VC fundraising for cybersecurity companies
Cybersecurity VC has remained one of the more active corners of enterprise software through the broader reset. Capital concentrates in operators with credible enterprise contracting, real consolidation potential against the security stack and the technical positioning to weather platform-vendor competition. Public-market multiples discipline late-stage valuations more than they once did.
Investors are security-specialist seed and growth funds, enterprise-software generalists with deep security coverage, and corporate venture arms attached to the security megaplatforms - CrowdStrike, Palo Alto, Cisco and Microsoft's M12 all have venture activity in adjacent security software. Flow has direct relationships across the security specialists, enterprise generalists and the security-platform CVCs that fund the category.
Flow has experience running VC fundraising processes for cybersecurity companies across endpoint and identity security, cloud and application security, network and infrastructure security, security operations and SIEM/SOAR, and managed detection and response. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Cybersecurity" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
ARR
Net retention
Endpoints / identities / assets
Enterprise customer count
Module attach
Multi-year contract mix
Renewal rate
Pipeline coverage
Gross margin
CAC payback
Cybersecurity valuations in May 2026
Public cybersecurity comps trade at 4.1x EV/Revenue. Median revenue multiple across cybersecurity VC rounds was 20x in the last 12 months.
4.1x
Median EV/Revenue as of May 2026 for public cybersecurity companies
4.4x
IBM is the highest valued public cybersecurity company based on EV/Revenue (excluding outliers)
3.2x
Median EV/Revenue across cybersecurity M&A deals in the last 12 months
20x
Median EV/Revenue across cybersecurity VC rounds in the last 12 months
Key recent cybersecurity VC rounds
$400M Series F raised by Cyera was the largest cybersecurity VC round completed in the last six months.
See all cybersecurity VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Dec-25 | Cyera |  | Cyera is a San Francisco-headquartered data security posture management provider scanning multicloud environments including AWS, Azure, and Google Cloud. The platform discovers sensitive data across SaaS, PaaS, and IaaS layers, classifying assets and enforcing policies for compliance with GDPR, CCPA, and HIPAA. Serving enterprises like Fortune 100 companies, Cyera correlates data flows with access risks to prevent leaks and enable automated remediation. Founded in 2021, it operates from offices in Tel Aviv and supports hybrid deployments worldwide. | AccelBlackstone+9 | $400M | $9.0B | Series F | |
Mar-26 | Cloaked | | Cloaked is a provider of digital identity and data protection tools with a privacy emphasis for individuals and businesses. Users generate disposable emails, phone numbers, and payment details to shield personal information across online services. Cloaked monitors data usage, detects risks, and manages access revocation while integrating with apps for secure authentication. | Assurant VenturesDuckDuckGo+8 | $375M | - | Series B | |
Mar-26 | TENEX.AI | | TENEX.AI is a cybersecurity provider delivering AI-powered managed detection and response services integrated with Google Cloud, identity providers like Okta, and network tools. The platform offers automated incident response, long-term log retention exceeding 400 days, and tiered packages from setup to full remediation. TENEX.AI supports compliance with frameworks like NIST and SOC 2, focusing on proactive threat hunting in cloud environments. | Crosspoint Capital PartnersDeepWork Capital+1 | $250M | $1.0B | Series B | |
Jan-26 | Upwind Security | | Upwind Security is a cloud security platform using runtime analysis to detect vulnerabilities in containers, Kubernetes, and serverless workloads. San Francisco-headquartered since 2021, it prioritizes risks with contextual insights into code, infrastructure, and behavior. Upwind Security serves enterprises like Salesforce and Snowflake, integrating with CI/CD pipelines for continuