinery & Automation

42

413

9

1,228

1,986

285

▪ Asset Auto-Discovery: schedule active and passive discovery of ICS assets

▪ Asset Visualization: Provide clear view of all field assets by business & geography

Connect: Enable Secure Remote Access ▪ Remote Access: centralized authentication, session accounting and control

CEO:

IoT Security

Shmulik Aran

Undisclosed

Nextnine Funding Summary: $39.5M Date

Stage

Amount Raised ($M)

Sep 2006

Series C

10.0

Jan 2005

Venture

Jan 2001

Series B

Jan 1998

Seed

Selected Investors

End Customer Distribution

Discover: Identify what’s on the Network

▪ Password Vault: authenticate remote users without sharing device credentials ▪ Secure file distribution & data transfer

Total

Protect: Policy Management ▪

Log Collection: empower improved risk management



Automate software patching and anti-malware updating



File backup and restore



Create whitelists and blacklists

Partners

Transaction Summary & Rationale ▪ “This acquisition shows our ongoing commitment to providing our customers with a comprehensive portfolio of cyber security solutions to protect and defend their industrial control systems and process control networks. Honeywell’s extensive global reach will increase Nextnine’s availability to a broader range of customers.” - Vimal Kapur, President, Honeywell Process Solutions

5.0 20.0 4.5

Source: Company press releases and websites, Capital IQ, 451 Research.

▪ “Honeywell is eyeing the Industrial Internet of Things market opportunity to connect and manage industrial installations across a range of sectors and its acquisition of Nextnine will potentially provide a known quantity in the critical area of security.” – Seeking Alpha

50

Microsoft Acquires Hexadite Looks Again To Israel To Strengthen Its Cybersecurity Efforts (Adallom, Secure Islands, Aorato). Transaction Overview

Hexadite Overview

Date:

5/24/2017

HQ:

Boston, MA

Cyber Analyst Thinking At The Speed of Automation Modeled after the investigative and decision making skills of top cyber analysts and driven by AI, Hexadite’s Automated Incident Response Solution (AIRS) remediates threats and compresses weeks of work into minutes. With analysts free to focus on the most advanced threats, Hexadite optimizes overtaxed security resources for increased productivity, reduced costs, & stronger overall security

Solutions By Hexadite

acquires 2014

Founded:



Eran Barak

Sec Ops / Incid. Response

$100 Million

Hexadite Funding Summary: $10.5M Date

Stage

Feb 2016

Series A

July 2014

Seed

Amount Raised ($M)

Allows existing security investments to operate at full capacity Integrates with any detection system via email, syslog or APIs to expedite deployment and investigate every alert

THE HEXADITE VALUE



CEO:

Investigate: Investigate Everything. No Exceptions

Alert: Prioritization Doesn’t Protect ▪ ▪

After receiving an alert, Hexadite AIRS automatically launches an investigation The result of one investigation can trigger multiple parallel investigations

Strengthen Security Quickly shut down attacks and investigate all alerts to uncover hidden threats and protect against breaches

Decide: Evaluate, Then Eradicate ▪ ▪

Aggregates data from the most advanced and up-todate threat intelligence feeds Uses proprietary algorithms to inspect content and act on every threat

Increase Productivity Free up resources and maximize response effectiveness with automated IR processes and best practices

Remediate: Choose How To Close The Loop ▪

With semi-automated or fully automated remediation capabilities, you can choose the level of human involvement

Reduce Costs Simplify operations and minimize damages and recovery times from attacks through rapid incident resolution

Transaction Summary & Rationale

Selected Investors

▪ On May 24,2017, Microsoft reportedly has acquired Hexadite for $100M 8.0 2.5

▪ “Microsoft had announced earlier this year that it would continue spending $1 billion in 2017 on cybersecurity research and development, excluding acquisitions it might make in the field. The company also maintains three R&D centers in Israel.” -CNBC

Source: Company press releases and websites, Capital IQ, TechCrunch.

51

CyberArk Acquires Conjur Deal Will Deliver Industry’s Only Enterprise-Class Solution To Secure The DevOps Lifecycle & Cloud-Native Environment Transaction Overview

The Conjur Plarform

Date:

5/11/2017

HQ:

Newton, MA

Trust Management for Code, Machines, and People in the Cloud & Container Era Conjur enables security-conscious and regulated enterprises to deploy sensitive workloads to the cloud with confidence. It creates and maintains trust in the code, machines, and people that make up today's digital business. Make Devops Safe Privileged access & secrets management automation to secure continuous delivery

acquires

Founded: CEO:

Identity & Access Mgmt

2013 Elizabeth Lawler

Company

Simplify Compliance Define, implement, and enforce your policies, and deliver reports to prove it

$42 Million

CyberArk Acquisition History Date

Ensure Trusted Access At Webscale Between the thousands of elements that compose modern cloud & IoT applications

Description

3/11/2016

Provides high speed cyber solutions for government agencies, enterprises, and network operators through DPI technology.

10/7/2015

Offers app control features and administrative privilege capabilities to protect against zero-day attacks, malware, and threats.

8/12/2015

Develops an endpoint security platform that automatically uncovers sophisticated cyber-attacks by combining deep endpoint data collection and centralized analysis

Source: Company press releases and websites, Capital IQ, 451 Research.

Transaction Summary & Rationale ▪ Udi Mokady, Chairman and CEO, CyberArk said “CyberArk’s acquisition of Conjur further strengthens our market leadership position – providing the industry’s only enterprise-class solution for privileged account security and secrets management on premises, in the cloud and across the DevOps pipeline. Now with Conjur, CyberArk customers can truly embrace DevOps without compromising on security.” ▪ “The addition of Conjur will help allow users to accelerate modern software deployment with the addition of Conjur’s DevOps security software platform which automates machine identity provisioning, authorization of privileged access, service account control and machine-to-machine connectivity.” – Infosecurity Magazine

52

EQT Partners Acquires Open Systems EQT Partners Diversifies Its Tech & Cybersecurity Portfolio By Acquiring Majority Stake Of Open Systems. Transaction Overview

Open Systems Overview 05/05/17

Date: HQ:

acquires

Zurich, Switzerland

1990

Founded CEO:

Martin Bosshardt

Employees:

MSSP

Security , Performance And Control For Your Network, Infrastructure And Applications.

~150

$120 Million Customers

Application Delivery

Makes sure that users work with a reliable and efficient infrastructure that meets both global objectives and local needs.

Ensures that businesscritical applications run smoothly and securely, and adhere to the global security policy

Uses select technology Involves the to connect various global authentication, enterprise locations authorization and management of privileges where business-critical of individuals, hardware processes are concerned. or applications

Provides a Service Delivery Platform, Mission Control Portal and 24x7 Operations, to secure the availability & stability of ICT infrastructures

▪ Distributed Firewall ▪ Network Security Monitoring ▪ Enterprise Firewall ▪ WiFi Security

▪ Web Application Firewall ▪ Email Gateway ▪ Application Performance Management

▪ Identity Sever ▪ Federated Identity Management ▪ Web Single Sign-on ▪ Strong Authentication

▪ Service Delivery Platform ▪ 24x7 Operations ▪ Mission Control Portal

Open Systems’ customers come from more than 180 countries, across all industry sectors, including:

Government

Finance

Health Care

Infrastructure

Source: Company press releases and websites, Capital IQ, 451 Research.

Media

Retail

Identity Management

Integrated Service Management

Network Security

Global Connectivity

▪ Cloud Express ▪ WAN Routing ▪ Mobile Entry Point ▪ Tactical Networks ▪ Sourcing Services

Transaction Summary & Rationale ▪

On May 5, 2017, Swedish private equity fund EQT Partners AB acquired a majority stake of Open Systems, a Swiss IT systems security company, for $120M



“The deal will be the EQT's first buyout in 2017 using its €1.1bn mid-market fund” - Unquote

53

Thales Acquires Guavus Combined Businesses To Strengthen Thales' Portfolio Of Analytic Solutions In Aerospace, Security & Defense. Transaction Overview

Guavas Overview 04/28/2017

Date:

Total Raised:

$138.8M Anukool Lakhina

CEO:

▪ Network Planning Analytics ▪ Network Planning & Forecasting ▪ Network Optimization

CEM

Operational analytics that put the customer first while fueling business optimization

IP Mediation Service Assurance Performance Management Network Security & Threat Mitigation ▪ IP Wholesale/Prospecting ▪ ▪ ▪ ▪

IoT

Improve Profitability, Reduce Churn and Increase Sales

▪ Customer Insights & Segmentation ▪ Customer Profiling & Targeting ▪ Data Monetization (Data-asa-Service)

Cloud-based Analytics Applications for the Industrial IoT

▪ ▪ ▪ ▪ ▪ ▪

Fault Management Smart Metering Predictive Maintenance Service Assurance Resource Optimization Security & Breach Detection

Transaction Summary & Rationale

$215 Million ▪

Customers The Guavus Difference enables Fortune 500 enterprises to leverage sensors, network, customer and business data to become more profitable, efficient and competitive

Operations

Keep Pace with Today's Explosive Data Growth

2006

Founded

Specialized Threat Analysis

Planning

San Mateo, California

HQ:

acquires

Guavus provides next-generation big data analytics applications for planning, operations, customer experience management and IoT. These applications uniquely bring together computer science, data science and domain science to provide real-time analytics that enable businesses to become more efficient, profitable and competitive.

The transaction is for a maximum enterprise value of $215 million. The transaction is subject to the achievement of significant sales growth targets and is subject to regulatory approvals and other customary closing conditions. The transaction is expected to be completed during the third quarter of 2017.



"Combined with our established expertise in other key digital technologies, the acquisition of Guavus represents a tremendous accelerator of our digital strategy for the benefit of our customers. The application to Thales's core businesses of Guavus' technologies and expertise in big data analytics will strengthen our ability to support the digital transformation of our customers, whether in aeronautics, space, rail signaling, defense or security.“ -Patrice Caine, Thales' Chairman and CEO



"Guavus' widely deployed machine intelligent, big data operational analytics platform transforms the quality, efficiency, scale and security with which our customers can deliver their services, making our platform a critical enabler of digital transformation.“-Anukool Lakhina, founder and CEO of Guavus

Source: Company press releases and websites, Capital IQ, 451 Research.

54

VII. VC

Activity In Cybersecurity

Financing Activity Since 2010 Cybersecurity Startups Raised $17.6 Billion Across 1,428 Deals Since 2010.

$1,699

268 229

Investments ($B)

Deals

49 50

$844$818

80

73

61

$931

$920

50

$629

Q2'16

Q1'16

Q4'15

$410

Q3'15

Q3'14

Investments ($M)

$1,510

$1,271 72

$500$543

Q2'14

Q1'14

Q4'13

Q2'13

Q1'13

Q4'12

YTD 2017

Q3'12

2016

Q2'12

2015

49

42

24

Q4'11

2014

35

Q3'11

2013

31

Q2'11

2012

Q1'11

2011

Q1'10

2010

$1.2

30

23

Q4'10

$1.7

30

Q3'10

27

$2.1

$0.8

36

33 $515$545 $510 $427 $446 28 $269 $261 $219$259$242$248$264 $197$212$236 $141$130

$2.7

$0.8

47

49

53

Q1'15

40

51

57

Q4'14

136

Q1'12

$3.8

120

Q2'10

156 108

59

$4.3

Q2'15

207

Q3'13

201

$1,164 $1,245 67 64 57 61

Q2'17

($M) (Q1 2010 – Q2 2017)

Q1'17

($B) (2010 – Q2 2017)

Q4'16

Investment Deals And Dollars

Q3'16

Investment Deals And Dollars

Deals



$2.1B has been raised through 2Q17



Over the last eight quarters investors have poured $8.9B into Cybersecurity



2Q17 put 2017 right on pace with 2016 in terms of $ amount raised, with $1.5B raised in the quarter, and number of transactions, with 73 in 2Q17 alone



2Q17 funding skyrocketed totaling $1.5B across 73 transactions, representing the 2nd largest funding quarter for Cybersecurity since 2010 and the largest since 1Q16 which totaled $1.7B



June 2017 had the largest number of transactions in a single month at 32 deals, single handedly raising more money in a month ($765M) than 4Q16 ($410M) & 1Q17 ($629M)

Source: Momentum Partners, CB Insights, Pitchbook Data. Note: Data for 2014 – 2017 includes only deals with amounts raised >$1M.

56

Cybersecurity Startups And Investors List Of Most Well-Funded Startups And Most Active VC Investors. Most Well-Funded Cybersecurity Startups ($M)

Most Active Investors in Cybersecurity* 28

402

301

283 268

26

26

25

24 22

Filed S-1 Confidentially

256

27

18 231 230

17

16

16

16 14

190 189 187 186 182 180 177 175

13

149 148

12



The top 17 most well-funded startups have raised $3.7B over their lifespan





Tanium continues to top the list of most well-funded ahead of Tenable, having raised $100M in 2017 & $212M in 2015, totaling over $400M since 2007

Through 2Q17 Bessemer Venture Partners has become the most active investor in Cybersecurity, having invested in 28 company rounds since 2010



2Q17 was an active quarter with Bessemer Venture Partners, Accel Partners, Sequoia Capital, & Norwest Venture Partners all making 3 Cybersecurity investments each



An additional 19 companies have raised between $100M and $140M for a total of $2.2B, including Digital Guardian ($135M), Bracket Computing ($132M), Pindrop Security ($122M), Ionic Security ($122M), Skybox Security ($119M), Druva ($118M), Bromium ($116M), SentinelOne ($110M) Gigya ($106M), Darktrace ($105M)

Source: Pitchbook Data., Crunchbase. * Investments in rounds with minimum size of $5 million.

57

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

27-Jun-17

Sapphire Ventures, Accel Partners, DFJ Growth, Greylock, Institutional Ventures, Sequoia Capital

Sumo Logic is a log management and analytics company that leverages Big Data for real-time IT insights. The cloud-based service provides customers with real-time interactive analytics.

27-Jun-17

Meritech Capital Partners, Bessemer Venture Parrtners, K9 Ventures, Trinity Ventures

Auth0 is a cloud service that provides a set of unified APIs and tools that instantly enables single sign-on and user management for any application or IoT device.

30.0

27-Jun-17

Capital One Growth Ventures, Groupe Arnault, Pitango Venture Capital

Riskified operates a technology platform for online merchants that is used to prevent fraudulent and other transactions of risk.

33.0

27-Jun-17

Dell Technologies Capital, TenEleven Ventures, Battery Ventures, Vertical Venture Partners

JASK is a cyber security company that delivers artificial intelligence and analytics tools to help enterprises automate their security operations.

26-Jun-17

Verizon Ventures, Boeing HorizonX

SparkCognition is a Cognitive Security Analytics company, applying Machine Learning and AI to Cloud Security and the Internet of Things.

22-Jun-17

Square 1 Bank

Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers.

21-Jun-17

Softbank

Cybereason delivers a technology platform that automatically uncovers malicious operations, reconstructing them as a clear image of a cyberattack in context.

14-Jun-17

Spring Lake Equity Partners, Accomplice Matrix Partners, Rally Ventures

Sqrrl provides a big data analytic tool for detecting, investigating, and visualizing advanced cybersecurity threats.

12.3

14-Jun-17

83North, David Strohm, Microsoft Ventures

WhiteSource fully automates all open source management needs, including open source components detection, security vulnerabilities and new version alerts.

10.0

13-Jun-17

Microsoft Ventures

Trusona has developed a digital identity authentication solution where there are no passwords to be created, remembered, stolen, or compromised.

10.0

8-Jun-17

Bure Equity AB, New Enterprise Associates, The Valley Fund

Yubico delivers strong hardware protection, with a simple touch, across any number of IT systems and online services.

7-Jun-17

J.P. Morgan Asset Management, 8VC, Accel Partners, Andreessen Horowitz, Data Collective

Illumio stops cyber threats by controlling the later movement of unauthorized communications through its breakthrough adaptive segmentation technology.

Source: Capital IQ, PitchBook Data, CrunchBase.

75.0

12.0 32.5 70.0 100.0

30.0 125.0

58

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M) 17.0

6-Jun-17

Gili Raanan, Mickey Boodaei, Rene Bonvanie, Sequoia Capital, Tenaya Capital, Zohar Zisapel

Armis eliminates the IoT security blind spot, letting enterprises instantly see and control unmanaged or rogue devices and networks.

6-Jun-17

Accel Partners, Lightspeed Venture Partners, Geodesic Capital, ICONIQ Capital

Netskope performs deep usage analytics and enforces business and security policies in cloud apps.

1-Jun-17

Dell Technologies Capital, F-Prime Capital Partners, General Catalyst,

RiskRecon uses proprietary data gathering techniques to create a 360-degree risk profile of an enterprise’s public IT footprint.

12.0

30-May-17

Singtel Innov8, SAP National Security Services

CounterTack provides real-time endpoint threat detection and response solutions to enterprises and government organizations.

20.0

25-May-17

TPG Growth

Tanium provides security and systems management solutions to allow real-time data collection.

24-May-17

Undisclosed

ZeroFOX provides real-time social threat analytics, intelligence, and advanced security protection via its cloud-based cyber platform.

18-May-17

Sapphire Ventures, 83 North, Bessemer Venture Partners

Wandera’s pioneering web gateway for mobile provides organizations with Enterprise Mobile Security and Data Management.

18-May-17

Norwest Venture Partners, Data Collective, Wing Venture Capital

Aporeto is a cloud-native security startup that offers comprehensive security solutions for applications, containers, and microservices.

17-May-17

Accel Partners, CapitalG, March Capital Partners, Telstra, Warburg Pincus

CrowdStrike is a global provider of security technology and services focused on identifying advanced threats and targeted attacks.

16-May-17

Fontinalis Partners, Liberty Mutual Strategic Ventures, Paladin Capital Group

Karamba Security hardens Electronic Controller Units (ECUs) against any type of foreign code.

12.0

16-May-17

GE Ventures, Shasta Ventures, Sway Ventures, Trident Capital

Mocana creates and develops mobile application protection (MAP) app-shielding solutions, enabling users to secure mobile apps.

11.0

10-May-17

Omidyar Technology Ventures, Bain Capital, Macnica Ventures, Secure Octane, Trident Cyber

Attivo Networks is the leader in dynamic deception for inside the network threat detection, attack analysis, and forensics.

15.0

Source: Capital IQ, PitchBook Data, CrunchBase.

100.0

100.0 19.3 27.5 11.2 100.0

59

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

9-May-17

CRV, Harrison Metal, Index Ventures, Oreilly AlphaTech Ventures

Signal Sciences works across cloud and physical infrastructure, providing actionable security prioritization based on where applications are targeted and blocking attacks.

15.0

9-May-17

Hasso Plattner Ventures. Battery Ventures, Capital One Ventures, Clear Venture Partners

Vera operates as a data-security company that enables enterprises, IT organizations, and end-users to secure and share digital information across platforms and devices.

15.0

9-May-17

Sierra Ventures, Storm Ventures, Dell Technologies Capital

Redlock provides deep security visibility and anomaly detection for dynamic environments.

12.0

4-May-17

Redfield Asset Management

Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores that simplifies fraud detection through a financial guarantee.

3-May-17

Bain Capital Ventures, American Express Ventures, Menlo Ventures

VST Enterprises' VCode technology allows genuine users to authenticate themselves across a variety of online transactions and interactions.

14.7

25-Apr-17

Polaris Partners, Rally Ventures, TenEleven Ventures, YL Ventures

Twistlock develops a security suite for virtual container security in enterprises that enables developers and security operations teams to keep container-based applications safe.

17.0

19-Apr-17

Softbank

Dome9 is a cloud firewall management service that creates a front-line defense that stops zero-day vulnerabilities, secures remote access, and centralizes policy management.

16.5

18-Apr-17

Aetna Ventures, Allegis, Bessemer Venture Partners, ClearSky, GV, MassMutual Ventures

CyberGRX provides the most comprehensive third-party cyber risk management platform to costeffectively identify, mitigate and monitor an enterprise’s risk exposure across its entire ecosystem.

20.0

18-Apr-17

T. Rowe Price Associates

Alclear, doing business as CLEAR, develops an identity verification platform for individuals and business travelers to get through airport security in the United States.

15.0

17-Apr-17

CRV; Hearst Ventures; Emergence Capital Partners; GE Ventures

Zinc is a communications technology company that provides secure mobile communication solutions to connect workers with their colleagues in and outside the office.

11.0

13-Apr-17

Merck Global Health Innovation Fund, Norwest Venture Partners, Excel Venture Management

ClearDATA provides a managed cloud used healthcare professionals to safeguard their patient data and power their critical applications.

12.0

11-Apr-17

Tinicum

PAS provides process safety, cybersecurity, and asset reliability solutions for the energy, process, and power industries worldwide.

Source: Capital IQ, PitchBook Data, CrunchBase.

56.0

40.0

60

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

11-Apr-17

Microsoft Ventures, Allegis Capital, GGV Capital, Greylock Partners, GV, HPE, Icon Ventures

Synack is a Crowd Security Intelligence platform that delivers the most secure, continuous, scalable, security assessment on the market.

5-Apr-17

ST Telemedia

Armor is a secure Cloud company with managed cloud security services that deliver protection, detection and response for data workloads and applications

4-Apr-17

Evolution Equity Partners

LogPoint delivers a flexible and easy to use platform for collecting, analyzing, and monitoring your machine data.

26-Mar-17

Redfield Asset Management

Votiro provides advanced Content Disarm and Reconstruction solutions to safeguard against undisclosed and zero-day exploits.

21-Mar-17

Samsung NEXT Ventures, Trident Capital Cybersecurity, Benhamou Global Ventures

Bayshore Networks protects OT machines, networks, applications, and workers and provides inspection and filtering of network flows, policy building and enforcement.

11.0

14-Mar-17

Goldman Sachs Principal Strategic Investments, Citi Ventures, Innovation Ventures

Dyadic Security removes the points of failure of security by sharing cryptographic keys over two or more servers, carrying out cryptographic operation without ever recombining them.

12.0

9-Mar-17

Jump Capital, Paladin Capital Group, Sun Mountain Capital, EPIC Ventures, CenturyLink

RiskSense enables enterprises to reveal cyber risk, quickly orchestrate remediation, and monitor the results by unifying and contextualizing internal security intelligence & external threat data.

14.0

8-Mar-17

Softbank

Zimperium is a mobile security startup that develops a mobile IPS to combat advanced modern cyber attacks on smartphones.

15.0

8-Mar-17

FTV Capital

ID.me is a digital identity network that empowers relying parties to grant access or benefits based on verified identity and attributes.

19.0

6-Mar-17

Touchstone Innovations, BGF Ventures, NM Capital

Garrison Technology has pioneered an anti-malware product that efficiently sidesteps the highest impact cyber threats to modern organizations (i.e. internet-borne targeted attacks).

14.8

15-Feb-17

DBJ Capital, Global Brain Corporation, Mizuho Capital

Trillium offers IoT cyber solutions for protecting automotive and IoT networks from malicious cyber-attacks including intrusive manipulation & passive monitoring or eavesdropping.

15.0

13-Feb-17

Felicis Ventures, Andy Bechtolsheim, John Chambers, Menlo Ventures

Dedrone, an automated drone security platform, is an extension of physical and cyber security into the airspace that protects a vulnerability gap exploited by the advances in drone technology.

15.0

Source: Capital IQ, PitchBook Data, CrunchBase.

21.3 89.0 10.0 10.0

61

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

13-Feb-17

Blackstone, Blumberg Capital, Glilot Capital, Vintage Investment Partners, Wipro Ventures

Intsights provides an automated system that detects, analyzes, and remediates threats by offering solutions for attack intentions, data leakage, phishing, fake applications, and VIP protection.

9-Feb-17

Accel Partners, Slack, Clearsky

Demisto owns and operates an automation and collaboration platforms for security operations centers that provides automated incident response workflows.

20.0

9-Feb-17

GV, Bain Capital, True Ventures, Venrock

Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of risks, vulnerabilities, & compliance issues.

22.0

8-Feb-17

Dragoneer Investment Group, Benchmark, New Enterprise Associates

HackerOne provides a vulnerability management and bug bounty platform.

40.0

7-Feb-17

Cisco Investments, Lightspeed Ventures Partners, Aspect Ventures, Icon Ventures, NVP

Exabeam offers machine-learning technology that focuses on cyber attacker behavior to detect modern cyber attacks.

30.0

6-Feb-17

Bessemer Venture Partners, Columbia Capital

Verato provides the most accurate identity resolution platform, which updates, matches, links, and enriches patient and customer identities.

25-Jan-17

Redpoint, Data Collective, Granite Hill Capital Partners, SineWave Ventures

SentinelOne uses predictive execution inspection to detect and protect all devices against targeted zero day threats in real-time.

18-Jan-17

Arsenal Venture Partners, Tola Capital, Top Tier Capital Partners

ProtectWise provides a pervasive view of the network, layered with refined analytics and a clear interface that enables high performance threat hunting and accelerated incident response.

25.0

17-Jan-17

Columbia Capital, Harmony Partners, Zero Gravity

OPĀQ Networks integrates networking and security to reduce complexity and costs, tighten security control, & establish an infrastructure that allows organizations to keep ahead of threats.

21.0

12-Jan-17

Rakesh Loonkar, Mickey Boodaei

Transmit Security connects applications to authenticators like face recognition, eye recognition, voice recognition, fingerprint, and OTP.

10-Jan-17

KPCB, Blackstone, Foundation Capital, In-Q-Tel, TechOperators

Phantom provides a security automation and orchestration platform that orchestrates key stages of security operations from prevention to triage and resolution.

5-Jan-17

BlueCross BlueShield Venture Partners, American Express, Relay Ventures, Verizon Ventures

Payfone provides businesses the ability to confirm their consumers & employees are who they say they are to create easy, secure & frictionless experience across PCs, mobile phones & tablets.

Source: Capital IQ, PitchBook Data, CrunchBase.

15.0

12.5 70.0

40.0 13.5 23.5

62

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

Future Fund, New Enterprise Associates, Norwest Venture Partners, Singtel Innov8

Bitglass provides security solutions that automatically segment, track, and secure businesses’ sensitive data across cloud and mobile without invading the employees’ privacy.

16-Dec-16

Shea Ventures, Costanoa Ventures, Foundry Group

VictorOps is a real-time incident management platform that combines people and data to embolden DevOps teams to handle incidents as they occur and prepare for the next one.

15.0

13-Dec-16

Flint Capital, ff Venture Capital, Santander InnoVentures, Two Sigma Ventures

Socure consumers and businesses with a next-generation security SaaS solution to fight against the risk of identity theft and related fraudulent activities.

13.0

7-Dec-16

Peakspan Capital, Costanoa Ventures, Hyde Park Angels, OurCrowd, The R-Group LLC, USVP

Kenna is a Risk Intelligence & Vulnerability platform that enables InfoSec teams to prioritize and remediate vulnerabilities faster, measure and report risk, and automate their analysis.

15.0

6-Dec-16

Marius Nacht, Rafael Development Corp

SECDO develops innovative solutions that enable Security Operations teams to slash incident response from hours to minutes.

10.0

17-Nov-16

Insight Venture Partners

Prevalent is a third-party risk management and cyber threat intelligence, helping organizations manage and monitor security threats associated with 3rd/4th party vendors

16-Nov-16

ORIX Growth Capital, Comerica Bank, Dell, New Atlantic Ventures, Harbert Ventures

Invincea is a creator of secure virtual containers for malware threat detection, breach prevention and forensic threat intelligence.

10.0

15-Nov-16

83 North, G20 Ventures, Alex Daly, Dave Strohm

Siemplify is the first end-to-end security operations platform powering today's advanced SOCs using graph intelligence to analyze data from any source.

10.0

10-Nov-16

Georgian Partners, MassMutual Ventures, Summit Partners

RiskIQ provides organizations the visibility and intelligence they need to secure their Enterprise Digital Footprint and map their Adversaries’ infrastructure.

8-Nov-16

CIRTech Fund, iAngels, Sequoia Capital

Indeni offers a proactive monitoring system that facilitates auto-detection and configuration, security monitoring, and remediation for security device networks.

10.0

2-Nov-16

Shasta Ventures, Bloomberg Beta, Flybridge Capital Partners

ValiMail authenticates legitimate email and blocks phishing attacks.

12.0

1-Nov-16

TenEleven, Fairhaven Capital, Goldman Sachs, Razor's Edge, ManTech, Siemens Venture

CounterTack provides real-time endpoint threat detection and response solutions to enterprises and government organizations.

10.0

5-Jan-17

Source: Capital IQ, PitchBook Data, CrunchBase.

45.0

60.0

30.5

63

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

12.0

26-Oct-16

Kayne Partners

Proficio provides the most advanced cloud-based solutions to monitor and scan critical assets without the need for added headcount or costly software and hardware systems.

18-Oct-16

SVB

ThreatMetrix is a cloud solution for authenticating digital personas and transactions on the Internet by securing businesses and end users resulting from malware and data breaches.

18-Oct-16

Bank of Nova Scotia, BMO Capital Markets, CIBC Capital Partners, Desjardins, TD Bank

SecureKey Technologies develops platform-as-a-service hardware and software solutions for chipbased identity and payment technologies in online and mobile transactions.

11-Oct-16

Balance Point Capital Partners

GigaTrust is a provider of pervasive content security management solutions that allows organizations to reduce risks associated with data / intellectual property loss.

20.0

11-Oct-16

Strategic Cyber Ventures, Allegis Capital, March Capital Partners, The Hive

E8 Security helps enterprises analyze and detect advanced attacks and malicious insider activities.

12.0

29-Sept-16

Baseline Ventures, EDB Investments, EPIC Ventures, GV, KPCB, Northern Light, Venrock

Shape Security stops automated web and mobile application attacks, like credential stuffing, content scraping, and application-layer DDoS, that bypass existing defenses.

28-Sept-16

Sequoia Capital, Blue Cloud Ventures, EDB Investments, Hercules Capital, Tenaya Capital

Druva Software provides data protection and governance solution for public and private clouds in an enterprise.

28-Sept-16

General Catalyst, Acero Capital, John Thompson, Paul Sagan, Ron Gula

Contrast Security develops application security software that stops hackers from stealing data through Web applications.

25-Sept-16

Thomvest Ventures, Greylock Partners, Sequoia Capital

Skyhigh Networks is a cloud access security company, enables companies to embrace cloud services with appropriate levels of security, compliance, and governance.

19-Sept-16

Grotech Ventures, Paladin Capital Group

White Ops provides online fraud detection solutions. It offers Real Time Dashboard, a solution that enables users to identify, track, and classify automated fraud in real time.

15-Sept-16

GGV Capital, Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures

BitSight provides a security rating platform, which analyzes external data on security behaviors that allows to manage third party risk, and benchmark performance.

13-Sept-16

Bessemer, ICV Capital, Innovation Endeavors, Marker, Mitsui, Red Dot Capital Partners

Claroty discovers the most granular elements. By extracting critical data, and formulating actionable insights, it provides visibility and brings unparalleled clarity to OT networks.

Source: Capital IQ, PitchBook Data, CrunchBase.

30.0 20.6

40.0 51.0 16.0 40.0 20.0

40.0 32.0

64

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

13-Sept-16

Greylock Partners, Aspect Ventures, Singtel Innov8, USVP, Gur Shatz, Shlomo Kramer

Cato Networks provides cloud-based platform to manage multiple hardware and software products and provide security against hacking, data theft and other security problems.

8-Sept-16

American Express Ventures, Menlo Ventures, TriplePoint Capital

Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores.

8-Sept-16

NEA, Dowling Capital Management, IVP

Cyence has developed an economic cyber risk modeling platform quantifying cyber risk in probabilities and dollars.

30-Aug-16

Riverwood, Adams Street, Delta-v, EDB Investments, Exclusive Ventures, Siemens

LogRhythm provides log management and security information and event management solutions.

30-Aug-16

Millennium Technology Value Partners, Centana Growth Partners

Jumio is an identity management and credentials company that helps businesses reduce fraud and increase revenue by utilizing proprietary computer vision technology.

15.0

25-Aug-16

Maverick Ventures, Arsenal, Bloomberg Beta, Data Collective, Divergent, Signia Venture

BlueTalon provides data-centric security for big data initiatives. It delivers precise, consistent and dynamic user access controls to data across Hadoop, Cassandra & SQL data platforms

16.0

24-Aug-16

Trinity Ventures, Bessemer Venture Partners, K9 Ventures, SVB

Auth0 is an identity-as-a-service that authenticates and authorizes apps/APIs with any popular identity provider running on any popular software stack on any device/cloud.

15.0

23-Aug-16

NEA, Blu Venture Investors, Center for Innovative Technology

ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by aggregating and managing intelligence on threats.

12.0

22-Aug-16

Bessemer, Blue Delta Capital, Haystack Partners, NEA, Quadrant Capital, Soros Fund

Virtru provides data encryption and digital privacy protection, keeping data sent online private for individuals and organizations.

18-Aug-16

Undisclosed

Bat Blue is a cloud security service that leverages a unique Globally Distributed Security Abstraction Layer (Global Seal) technology to deliver uniform and consistent security.

18-Aug-16

Trident Cyber, Peloton Equity, BlueCross BlueShield Venture, Sandbox Advantage

ID Experts provides software and services to organizations for managing cyber risks and data breaches, and to consumers to protect and restore their identities from identity theft.

11-Aug-16

Pelion Venture Partners, Square Peg Capital, Fenwick & West, IAG

UpGuard analyzes data about the state of corporate networks to devise a numerical score that gives a security risk score, used by insurance companies for cyber insurance.

Source: Capital IQ, PitchBook Data, CrunchBase.

30.0 19.0 40.0 50.0

29.0 13.5 27.5 17.0

65

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

8-Aug-16

Rally Capital, IDG Ventures, Ignition Partners

Tempered Networks is a security platform that enables organizations to rapidly deploy identitybased overlay networks to ‘cloak’ trusted endpoints, networks and assets.

10.0

3-Aug-16

Undisclosed

ThinAir keeps users safe by providing insight and protection against four key vectors of data breaches: Insider Threats, Criminal Adversaries, Data Exfiltration, and Human Error.

15.0

2-Aug-16

Bessemer Venture Partners, Foundry Group, SVB, Techstars

Distil Networks’s SaaS bot detection and mitigation solutions acts as a protective shield against bots, malware and competitors that try to scrape websites without permission.

21.3

27-Jul-16

Paladin Capital Group, Bessemer Venture Partners

PhishMe provides training to employees against phishing threats enabling them to identify, report, and mitigate spear phishing, malware and drive-by threats.

26-Jul-16

Accel (Series A), Ignition Partners (Series B), Elieses (Series B)

Acalvio provides Advanced Threat Defense (ATD) solutions to detect, engage and respond to malicious activity inside the perimeter.

17.0

26-Jul-16

Deutsche Telekom Partners, HP Pathfinder, Maverick Ventures, Sequoia, Shlomo Kramer

SafeBreach provides a “hacker's view” of an enterprise’s security posture to proactively predict attacks, validate security controls and improve SOC analyst response.

15.0

25-Jul-16

ABRY Partners, Insiders

StackPath is a web services platform that unifies enterprise security, leveraging collaborative intelligence to make each service smarter/more secure with every threat detected.

19-Jul-16

Insight Venture Partners, Spark Capital, Union Square Ventures

Sift Science offers large-scale machine-learning technology services that help e-commerce businesses detect and fight fraud.

19-Jul-16

83North, Battery Ventures, Cisco Investments

GuardiCore provides network security solutions for software-defined data centers.

20.0

19-Jul-16

Foundation Capital, Shasta Ventures, New York Life Insurance, Pitango, Lane Bess

Skycure is a predictive mobile threat defense company that actively detects and prevents mobile cyberattacks while preserving user privacy and experience.

16.5

19-Jul-16

Accelerate IT Ventures, Grayhawk Capital, Benhamou Global, Generation Ventures

Blue Cedar Networks develops / operates Atlas platform, an end-to-end application security and connectivity solution to protect assets across the extended enterprise.

11.0

15-Jul-16

Santander Bank

Silent Circle is a global encrypted communications service that provides cutting-edge encrypted text, e-mail, mobile phone and video teleconferencing services.

Source: Capital IQ, PitchBook Data, CrunchBase.

42.5

180.0 30.0

50.0

66

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

13-Jul-16

Carrick Capital Partners, Comcast Ventures

Bay Dynamics develops automated cyber security and risk solutions for enterprises, by turning enterprise data into actionable information risk intelligence.

13-Jul-16

Vertex Ventures, Aspect Ventures, Magma Venture Partners, Shlomo Kramer

Indegy provides visibility and security for industrial control networks to ensure operational continuity and reliability.

12-Jul-16

Greycroft Partners, Bloomberg Beta, Cisco, Jump Capital, K2 Intelligence, Tech Operators

Flashpoint’s Deep & Dark Web data, expertise and technology enable organizations to glean intelligence that informs risk and protects their ability to operate.

12.0

7-Jul-16

AM Partners, VMS Investment Group

Post-Quantum, provides data confidentiality, authenticity, and access control solutions.

10.0

6-Jul-16

TenEleven Ventures, Rally Ventures, YL Ventures

Twistlock develops a security suite for virtual container security in enterprises that enables developers and security operations teams to keep container-based applications safe.

10.3

5-Jul-16

KKR, Hoxton Ventures, Softbank, Summit Partners, TenEleven Ventures

Darktrace’s Enterprise Immune System technology automatically detects and responds to emerging threats, powered by machine learning and mathematics from Univ. of Cambridge.

10.0

30-Jun-16

Undisclosed

StackRox offers a software that provides cyber security and cloud computing services for the enterprises.

28-Jun-16

Blackstone Ventures, Cisco Investments, Crosslink Capital, Rally Ventures

Verodin is defining the emerging concept of instrumented security, enabling customers to measure and continuously validate the cumulative effectiveness of layered security.

10.0

23-Jun-16

GV, Boldstart Ventures, Evolution Equity Partners, Sequoia Capital, Two Sigma

Security Scorecard provides a cybersecurity rating and continuous risk monitoring platform allowing enterprises to gain operational command of their security posture.

10.0

22-Jun-16

Access Industries, Amplify Partners, Battery Ventures, Glilot Capital, Shlomo Kramer

LightCyber provides behavioral attack detection solutions and the first to integrate user, network and endpoint context to provide security visibility into attack activity.

20.0

21-Jun-16

CRV

Zerto provides enterprise-class business continuity and disaster recovery solutions for virtualized infrastructure and cloud.

20.0

20-Jun-16

Delta-v Capital, LiveOak Venture Partners

NSS Labs is an independent, information security research and testing organization.

16.0

Source: Capital IQ, PitchBook Data, CrunchBase.

50.0 23.0

64.0

67

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M) 13.0

16-Jun-16

NEA, Wing

Tigera is solving networking and security problems inherent in deploying and enforcing policy in large private, public, and hybrid enterprise clouds.

8-Jun-16

Insight, Blackstone, Capital One, Ten Eleven, DFJ, KKR, Fairhaven, Khosla

Cylance utilizes artificial intelligence, algorithmic science and machine learning to proactively protect organizations against advanced threats.

7-Jun-16

FTV Capital

ReliaQuest is a pioneer in IT security solutions, ensuring that organizations remain secure and compliant as the IT world changes.

30.0

7-Jun-16

Warburg Pincus, Lazarus Israel Opportunities Fund, Sierra Ventures, Telstra Ventures

Zimperium is a mobile security startup that develops a mobile IPS to combat advanced modern cyber attacks on smartphones.

25.0

1-Jun-16

Amazon, Goldman Sachs, GV, Hayman Capital, Icon Ventures, KPCB, Meritech

Ionic Security, a data security platform, provides access control, intellectual property monitoring, data encryption, and policy management.

25-May-16

Transunion, Bessemer Venture, Firstmark Capital, Rho Ventures

Dashlane makes identity and payments simple and secure everywhere with its password manager and secure digital wallet.

22.5

24-May-16

Norwest, Greylock Partners, Alloy Ventures, Battery Ventures, First Round, Scale Venture

Agari leverages the company’s proprietary, global telemetry network and patent-pending predictive Agari Trust Analytics to identify and stop phishing attacks.

22.0

24-May-16

Redline Capital, Telstra Ventures, Work-Bench, Allegis, Citi Ventures, Highland Capital

vArmour provides software-defined security solutions for virtualized data centers and government cloud operators.

17-May-16

StageOne Ventures, Magma, Greenfield Cities Holdings

AVANAN is a stealth mode startup that offers enterprise-grade security for data in the cloud.

12-May-16

Sand Hill Ventures

Wickr is a secret messaging app allowing its users to send and receive top-secret messages, pictures, videos, audios, and files.

11-May-16

Fairhaven Capital, .406 Ventures, MassMutual Ventures, Ascent Venture Partners

Pwnie Express provides full threat detection of every wireless and wired device in and around your workplace.

12.9

10-May-16

Undisclosed

Security First offers data protection and data integrity, secure information sharing, secure digital communications, data in motion security, and data at rest security solutions.

14.8

Source: Capital IQ, PitchBook Data, CrunchBase.

100.0

45.0

41.0 14.9 34.0

68

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

28-Apr-16

Bain Capital, True Ventures, Venrock

Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of risks, vulnerabilities, & compliance issues.

14.8

27-Apr-16

Helion Venture Partners, India Alternatives, Sistema Asia Fund, VenturEast

Seclore’s Enterprise Digital Rights Management solution enables organizations to control the usage of files wherever they go, both within and outside of organizations’ boundaries.

15.7

26-Apr-16

NewSpring Capital, Atlanta Equity, Flybridge Capital Partners, Jvax Investment Group

VidSys provides a physical security information management (PSIM) and converged security and information management (CSIM) software platform.

12.0

21-Apr-16

Institutional Venture Partners, General Catalyst, GV, Paladin Capital Group

Anomali’s platform is a security intelligence solution that aggregates millions of threat indicators into existing security systems.

11.0

21-Apr-16

Scale Venture Partners, NEA, Sequoia, Commerce Ventures, Eleven Two Capital

Forter's platform uses cyber intelligence combined with behavioral and identity analysis to help merchants spot fraudulent transactions.

30.0

20-Apr-16

Blackbird Ventures, Costanoa, Paladin, Rally Ventures, Salesforce, Industry Ventures

Bugcrowd's Crowdcontrol platform safely orchestrates a flexible array of managed bug bounty, penetration test, and responsible disclosure offerings.

32.0

15-Apr-16

Scale Venture Partners, .406 Ventures

Threat Stack provides a fully integrated, cloud-native continuous monitoring solution that gives customers instant visibility and automatically responds to changes in their environment.

15.0

14-Apr-16

Idinvest Partners, Crunchfund, Wellington Foods

Onfido's identity verification software, powered by machine learning technology, verifies peoples identities before running further searches(i.e. Criminal/Anti-Money-Laundering).

15.4

13-Apr-16

Highland Capital Partners Europe, Auriga Partners, Galeo-Ventures, Waypoint Capital

Nexthink provides smarter IT through analytics. Captures all local and network activities in realtime across all endpoints and transforms end-user data into actionable analytics.

13-Apr-16

Advantech Capital, Qiming Venture, China Broadband, IDG Capital, Linear Venture

FraudMetrix develops online software solutions for anti-theft and fraud management applications in financial, insurance, payment, and online shopping.

11-Apr-16

Vertex Ventures, Data Collective, Andy Bechtolsheim

PerimeterX is a provider of behavior-based threat protection technology. Its PerimeterX Bot Defender, accurately protects commerce, media and enterprise websites from any attack.

32.0

7-Apr-16

ARBY Partners

Edgile provides strategic security and risk consulting services to Fortune 500 companies.

35.0

Source: Capital IQ, PitchBook Data, CrunchBase.

25.0 40.0

69

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

Drive Capital, Healthy Ventures, SVB, Khosla Ventures, Moonshots Capital, NCT Ventures

CrossChx is identity resolution for smarter healthcare, it creates a universal patient ID to organize healthcare data and enable a new breed of innovative applications.

15.5

24-Mar-16

A16z, Highland Capital, Intel Capital, Silver Lake Waterman, Lightspeed, Meritech Capital

Bromium’s endpoint protection solutions automatically create hardware-isolated micro-VMs that secure every user task.

40.0

15-Mar-16

GV, Cisco, Index Ventures, Intel Capital, Northgate, Sutter Hill Ventures, Thomvest

Skyport Systems develops Hyper-Secured Infrastructure that ensures the security of mission-critical IT assets, with tight integration of compute, security, virtualization and policy.

30.0

14-Mar-16

Pelion Venture Partners, Madrona Venture Group

ICEBRG is a stealth network security company.

10.0

25-Feb-16

Menlo Ventures, QED Investors, IA Ventures, Allegis Capital, Tim Eades, Bill McKiernan

Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores.

20.0

17-Feb-16

Qihoo 360 Technology, Shanghai Ziyou Investment Management

360 Security provides mobile security applications.

10-Feb-16

Qumra Capital, Entree Capital, Genesis Partners, Phoenix Insurance, NTT DOCOMO

Riskified operates a technology platform for online merchants that is used to prevent fraudulent and other transactions of risk.

25.0

10-Feb-16

Sutter Hill Ventures, Clear Venture Partners, Battery Ventures, Amplify Partners

Vera operates as a data-security company that enables enterprises, IT organizations, and end-users to secure and share digital information across platforms and devices.

21.0

10-Feb-16

Bain Capital Partners, Commerce Ventures, Lightspeed Venture Partners

InAuth is the most complete mobile authentication and anti-fraud solution offering multiple security options to financial institutions and the mobile transaction market.

29.9

9-Feb-16

Trinity Ventures, Ten Eleven Ventures, Storm Ventures, Passion Capital

Digital Shadows provides cyber situational awareness that helps organizations protect against cyber attacks, loss of intellectual property, and loss of brand integrity.

14.0

4-Feb-16

Silver Lake Partners

Symantec is a global provider of security and systems management solutions that help businesses and consumers secure and manage their information and identities.

4-Feb-16

Goldman Sachs, Accel, NEA, Bay Partners, Hummer Winblad, Morgenthaler Ventures

Sonatype helps development organizations intelligently source, manage, assemble, secure and maintain open source and third-party components.

6-Apr-16

Source: Capital IQ, PitchBook Data, CrunchBase.

100.0

500.0 30.0

70

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

3-Feb-16

Providence Equity Partners

Skybox Security provides integrated security solutions that provide visibility of exploitable attack vectors, hot spots of vulnerabilities, network misconfigurations and risky firewall rules.

3-Feb-16

Cisco, Edison Partners, Georgian Partners, VentureLink, Northleaf Capital Partners

eSentire protects mid-sized organizations from sophisticated cyber threats in real-time 24/7 by leveraging behavioral, reputational and signature-based capabilities.

19.5

3-Feb-16

Undisclosed

Carbon Black provides endpoint threat detection, response, and prevention solutions to detect and stop cyber threats.

14.0

1-Feb-16

Foundation Capital, Eddy Shalev, Gilat Opponent

Kaymera provides military-grade cyber defense solutions for mobile devices.

10.0

28-Jan-16

Google Capital, IVP, Felicis Ventures, A16z, Citi Ventures, GV

Pindrop Security provides caller-ID products to detect, report, and mitigate phone fraud.

26-Jan-16

Lightspeed Venture Partners, Norwest Venture Partners, SingTel Innov8

Fireglass’ Threat Isolation Platform eliminates common attack vectors against browsers, emails, documents and web applications.

21-Jan-16

Wellington Management

ForeScout enables organizations to continuously monitor and mitigate security exposures and cyber attacks

21-Jan-16

Fidelity Investments

Malwarebytes develops anti-malware technologies to detect and remove malicious programs from PCs.

20-Jan-16

Global Emerging Markets Limited

WISeKey develops online security and identity management solutions worldwide.

13-Jan-16

TA Associates

StorageCraft provides best-in-class backup, disaster recovery and business continuity solutions for servers, desktops and laptops.

13-Jan-16

IVP, 83North, Battery Ventures, Harmony Partners, USVP, ClalTech, RTP Ventures

Zerto provides enterprise-class disaster recovery and business continuity software for virtualized data centers and cloud environments.

31-Dec-15

Blue Coat, Knollwood Investments, Venrock, USVP

Appthority develops application security solutions that help businesses identify the risks hidden inside mobile applications.

Source: Capital IQ, PitchBook Data, CrunchBase.

96.0

80.8 20.0 76.0 50.0 61.0 187.0 50.0 10.0

71

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M) 17.0

16-Dec-15

Trustbridge Partners, Danhua Capital, Linear Capital Partners, Sparkland Ventures

Trustlook develops a static analysis platform for detecting suspicious behavior and malicious characteristics for Android operating systems.

16-Dec-15

Brookline Venture Partners, Fairhaven Capital Partners, GE Pension Trust, LLR Partners

Digital Guardian provides data security solutions to protect data from insider and outsider threats.

15-Dec-15

American Express Ventures, BDC Venture Capital, Blumberg Capital, Tenfore Holdings

Trulioo provides an online portal for identity verification services.

11-Dec-15

NewSpring Capital, Alsop Louie Partners, Neuberger Berman

Lookingglass Cyber Solutions develops cyber threat intelligence monitoring and management platforms.

9-Dec-15

Amadeus Capital Partners, Aspect Venture Partners, Bain Capital Ventures

ForeScout enables organizations to continuously monitor and mitigate security exposures and cyber attacks.

3-Dec-15

Core Capital Partners, Genacast Ventures, Highland Capital Partners, NEA, SVB

ZeroFOX provides real-time social threat analytics, intelligence, and advanced security protection via its cloud-based cyber platform.

2-Dec-15

JMI Equity

Avecto's Defendpoint software protects endpoints from malware and cyberattacks through privilege management, application control and sandboxing technology.

2-Dec-15

Blu Venture Investors, NEA, Center for Innovative Technology

ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by aggregating and managing intelligence on threats.

10.2

1-Dec-15

Grotech Ventures, SAP National Security Services

ThreatConnect provides a cyber threat intelligence platform that allows global organizations to manage massive amounts of threat information.

16.0

1-Dec-15

Alibaba, GE Ventures, Jérusalem Venture Partners, Poalim Ventures

Theta Ray offers malware detection and prevention solutions for critical infrastructure, communication systems, and financial systems.

20.0

17-Nov-15

Tola Capital, Arsenal Venture, Crosslink Capital, Paladin Capital, Trinity Ventures

ProtectWise provides a pervasive view of the network, layered with refined analytics and a clear interface that enables high performance threat hunting and accelerated incident response.

15.0

11-Nov-15

Menlo Ventures, Jerusalem Venture Partners, OurCrowd, Draper Nexus

AppDome’s dynamic wrapping SaaS technology provides shield to enterprise and consumer-facing apps from advanced cyber threats, mobile fraud, and data theft.

13.0

Source: Capital IQ, PitchBook Data, CrunchBase.

66.0

15.0 50.0 75.4 27.0 49.0

72

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

11-Nov-15

Norwest Venture Partners, Invus Group, Accolade Partners, Shasta Ventures, REV

TigerText provides security software for text messaging for physicians to use on their mobile devices.

10-Nov-15

Insight Venture Partners, Accel Partners

Tenable Network Security specializes in developing software that enables real-time network monitoring to detect hackers and other malicious actors.

9-Nov-15

Costanoa Ventures, Foundation Capital, Split Rock Partners, Triangle Peak Partners

Guardian Analytics is provider of fraud prevention software for protecting online channels and accounts.

3-Nov-15

Goldman Sachs

iboss Cybersecurity provides innovative APT Defense, Web Security and Mobile Security Solutions.

2-Nov-15

Foundation Capital, Matrix Partners, Northbridge Venture Partners

Confer provides endpoint detection and response solution (EDR) that proactively identifies attacks and provides real-time visibility across all endpoints.

17.0

30-Oct-15

Merck Global Health Innovation Fund

Exostar develops B2B information sharing software.

15.0

29-Oct-15

Undisclosed

Lumeta provides network situational awareness platform which is source for enterprise network infrastructure and cybersecurity analytics.

13.0

27-Oct-15

Aspect Venture Partners, US Venture Partners

Cato Networks provides cloud-based platform to manage multiple hardware and software products and provide security against hacking, data theft and other security problems.

20.0

27-Oct-15

Index Ventures, Storm Ventures

SourceClear develops software security platform for developers that help organizations identify components across software portfolio.

10.0

25-Oct-15

Trident Cybersecurity, KPCB

IronNet Cybersecurity provides suite of technologies that provide real-time threat assessment and updates and consulting services.

14-Oct-15

Icon Ventures, Allegis Capital, Cowboy Ventures, KPCB, First Round Capital

Area 1 Security provides campaign delivery systems and allows enterprises to identify cyber attacks and other attacking campaigns before they unfold using their anti phishing platform.

14-Oct-15

.406 Ventures, Accomplice, KPCB, Highland Capital, Evolution Equity Partners

Carbon Black provides endpoint threat detection, response, and prevention solutions to detect and stop cyber threats.

Source: Capital IQ, PitchBook Data, CrunchBase.

50.0 250.0

10.9 35.0

32.5 15.0 54.5

73

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M)

14-Oct-15

Fidelity Management, Goldman Sachs, Allegis Capital, A16z, NVP, Sutter Hill, GE, ARTIS

Bracket Computing’s Virtual Infrastructure Software spans multiple heterogeneous clouds with one set of advanced security, data management, and networking infrastructure.

13-Oct-15

GSR Ventures, NEA

DataVisor provides big data security analytics to help protect consumer-facing websites and mobile apps from cyber criminals.

13-Oct-15

Charles River Ventures, Softbank, Spark Capital

Cybereason delivers a technology platform that automatically uncovers malicious operations, reconstructing them as a clear image of a cyberattack in context.

7-Oct-15

Third Point, Granite Hill, SineWave Ventures, Data Collective, Tiger Global, UpWest

Sentinel One uses predictive execution inspection to detect and protect all devices against targeted zero day threats in real-time.

6-Oct-15

JMI Equity, NEA, Split Rock Partners, Accel Partners,

Code42 Software provides secure cloud services for endpoint data protection and security that allow their users to limit risk, meet data privacy regulations, and recover from data loss.

30-Sep-15

KPMG

Norse delivers continuously-updated and unique Internet and darknet intel that helps organizations detect and block attacks.

29-Sep-15

DAG Ventures, AME Cloud Ventures, Juniper Networks, Intel Capital, IA Ventures, Accel

Vectra Networks’ X-series platform uses next-gen compute architecture and combines data analytics and machine learning to detect attacks.

29-Sep-15

Icon Ventures, Aspect Ventures, Shlomo Kramer, Norwest Venture Partners

Exabeam offers machine-learning technology that focuses on cyber attacker behavior to detect modern cyber attacks.

25.0

25-Sep-15

Arsenal Venture, EDB Investments, Fairhaven Capital Partners, Ten Eleven Ventures

CounterTack provides real-time endpoint threat detection and response solutions to enterprises and government organizations.

17.9

22-Sep-15

Fidelity Management, Baidu, Qualcomm Ventures, Microsoft, NEA, Google, Venrock

CloudFlare is a web performance and security company that provides online services to protect and accelerate websites online.

21-Sep-15

Orchard Holdings Group

Morphick team has developed the only proven platform-enabled managed service to enable their customers to prevent, detect, and respond to even the most advanced attacks.

17-Sep-15

Tano Capital

Tascent develops and deploys biometric identity products and solutions based upon a strong heritage in iris recognition and multimodal high throughput and mobile biometrics.

Source: Capital IQ, PitchBook Data, CrunchBase.

46.4 14.5 59.0 25.0 85.6 11.4 35.1

108.7 10.0 18.5

74

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

Raised ($M) 26.0

10-Sep-15

Allianz Digital Corp Ventures, Vertex, Magma Venture, SBI Holdings, Allianz, Magna Int’l

Argus is an automotive cybersecurity pioneer, helping car manufacturers, their Tier I suppliers and aftermarket connectivity providers protect connected cars.

10-Sep-15

IVP, TPG, Andreessen Horowitz, T. Rowe Price

Tanium provides security and systems management solutions to allow real-time data collection.

8-Sep-15

Andreessen Horowitz, Greylock, Sequoia, Altimeter Capital, Glynn Capital, Khosla

Okta is an integrated identity and mobility management service.

75.0

3-Sep-15

ICONIQ, Accel Partners, Lightspeed, Social+Capital Partnership

Netskope performs deep usage analytics and enforces business and security policies in cloud apps.

75.0

2-Sep-15

Bessemer Venture Partners, Citi Ventures, Innovation Endeavors, Marker, NEA

Illusive networks offers deception technology enabling protection against targeted attacks and APTs.

22.0

25-Aug-15

Evolution Equity Partners, .406 Ventures, Arsenal Venture Partners

Onapsis provides solutions for securing business-critical applications and infrastructure.

17.0

24-Aug-15

Bessemer Venture Partners, Thomas Noonan

Bastille is pioneering IoT security with next-generation security sensors and airborne emission detection, allowing corporations to accurately quantify risk and mitigate threats.

13.8

19-Aug-15

Lightspeed, Benchmark, Meritech Capital, Shasta Ventures, Tenaya Capital, Musea

CloudPassage provides server security products for public and hybrid cloud hosting environments.

18-Aug-15

IVP, GGV Capital, KPCB, Trident Capital

AlienVault’s Unified Security Management Platform delivers a unified, simple and affordable solution for threat detection, incident response and compliance management.

3-Aug-15

Google Capital, TPG Capital, EMC, Lightspeed Venture Partners

Zscaler offers integrated, cloud-delivered Internet security including web security, firewalls, mobile security, IoT security and DLP.

28-Jul-15

DFJ Growth, Dell Ventures, KKR, Blackstone, Thomvest, Khosla, Draper Nexus, TenEleven

Cylance utilizes artificial intelligence, algorithmic science and machine learning to proactively protect organizations against advanced threats.

24-Jul-15

Accelerate IT Ventures, Trident Capital, Panasonic Venture Group

Mocana creates and develops mobile application protection (MAP) app-shielding solutions, enabling users to secure mobile apps.

Source: Capital IQ, PitchBook Data, CrunchBase.

147.5

35.9 52.0 110.0 42.0 14.8

75

Venture Capital Activity Venture Capital Raises >$10 Million Since Q2 2015. Date

Selected Investor(s)

Company

Business Description

14-Jul-15

Summit Partners

Darktrace’s Enterprise Immune System technology automatically detects and responds to emerging threats, powered by machine learning and mathematics from Univ. of Cambridge.

13-Jul-15

Accel Partners, Google Capital, Rackspace, Warburg Pincus

CrowdStrike is a global provider of security technology and services focused on identifying advanced threats and targeted attacks.

13-Jul-15

Blackstone, Allegis Capital, Marc Benioff, Igor Sill, Kevin Plank, Christian Lawless

RedOwl Analytics provides proactive risk oversight software solutions for compliance, insider threat & investigations.

1-Jul-15

Pinnacle Ventures, Redpoint eVentures, Quihoo 360 Technology

PSafe is a Brazilian company developing Secure Cloud Computing software suites such as the PSafe Antivirus for safe internet browsing.

Total Amount Raised ($M) Median Amount Raised ($M)

Source: Capital IQ, PitchBook Data, CrunchBase.

Raised ($M) 25.0 100.0 17.5 30.0

7,640.9 20.0

76

Highlighted Fundraising Activity

$75.0M

$30.0M

$12.0M

$32.5M

$70.0M

$100.0M

$12.3M

Series F

Series C

Series A

Series B

Debt

Series D

Series C

June 27, 2017

June 27, 2017

June 27, 2017

June 26, 2017

June 22, 2017

June 21, 2017

June 14, 2017

$125.0M

$100.0M

$100.0M

$100.0M

$15.0M

$15.0M

$12.0M

Series D

Series E

Private Equity

Series D

Series B

Venture

Series A

June 7, 2017

June 6, 2017

May 25, 2017

May 17, 2017

May 10, 2017

May 9, 2017

May 9, 2017

$16.5M

$20.0M

$40.0M

$21.3M

$89.0M

Series C

Series B

Private Equity

Series C

Series F

April 19, 2017

April 18, 2017

April 11, 2017

April 11, 2017

April 5, 2017

Raises $75M in Series F Financing. Company Overview

Product Overview

Sumo Logic provides a cloud-native machine data analytics service to build, run, and secure applications. The company offers solutions in the areas of continuous delivery, monitor and troubleshoot, and compliance and security aspects that analyzes more than 100 petabytes of data, more than 16 million searches, and delivers 10s of millions of insights daily. It serves technology, retail/e-commerce, media and entertainment, telecommunication, financial service, education, healthcare, pharmaceutical, staffing, real estate, manufacturing, travel, and government industries.

Description

Research & Analyze

Collect & Centralize

▪ Easily run searches and correlate events in real-time across the full application stack ▪ Reduce hundreds of thousands of log events into groups of patterns

▪ Collect terabytes of data from any application, cloud, server, network device or sensor ▪ Centralized logging eliminates need for additional archiving, backups and restores ▪ APIs easily develop and integrate data sources

Monitor & Visualize ▪ Real-time dashboards unify all data streams ▪ Compare status against operational and security KPIs to gain visibility into abnormal behaviors

Founders / Management Ramin Sayar President & CEO

Founded

2010

HQ

Redwood City, CA

Amount Raised

$230M in 5 Rounds

Unified Logs and Metrics Analyze all data in real time and monitor apps and infrastructure in realtime

Elastic Scalability Multi-tenant architecture scales on demand to support rapid growth and cloud migration

Christian Beedgen Co-Founder & CTO

Steve Fitz Chief Revenue Officer

Advanced Analytics Machine learning and predictive analytics help make sense of unexpected behavior

Instant Value Pure SaaS offering; Provides access to the latest capabilities in minutes

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Bruno Kurtic VP, Product & Strategy

Aaron Feigin VP, Marketing & Communication

Proven Customer Success Thousands of customers rely on Sumo Logic for operational and business insights

Alert & Notify

Detect & Predict

▪ Use custom alerts when specific events and outliers are identified across data streams ▪ Proactively notify your team when data deviates from calculated baselines

▪ Analyze thousands of data streams with a single query to determine baselines and identify outliers ▪ Machine learning helps to detect anomalies

Funding Summary: $230M Date

Stage

Jun 2017

Series F

75.0

Jun 2015

Series E

80.0

May 2014

Series D

Nov 2012

Series C

Jan 2012

Series B

Dec 2010

Series A

Secure by Design Industry’s benchmark in delivering secure SaaS

Amount Raised ($M)

Selected Investors

30.0 30.0 15.0

Shlomo Kramer

Undisclosed

79

Raises $30M in Series C Financing. Company Overview

Description

Product Overview

Auth0 is a cloud service that provides a set of unified APIs and tools that instantly enables single sign-on and user management for any application or IoT device. It is a modern identity infrastructure, built for developers. Auth0 provides open source SDKs for all popular platforms, operating systems, devices and programming languages. It allows connections to any identity provider from social to enterprise to custom username/password databases.

Auth0 allows customers to easily and quickly connect to apps, choose identity providers, add users, set up rules, customize login page and access analytics from the Auth0 dashboard. Auth0 Platform Auth0 Login Box

Breached Password Detection

Secures your website and any login breaches; integrate business security with any application

Blocks hackers from impersonating users with compromised credentials from data breaches

Founders / Management Jon Gelsey CEO

Matias Woloski Co-Founder & CTO

Founded

2013

HQ

Bellevue, WA

Amount Raised

$54.3M in 4 Rounds

Eugenio Pace Co-Founder & VP, Customer Success

Lewis Carpenter CMO

Passwordless

Multi-Factor Authentication

Allows users to login without need to remember their password; secure from brute-force entry

Removes the need for one-time codes; simply download app and approve login requests with tap of button

Auth0 Dashboard

Chris Dukelow CFO

Connect and Integrate with APIs, Enterprise and Different Databases Everything can be controlled on the Auth0 Dashboard; support more authentication options become as simple as toggling a button.

Funding Summary: $54.3M

Auth0 By the Numbers Auth0 solves complex and large-scale identity use cases for global enterprises with their extensible and easy-to-integrate platform, security billions of logins every year

2K+

42M+

70+

24/7

Enterprise Subscribers

Logins Everyday

Countries with Auth0

Support Coverage

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

1.1B+

Monthly Logins Securely Authenticated

Logins 1.3M+ Malicious Prevented

Date

Stage

Jun 2017

Series C

Aug 2016

Series B

Jun 2015

Series A

Sep 2014

Seed

Amount Raised ($M)

Selected Investors

30.0 15.0 6.9 2.4

80

Raises $12M in Series A Financing. Company Overview

Description

Product Overview

JASK designs technology that gives analysts greater support and leverage to eliminate cybersecurity exposure. It automates network monitoring and complements the technology that security operations and compliance programs have been built around and easily integrates with existing processes. JASK’s services are a solution to overtaxed and understaffed security teams that cannot respond to every single alert by using AI and machine learning to prioritize threats.

JASK monitors networks end to end, using advanced AI to surface and triage the most relevant attacks, while providing a clear picture of the attack surface. With instantaneous, deep knowledge about attacks, analysts can make decisions with more speed and confidence. ACT SmartAlerts give analysts full picture of each attack’s impact. By focusing without time consuming forensic research, analysts can quickly and effectively eradicate the attack.

SENSE

Founders / Management Greg Martin Co-Founder, President & CEO

Founded

2015

HQ

San Francisco, CA

Amount Raised

$14.0M in 2 Rounds

Damian Miller Co-Founder & VP, Customer Success

Mustafa Rassiwala Head of Products

Andrew Maloney VP, Field Operations

AUTOMATE

Within a single day, JASK works to reveal attacks, developing a cumulative understanding of connected sequences of events

Acceleration Gives Analysts More Leverage - And Yields Smarter, More Strategic Hunting

Operationalize the speed at which similar attacks are addressed in the future, setting the technology to hunt

EVOLVE With more routine hunting offloaded to the technology, analysts can continually increase the effectiveness of their work Unprecedented, Entire-Network Visibility

Tap Into the Intelligence Community Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Funding Summary: $14.0M

Customize at Will, Built on Open Source

Automate Learnings For Increased Leverage

Date

Stage

Jun 2017

Series A

Feb 2016

Seed

Amount Raised ($M)

Selected Investors

12.0 2.0

81

Raises $32.5M in Series D Financing. Company Overview

Description

Product Overview

Sparkcognition provides cognitive security analytics solutions. It offers SparkPredict that applies algorithms to huge bodies of sensor data, identifies impending failures long before they occur, and alerts operators to sub-optimal operation before it can cause any harm; and SparkSecure, a cloud service or an on-premise application that provides cognitive insights, which work by collecting structured and unstructured data, as well as applying algorithms to find trends, patterns, and anomalies.

▪ Signature-Free, Machine Learning-Powered Anti-Malware for endpoints ▪ Analyzes DNA of unknown files and detects malware before it breaches your perimeter ▪ Autonomously adapts to latest variants of ransomware, viruses, Trojans, and worms and provides advanced protection against zero-day and polymorphic threats ▪ Leverages natural language processing to generate in-context descriptions and remediation

Founders / Management Amir Husain Founder & CEO

Randy Printz COO

Founded

2013

HQ

Austin, TX

Amount Raised

$38.9M in 3 Rounds

David Asher Executive VP, Strategy

Kenneth Wisian Chief Architect, Defense

File Reputation & Application Control

Usman Shuja VP, Market Development

Multi-Vector Machine Learning

Natural Language Processing

▪ Adds a cognitive layer of human intelligence at machine scale to traditional security solutions

▪ Acquires and transforms sensor data ▪ Applies proprietary classification and prediction algorithms

Artemis ▪ Autonomously build, test, and identify meaningful relationships from thousands of combinations ▪ Find anomalies based on single or combinations of variables

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

▪ Identify new attacks automatically without relying on signature matching threats

▪ Generate actionable insights and support rootcause analysis

Proprietary Algorithms Pythia ▪ Automated model building algorithm ▪ Uses machine learning techniques to distinguish noise from signals ▪ Combines Deep Learning and Genetic methods to develop models that predict when the machine is likely to fail

Detection & Response

▪ Collects massive amounts of structured and unstructured data to learn and improve

Funding Summary: $38.9M Date

Stage

Jun 2017

Series BII

Apr 2016

Series B

Aug 2013

Series A

Amount Raised ($M)

Selected Investors

32.5 6.0 0.4

Undisclosed

82

Raises $70M in Debt Financing. Company Overview

Description

Product Overview

Alert Logic provides Security-as-a-Service solutions that secure the application and infrastructure stack of the cloud. Alert Logic is a provider of information technology network security services and technologies which include Threat Manager, a cloudpowered threat management and vulnerability assessment solution that protects enterprises by identifying malicious behavior and questionable network patterns originating inside and outside of network.

Cloud Defender

Cloud Insight

Managed Cloud Security

Network Intrusion Detection

▪ Complete visibility across AWS environment

▪ Real-time Network Monitoring

▪ Centralized security management ▪ Managed threat detection and response

▪ Prioritized list of vulnerabilities ▪ 24x7 automatic protection of new, changed or modified environment

▪ Rapid deployment ▪ Compliance without complexity ▪ Visibility into your IT infrastructure

Founders / Management Gray Hall Chairman & CEO

Blake Allen SVP & General Counsel

Founded

2002

HQ

Houston, TX

Amount Raised

$387.3M in 8 Rounds

Acquisitions

Dave Colesante COO

(2016)

Greg Davis EVP, Global Sales & Field Marketing

Misha Govshteyn SVP, Products & Marketing

(2015)

(2012)



▪ ▪

Accelerate production with API-driven security and DevOps automation Scale and protect with elastic security Focus on your business: no security staff or expertise required

▪ ▪

Innovate safely with security that keeps pace with continuous development Prevent attacks by finding vulnerabilities Preserve performance and availability with out-of-band detection

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

▪ Unlimited internal and external scans

Web Security Manager

Log Security Manager

Web Application Firewall

Log Correlation & Analysis

▪ Protects websites and business critical applications from attacks

▪ Collects, aggregates and normalizes log data

▪ 24x7 monitoring and incident escalation

▪ Web interface gives unified view into all of your data

▪ Non-invasive, no-downtime deployment modes

▪ Flexible data collection options

Funding Summary: $387.3M

Application Owners



▪ Access to rich sources of internal/external data for correlation

▪ Dozens of dashboards and reports available out of the box

Benefits of Alert Logic Cloud & DevOps

Threat Manager

AWS Vulnerability Management

Security Pros

▪ ▪



Simplify with one service for cloud and on-premises Expand defenses with accurate, expert protection for your web apps Empower app and cloud pros with agility and protection

Date

Stage

Jun 2017

Debt Financing

Amount Raised ($M)

Aug 2013

Private Equity

Jun 2012

Venture

7.5

Jun 2012

Series F

12.2

Apr 2011

Series E

12.6

2005-2009

Series A-D

19.1

Selected Investors

70.0 266.0

83

Raises $100M in Series D Financing. Company Overview

Description

Product Overview

Cybereason specializes in endpoint protection, offering endpoint detection and response, next generation antivirus, and managed monitoring services. Founded by intelligence professionals, Cybereason gives enterprises the upper hand over cyber adversaries. The Cybereason platform is powered by a custom-built-in-memory graph and detects behavioral patterns across every endpoint and surfaces malicious operations in an exceptionally user-friendly interface.

Monitoring

Hunting

▪ Incident confirmation and prioritization

▪ Collect endpoint sensor data

▪ Incident data-gathering

▪ System health monitoring

▪ Detect suspicious activity ▪ Hunt for adversaries

▪ Reverse malware engineering

▪ Report findings

▪ Custom threat research

▪ Quarterly reporting Founders / Management

▪ Turnkey security operations Lior Div Co-Founder & CEO

Yonatan Striem-Amit Co-Founder & CTO

Yossi Naar Co-Founder & CVO

Scott Ward CFO

Sam Curry CSO

DEEP Detect & Respond

2012

▪ Reduce risk

HQ

Boston, MA

Amount Raised

$188.6M in 4 Rounds

▪ Uplevel analysts

DEEP Prevent

▪ Go beyond automation

Cybereason Response Interface The Cybereason Response Interface uses the information collected by the platform to tell an easy-to-understand visual attack story

▪ Executive and technical reporting

▪ Increase visibility

Founded

Cybereason Response Interface

Cybereason Sensors Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Incidence Response

RansomFree

▪ Centralized and endpointside analytics

▪ Stops ransomware from encrypting files

▪ Behavioral analysis in Cybereason Deep Hunting Engine

▪ Protects against 99& of ransomware strains

Funding Summary: $188.6M Date

Stage

Jun 2017

Series D

Oct 2015

Series C

May 2015

Series B

Feb 2014

Series A

Amount Raised ($M)

Selected Investors

100.0 59.0 25.0 4.6

84

Raises $12.3M in Series C Financing. Company Overview Description

Product Technology Overview: Sqrrl’s Behavior Graph

Sqrrl is a threat hunting company, enables organizations to target, hunt, and disrupt advanced cyber threats. Sqrrl operates a threat hunting platform that unites link analysis, user and entity behavior analytics, and multi-petabyte scalability capabilities into an integrated solution to facilitate proactive detection of threats, such as advanced persistent threat detection, data breach detection, malware detection, insider threat detection, alert triage, incident investigations, threat intelligence analysis, and cyber situational awareness.

Behavior Graph, which automatically transforms raw logs into actionable knowledge and contextual insight via entity extraction techniques.

Founders / Management Mark Terenzoni CEO

Founded

2012

HQ

Cambridge, MA

Amount Raised

$26.5M in 4 Rounds

Adam Fuchs CTO

Ely Kahn VP, Business Dev

Ari Daskalakis VP, Field Operations

Paul Lynch VP, Sales

Advanced Threat Detection and Response Platform Target: Scope the data sets that will be used in the investigation, optimize with machine learning Hunt: Proactively and iteratively search through network and endpoint data to detect and isolate advanced threats Disrupt: Seamlessly pivot from hunting to forensic analysis to disrupt adversaries before they fully execute their attacks Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Funding Summary: $26.5M Date

Stage

Jun 2017

Series C

Feb 2015

Series B

Oct 2013

Series A

Aug 2012

Seed

Amount Raised ($M)

Selected Investors

12.3 7.0 5.2 2.0

85

Raises $125M in Series D Financing. Company Overview

Description

Product Overview Illumio’s Adaptive Segmentation Capabilities Lets Organizations Understand & Protect Their Computing Assets In Minutes, Across A Range Of Formats In Both Data Centers & Public Clouds.

Illumio is a data center and cloud security company led by veterans with deep experience in virtualization, networking and security. Illumio’s Adaptive Security Platform (ASP) is completely independent of underlying infrastructure and delivers visibility and control over workloads running in any data center or cloud environment. It computes security politics and ensures they are provisioned accurately by understanding and continuously adapting to changes in the infrastructure and applications.

BARE-METAL SERVER

VIRTUAL MACHINE

CONTAINERS

PUBLIC & PRIVATE CLOUD

NETWORK

ADP Key Benefits

Adaptive Segmentation Platform

Founders / Management Andrew Rubin Co-Founder & CEO

PJ Kirner Co-Founder & CTO

Founded

2013

HQ

Sunnyvale, CA

Amount Raised

$267.5M in 4 Rounds

Alan Cohen Chief Commercial Officer

Nathaniel Gleicher Head of Cybersecurity Strategy

Scott Downie VP, Support & Services

Illumio adaptive segmentation is designed to apply the exact level of protection needed to the environment, or application

Eliminating Blind Spots inside data centers and cloud



Protecting the 80% of traffic that is invisible to perimeter firewalls

No dependency of underlying infrastructure to support new or existing environments



Enabling secure connectivity inside and between cloud environments and private data centers

Modeling of Policy to understand policy impact to application environment



Decreasing the Number of Firewall Rules by over 95%



A Single Solution to Protect Applications

Adaptive Segmentation continuously adjusts to changes in application environment to keep enforcement intact



Live Visibility of applications, components and traffic

▪ ▪

Auto-discovery and Policy Recommendations

Funding Summary: $267.5M Illumio Services

Enforce Adaptive Segmentation







With a patented, software-only architecture, the Illumio Adaptive Security Platform provides the new foundation for data and cloud security.

Date

Stage

Jun 2017

Series D

Gain Live Visibility

Encrypt Data in Motion

Apr 2015

Series C

Illumination provides a live app dependency map across environment showing workloads, applications & traffic flows

SecureConnect provides on-demand, policy-based encryption of data in motion between any Linux/Windows workloads and VPN gateways

Sep 2013

Series B

Jan2013

Series A

Amount Raised ($M)

Selected Investors

125.0 100.0 34.5 8.0

86

Raises $100M in Series E Financing. Company Overview

Description

Product Overview Netskope Features

Netskope is a cloud application analytics and policy company. Using patented technology, Netskope’s cloud-scale security platform provides context-aware governance of all cloud usage in the enterprise in real time, whether accessed from the corporate network, remote, or from a mobile device. This allows security professionals to understanding risky activities, protect sensitive data, stop online threats and respond to incidents in a way that fits how people work today.

Understand ▪ ▪

Founders / Management Sanjay Beri CEO

Ravi Ithal Chief Architect

Founded

2012

HQ

Los Altos, CA

Amount Raised

$231.4M in 5 Rounds

Lebin Cheng VP, App Engineering

Krishna Narayanaswamy Steve Malmskog Chief Scientist Chief Network Architect

Granular policies for all servers

Netskope Context Engine

Protect

Offers visibility into all cloud usage Gain granular details about user, service, device, location for holistic view of cloud usage





Respond

Detects and remediate malware and identify anomalies Use granular security and access policies to direct users and servers

▪ ▪

Gives range of options to respond to violation Can take immediate, automated action or deliver an automated coaching message

By mapping out the API interactions of billions of transactions, the Netskope Context Engine has built the intelligence to cover all cloud traffic and to understand the details that make cloud security services such as threat protection, DLP, and granular policies more effective.

Funding Summary: $231.4M

What Makes Netskope Different?

Advanced, enterprise DLP

How the Context Engine Works:

Technology integrations

Customers

Architected for any use

Advanced threat protection

Cloud-scale architecture

Date

Stage

Jun 2017

Series E

Sep 2015

Series D

May 2014

Series C

Oct 2013

Series B

Jan 2013

Series A

Amount Raised ($M)

Selected Investors

100.0 75.0 35.0 15.9 5.5

87

Raises $100M in Secondary Market Financing. Company Overview

Product Overview

Tanium is a security and systems management solution that allows real-time data collection at enterprise scale. Its flagship product is a platform for IT departments to manage and control networks – even those comprising millions of machines and devices – with “15second visibility” into network activity, rather than having to rely on days or even older data. Tanium plans to replay the patchwork of security solutions with its near real-time network scanning and management software, which consolidates multiple IT department functions onto a single platform.

Description

Endpoint Security Incident Response

Patch Management

Asset Inventory

Vulnerability Assessment

Configuration Compliance

Software Distribution

Asset Utilization

David Hindawi Co-Founder & Executive Chairman

Founded

2007

HQ

Emeryville, CA

Amount Raised

$405.7M

Orion Hindawi Co-Founder & CEO

David Damato CSO

15 Second Visibility and Control

Scott Rubin CMO

Anirma Gupta General Counsel

Customers 12 of the top 15 US banks

The Tanium Way

SIEM

Founders / Management

Completeness

Confidence

99%+ of your endpoint data is current

99%+ of your endpoints provide data with every pass

99%+ of your endpoints are always in their desired state

Source: Company Website, Crunchbase, TechCrunch.

4 of the Fortune 10 #1 company across 11 industries

Big Data

Threat Intelligence

File Reputation

CMDB

Help Desk

Asset Management

Monitoring

Minimal Cost of Ownership, No Resilient Infrastructure = Complete Response Times Measured in Effort to Scale Results Seconds Tanium’s unique architecture easily Designed for today’s rapidly Decentralized data aggregation and scales to millions of endpoints changing endpoints, we achieve distribution primarily across lowwithout requiring ongoing 99%+ response rates from latency LAN traffic results in infrastructure additions, resulting in endpoints on the network. Every unparalleled speed and dramatic cost savings time performance

Funding Summary: $405.7M Date

Stage

May 2017

Private Equity

Sept 2015

Series G

May 2015

Accuracy

Endpoint Management

Threat Detection

Amount Raised ($M) 100.0

Selected Investors

148.0 64.0

Series F

May 2014

Series E

May 2010

Venture

0.8

Undisclosed

Jun 2009

Venture

0.9

Undisclosed

July 2007

Series A

2.0

Undisclosed

90.0

88

Raises $100M In Series D Financing. Company Overview

Crowdstrike Falcon Product Overview

CrowdStrike unifies next-generation antivirus, endpoint detection and response (EDR), and a 24/7 managed hunting service — all delivered via a single lightweight agent. The CrowdStrike Falcon™ platform, certified to replace legacy antivirus, has reinvented how endpoint security is delivered with its industry-leading, cloud native architecture. CrowdStrike Falcon protects customers against advanced cyber attacks, using sophisticated signatureless artificial intelligence/machine learning and Indicator of Attack (IOA) based threat prevention to stop known and unknown threats in real-time. Core to its innovative approach is the CrowdStrike Threat Graph™ which analyzes and correlates over 40 billion events per day from millions of sensors deployed across more than 170 countries, uniquely providing crowdsourced protection for the entire customer community.

Description

Falcon Prevent: Next-Generation Antivirus

Falcon Insight: Endpoint Detection & Response

Falcon Overwatch: Managed Threat Hunting

Founders / Management George Kurtz Co-Founder & CEO

Dmitri Alperovitch Co-Founder & CTO

Founded

2011

HQ

Irvine, California

Amount Raised

$256.0M in 4 Rounds

Colin Black COO

Shawn Henry President, Crowdstrike Services & CSO

Falcon Discover:

Burt Podbere CFO

IT Hygiene

Falcon Intelligence: Cyber-Threat Intelligence

Why Crowdstrike Falcon? BETTER PROTECTION Prevention and detection against all attack types- both malware and malware free

IMMEDIATE TIME TO VALUE Cloud architecture reduces cost while adding speed, efficacy and scalability

✓ Continuous monitoring ✓ Gain insight into adversaries attacking endpoints ✓ Prevent sophisticated attacks instantly Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

▪ ▪ ▪

Sophisticated machine learning-driven malware protection Unique indicator of Attack behavioral blocking Extensive prevention of privilege escalation and ransomware

▪ ▪ ▪

Complete real-time visibility of security-related endpoint activity Five-second search to discover current & historic endpoint activity Contextualize events by threat intelligence, providing attribution and additional information about the attack

▪ ▪ ▪ ▪

Global team of expert adversary hunters watching 24/7 Reduce alert fatigue with proactive notification and actionable alerts Augment existing in-house resources and improve operational efficiency Leverage “power of the crowd” to identify new emerging threats

▪ ▪ ▪

Real-time system inventory of all managed & unmanaged endpoints Real-time application inventory of all applications in the environment Discovery API allowing integration with other IT tools to automatically remediate unmanaged systems and unwanted applications

▪ ▪ ▪ ▪

In-depth cyber security analysis and reporting Attack attribution and identification of unique adversary TTPs Customizable feeds and API supporting a wide range of formats 80-plus adversaries tracked around the clock, around the globe

Funding Summary: $256.0M BETTER PERFORMANCE Consolidates a full range of security functionality into one integrated solution

✓ Always protected without troublesome signature updates ✓ Identify unauthorized systems & applications in real time

Date

Stage

Amount Raised ($M)

May 2017

Series D

Jul 2015

Series C

Sep 2013

Series B

30.0

Feb 2012

Series A

26.0

Selected Investors

100.0

100.0

89

Raises $15M In Series B Financing. Product Overview

Company Overview

Description

Attivo Networks provides dynamic deception technology, which in real-time detects intrusions inside the network, data center, and cloud before the data is breached. Leveraging high-interaction deception techniques, the Attivo BOTsink Solution lures BOTs/APTs to reveal themselves, without generating false positives. Designed for efficiency, there are no dependencies on signatures, database lookup or heavy computation to detect and defend against cyber threats. Attivo solutions capture full forensics and provide the threat intelligence to shut down current and protect against future attacks.

Founders / Management Tushar Kothari CEO

Mano Murthy Co-Founder & EVP

Founded

2011

HQ

Fremont, California

Amount Raised

$23.0M in 2 Rounds

B.J. Shanker Co-Founder & VP, Operations

Ashok Shah CFO & VP, Finance

Cloud Detection

Venu Vissamsetty VP, Security Research

Comprehensive Deception & Decoy Make the Entire Network a Trap to Confuse and Misdirect Attackers into Revealing Themselves

Reduction of Attack Detection Time Prevent Data Exfiltration

Deception Authenticity Camouflage for Dynamic Behavioral Deception

Improve Incident Identify and Defend Your Response with Understand the Network Actionable Alerts Methods and Intent Reporting and Substantiated Alerts of Hackers Automations to Based on Attacker Analysis and Block Attacks and Engagement: No Forensics Quarantine Devices False Positives

Popular Use Cases Lateral Movement Detection

Platform Solutions Threat Detection

Carolyn Crandall CMO

The Attivo Solution The ThreatDefend Deception and Response Platform is designed to make the entire network a trap and to force the attacker to have to be right 100% of the time or risk being discovered. The solution combines distributed, high-interaction deception lures and decoys designed to provide early visibility into innetwork threats, efficient continuous threat management, and accelerated incident response

Insider, 3rd Party, Acquisition Integration

Industry Solutions Specialty Detection

Deception and decoy These include AWS, in These include solutions provide an which the Attivo deception for ICSadditional line of deception platform uses SCADA Network defense to address the deception techniques to protection, point-ofsituations where provide visibility to inside sales attack system, first attackers have bypassed the data center threats. deception-based threat prevention security Open Stack integration detection platform for systems and real-time provides efficient and IoT & distributed notification of inside effective detection of deception platforms for the network threats is network threats for automated incident required virtualized SDDC handling

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Financial Services

Retail

Energy

Government

Exposed Credential & Attack Path Assessment Stolen Credential

Specialized Environments: IoT, PoS, SCADA

Cloud & Data Center Security

Phishing Incident Response

Funding Summary: $23.0M

Healthcare

High Tech

Man-in-the-Middle

Ransomware

Date

Stage

May 2017

Series B

Apr 2015

Series A

Amount Raised ($M)

Selected Investors

15.0

8.0

90

Raises $15M In Financing. Product Overview

Company Overview

Description

Vera develops and provides data security solutions for media and entertainment, professional service, healthcare, financial service, pharmaceutical and biotechnology, and manufacturing industries. The company offers a cloud-based information rights management platform that allows developers to build encryption, tracking, policy enforcement, and access control solutions into their custom business applications. Its solutions allow clients to share files, create a hypersecure virtual deal room, secure data, track and audit data, send file blasts, automate file security, and ensure regulatory compliance.

Founders / Management Ajay Arora Co-Founder & CEO

Prakash Linga Co-Founder & CTO

Founded

2014

HQ

Palo Alto, California

Amount Raised

$50.0M in 3 Rounds

Carmen Cerrelli VP, Finance & People Operations

Industry Solutions

Financial Services

Healthcare

Media & Entertainment

Biotech & Pharma

Peeyush Rai VP, Engineering

Awards

Manufacturing

Professional Services

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Vera For Files

Vera For Mail

Vera For

Vera Platform

Vera For

Vera For

Military Grade File Encryption ▪ Military-grade AES 256 encryption at the data level ▪ Maintain data privacy ▪ Encryption travels with your content everywhere

Seamless User Experience ▪ Fits into your company’s workflow without impacting end-user experience ▪ Avoids risky end-user workarounds

Granular Visibility & Control ▪ 360° data visibility ▪ Revoke file access instantly from any source ▪ Enable/disable offline access & selfdestruct files anytime

Real-time Policy Enforcement ▪ Change file permissions instantly ▪ Apply watermarks/screenshot defenses ▪ Lock or kill files, even after they’ve been sent to recipients

Secure Any File, On Any Device ▪ Secure any type of file ▪ Security policies travel with your data & remain with your files anywhere they’re stored

Centralize Control & Analytics ▪ Full audit trail for regulatory compliance ▪ Instant mapping of file location, access points & attempted hacks

Andy Zambito VP, Worldwide Sales

Funding Summary: $50.0M Date

Stage

Amount Raised ($M)

May 2017

Undisclosed

15.0

Feb 2016

Series B

21.0

Nov 2014

Series A

Selected Investors

14.0

91

Raises $12M In Series A Financing. Company Overview

Description

Product Overview

RedLock’s Cloud 360™ platform enables organizations to accelerate digital business by managing security and compliance risks across their entire public cloud infrastructure without impeding collaboration between software developers and IT operations to automate software delivery. With RedLock Cloud 360, security teams gain a single view of existing and potential risks over the entire cloud infrastructure, across multiple leading public cloud service providers such as Amazon Web Services (AWS).The platform automatically discovers workloads within an environment and enables continuous monitoring, anomaly detection, cloud forensics, adaptive response, and compliance reporting.

RedLock Cloud 360 Platform Connects in minutes via APIs and aggregates massive volumes of raw configuration data, user activities, and network traffic to produce concise, actionable insights. No agents or proxies.

Founders / Management Varun Badhwar Co-Founder & CEO

Founded

2015

HQ

Menlo Park, CA

Amount Raised

$12.0M

Gaurav Kumar Co-Founder & CTO

Key Stats

4.8 MILLION

$758 MILLION

Sensitive Records Discovered

In Breach Costs Avoided

Upa Campbell VP Marketing

Wayne Jensen Chief Architect

Alok Tongaonkar Head of Data Science

The Five Step RedLock Process Discover Your Environment

Leverage 50+ APIs to continuously aggregate volumes of configuration, user activity, and network traffic data without impeding DevOps

Connect The Dots

Applies machine learning to connect the dots between configuration, user activity, and network traffic data

Comprehensive Understanding

Applies data science to integrate with threat intelligence feeds, vulnerability scanners, and SIEM solutions

Quantify Your Risks

Scores each cloud resource for risk based on the severity of business impact, policy violations, and anomalous behavior

Visualize Your Environment

Visualizes your entire cloud infrastructure environment with an interactive dependency map that provides insights into security and compliance risks

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Comprehensive Visibility View your multi-cloud infrastructure environment from a single pane of glass

Policy Monitoring Define policies based on industry standards and continuously monitor for violations

Anomaly Detection Automatically detect suspicious user and network behavior using machine learning

Contextual Alerting Leverage highly contextual alerts for prioritization and rapid response

Cloud Forensics Go back to any point in time and investigate issues within seconds

Compliance Reporting Report on risk posture to your management team, board of directors, and auditors

Funding Summary: $12.0M Date

Stage

May 2017

Series A

Feb 2016

Seed

Amount Raised ($M)

Selected Investors

12.0 Undisclosed

92

Raises $89.0M In Series F Financing. Company Overview

Description

Product Overview

Armor is the First Totally Secure Cloud Company™ that protects customers’ vital assets and helps prevent data breaches through managed multi-layer security for public and private clouds. The Armor team also applies extensive military cyber security experience for proactive threat detection, response and remediation. Forward-thinking organizations trust Armor for data security and compliance to stay ahead of cyber threats in the cloud.

ARMOR: DEDICATED CYBER SECURITY EXPERTS AT YOUR SERVICE Industry Services

Founders / Management Chris Drake Founder & CEO

Founded

2009

HQ

Richardson, Texas

Amount Raised

$149.1M

Jared Day President

Armor Makes Cloud Compliance Easier

▪ Armor actively defends sensitive ePHI, PII, credit card and transaction data ▪ Outsource costs tied to staff, audit expertise and security via secure hosting solutions ▪ Audit-friendly and designed to address key requirements of PCI and HIPAA compliance ▪ Mapped roles and responsibilities for smooth PCI and HIPAA compliant hosting Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Jeff Schilling CSO

Diana Massaro CMO

Noah Knippa CFO

Cloud Security Features

Products

Intellectual Property securely manage most valuable asset – your ideas

Maintaining Compliance

Payment multi-layered security prevents data breaches

Compensate for the Human Element

Healthcare safe haven for electronic records, information, etc.

Prevent Data Breaches

Compliance Standards meets any regulatory or compliance standard

Designed for all clouds in mind. Protect data workloads and applications, whether they’re hosted in a public cloud or your own IT environment

Provides high-performance cloud with the highest level of protection, while exceeding compliance requirements and providing 24-7 security and support

Recover Fast from Cyber Attacks

Funding Summary: $149.1M Partners

Date

Stage

Amount Raised ($M)

Selected Investors

Apr 2017

Series F

Apr 2014

Series E

Jun 2013

Series D

12.0

Sep 2012

Series C

10.0

Sep 2011

Series B

10.0

May 2011

Venture

1.1

Undisclosed

Mar 2010

Series A

2.0

Pat Sullivan & Doug Ducey

89.0

25.0

Neil Rapoport

93

Raises $20.0M In Series B Financing. Company Overview

Description

Product Overview

Cyber Global Risk Exchange (CyberGRX) develops and delivers a third-party cyber risk management platform. The company offers CyberGRX, a platform through its design, automation, and advanced analytics enables enterprises to identify, assess, mitigate, and monitor an enterprise’s cyber risk exposure across its vendor, partner, and customer digital ecosystem. Its platform helps enterprises automate and standardize the collection of information, as well as prioritize, evaluate, and remediate risk.

Founders / Management Fred Kneip CEO

Jonathan Simkins Patrick Gorman CFO Head of Strategy, Product

Founded

2015

HQ

Denver, Colorado

Amount Raised

$29.0M

Bryan Smith CTO

Future of Third Party Cyber Risk Management

Mitigate Reduce Costs Scale Identify and mitigate The CyberGRX Scale questionnaire risk across your entire Exchange lowers the response program by digital ecosystem with cost for companies to completing and actionable, risk-based assess third party cyber sharing one analytics risk assessment Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Tony Urbanovich COO

Scott Schneider CRO

Whether you are an enterprise, a third party or both, the CyberGRX platform streamlines your third party cyber risk management program by reducing risk and lowering costs Enterprise Solutions

Third Party Solutions

Plan

CyberGRX’s proprietary Dynamic Risk Ranker™ recommends appropriate level of due diligence for each third party

3 Tiers of Assessment

Fully validated assessments, long form self-assessments with automated validation, and short form selfassessments with self-attestation

Assess

CyberGRX provides Risk Assessment as a Service (RAaaS)

Share

Share CyberGRX assessments with upstream business partners

Mitigate

CyberGRX identifies largest risk exposures and recommends prioritized remediation advice

Quarterly Assessment

Three tiers of assessments offer comprehensive analysis

Monitor

CyberGRX ingests threat & business intelligence from top providers & correlates back to third parties in your ecosystem

Growth

Help company grow by leveraging first class cyber security as a differentiator

Industry Solutions

Funding Summary: $29.0M

Financial Services

Energy

Healthcare

Consumer & Retail

Industrials

Information Technology

Date

Stage

Apr 2017

Series B

Jul 2016

Series A

Amount Raised ($M)

Selected Investors

20.0

9.0

94

Raises $16.5M In Series C Financing. Company Overview

Product Overview

Dome9 is a cloud firewall management service. Their patent-pending security automation creates a strong, front-line defense that stops zero-day vulnerabilities and exploits, secures remote access, and centralizes policy management. Available for the enterprise and hosting providers, Dome9 automates security policy management for cloud, dedicated, and Virtual Private Servers (VPS). Their sophisticated security management platform controls Amazon EC2 & VPC Security Groups, as well as any OpenStack, CloudStack, and VMware vCloudbased private and public clouds.

Description

Founders / Management Zohar Alon Roy Feintuch CEO & Co-Founder CTO & Co-Founder

Founded

2010

HQ

Mountain View, California

Amount Raised

$29.3M

Eran Waldman CFO

Comprehensive Security Solutions Across One Platform

Cloud Security Operations

Rugged DevOps

10x faster, simpler, Cloud Security at the and more effective Speed of DevOps

Compliance and Governance Verifiable Cloud Security

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Eyal Fingold VP, R&D

Suda Srinivasan VP, Growth

Jim Sortino VP, WW Sales

Dome9 Arc - SaaS platform to deliver comprehensive security, compliance & governance across public cloud infrastructure environments.

Network Security

Compliance Engine

Advanced IAM Protection

Model and enforce gold standard policies across accounts, projects, regions and virtual networks

Protect against compromised credentials and identity theft

Track, manage and report on compliance posture

▪ Powerful visualization of network topology and flows

▪ Enhanced layer of defense to existing public cloud IAM services

▪ End-to-end security and compliance management for continuous enforcement

▪ In-place remediation and active security enforcement

▪ Access restriction of IAM users and roles to contain blast radius

▪ Innovative new Governance Specification Language (GSL) to create custom policies

▪ Consistent management of security policies across multiple public clouds

▪ On-demand authorization to minimize risk of compromised accounts

▪ Automated aggregation of data in real-time

▪ Cloud-native, agentless security technology protects all cloud assets

▪ Audited tamper protection from suspicious user activity

▪ Setup in under 5 minutes with no software to install or agents to deploy

▪ Out-of-band authorizations from a mobile device for added protection

▪ Extensive automation delivering one-click operational simplicity

▪ Balance between seamless access and practical security

▪ Over 500 industry best practices for security encoded ▪ Industry best practices and built-in suites to test compliance against standards ▪ Printable assessment reports for proof of security posture across business units, virtual networks and cloud accounts

Funding Summary: $29.3M

Customers Date

Stage

Amount Raised ($M)

Apr 2017

Series C

Oct 2015

Series B

Oct 2013

Convertible Note

2.5

May 2011

Series A

2.0

Selected Investors

16.5 8.3 Undisclosed

95

Raises $40.0M In Private Equity Financing. Company Overview

Product Overview

PAS is a provider of software solutions for ICS cybersecurity, process safety, and asset reliability to the energy, process, and power industries worldwide. PAS solutions include industrial control system cybersecurity, automation asset management, IPL assurance, alarm management, high performance HMI™, boundary management, and control loop performance optimization. PAS solutions are installed in over 1,100 facilities worldwide in more than 70 countries.

Description

ICS Cybersecurity Secure ICS assets by leveraging industry leading inventory and configuration management technology

Automation Asset Management Simplify configuration management across all automation assets to ensure operational reliability

Operations Management Transform process safety and profitability by gaining real-time insights into operational risk

Harden Security and Drive Compliance with Production-Centric Cybersecurity

Founders / Management Eddie Habibi Founder & CEO

Dennis Ahrens VP & Chief Software Architect

Founded

1993

HQ

Houston, Texas

Amount Raised

$40.0M

Tamara Anderson VP, Corp Strategy & General Counsel

Customer Base

Mark Carrigan COO

Alan Elliot Jason Haward-Grau SVP, Global Sales CISO

Partners

520+ Customers Including:

13

of

10

of

Inventory Management

▪ ▪ ▪ ▪

Maintain an evergreen inventory across all major proprietary and traditional IT control systems Capture configuration data that IT-based approaches miss (I/O cards, firmware, control strategies) Enable automated configuration and patch management Reduce manual inventory efforts by 90%

Configuration Management

▪ ▪ ▪ ▪

Capture a reliable, comprehensive configuration security baseline Detect unauthorized configuration changes before they become a problem Automate alerts and policies to support cybersecurity requirements Remediate unauthorized changes using workflow-driven incident response protocols

Patch Management

▪ Access the relevance and impact of Microsoft™ patches and vendor bulletins ▪ Drive the patch testing and mitigation using workflows ▪ Audit patch processes for internal and regulatory compliance

Compliance Management

▪ Enforce national and international compliance standards ▪ Avoid regulatory fines and penalties from non-compliance ▪ Enable standards, custom, and location-based reports for audit readiness

Backup & Recovery

15

Top Chemical Companies

5

of

Funding Summary: $40.0M

15

Top Refining Companies

15

Top Power Companies

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

▪ Automate onsite and offsite backups for all major proprietary control systems ▪ Integrate proprietary system backups into disaster recovery plans ▪ Accelerate recovery from an outage or cyber incident

Date

Stage

Apr 2017

Private Equity

Amount Raised ($M)

Selected Investors

40.0

96

Raises $21.3M In Series C Financing. Company Overview

Product Overview

Synack provides a cloud-based platform that enables customer data integrity, privacy, and confidentiality. The company’s military-grade virtual private testing environment platform allows the global security community access to enterprises and engages global security researchers to test systems in virtual private testing environments, as well as provides secure manual security assessment.

Description

Solutions Process

Built To Integrate With Human Beings Hydra is purpose-built to produce intelligence that is immediately actionable by the SRT, making their discovery processes extremely efficient

Synack Red Team + Hydra Technology

Founders / Management Jay Kaplan CEO

Mark Kuhr CTO

Founded

2013

HQ

Redwood City, California

Amount Raised

$55.3M

Amit Sirdeshpandey VP, Finance

Sridhar Nanjundeswaran VP, Engineering

Jim Hyman CRO

Hydra technology enables the Synack Red Team to continuously discover vulnerabilities efficiently and effectively

Launchpoint

Customer Assets

All Synack Red Team testing activity is routed through our secure gateway technology, providing our clients with full transparency and control

Synack tests each customer asset on a continuous basis and provides realtime testing coverage results and analytics

Synack Provides World Class Security Services to Enterprises

Scale Your Team

Evaluate Risk Efficiently

Analytics and Trends

Secure Your Assets

Harness the power of a private, global network of the industry’s most sought-after security talent to diversify your team’s scope and scalability for security testing

Understand where a vulnerability is and the impact it can have on your organization. Synack also validates if vulnerabilities are closed, creating a feedback loop unmatched by point-in-time assessments

Our real-time analytics provide you with vulnerability trends across all your assets. This coverage can help you spot systemic problems and understand where you can improve your security

Get a dynamic and holistic overview of your ever-evolving attack surface. The Synack Red Team works to identify any exploitable vulnerabilities across your internet facing assets

Source: Company Website, Crunchbase, Capital IQ, TechCrunch.

Benefits Synack’s Hydra Technology

Actionable Intelligence. Not Information Overload Hydra delivers contextualized, ongoing change detection, allowing researchers to investigate security issues and determine which vulnerabilities are exploitable Continuous Perimeter Monitoring As you digitize your business at an accelerated pace, maintain control and visibility of your internet-facing assets Save Time and Money Hydra is hosted in the cloud, meaning no physical or virtual appliance to install, no software to deploy, and no infrastructure to acquire and maintain

Funding Summary: $55.3M Date

Stage

Apr 2017

Series C

Feb 2015

Series B

Apr 2014

Series A

Aug 2013

Seed

Amount Raised ($M)

Selected Investors

21.3 25.0 7.5 1.5

97

Advise.

Network.

Invest.

Momentum Partners Momentum Capital Markets 340 Brannan Street | Suite 501 San Francisco, California 94107 Michael Tedesco Executive Chairman [email protected]

Eric McAlpine Managing Partner [email protected]

Keith Skirbe Director [email protected]

*Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.

Dino Boukouris Director [email protected]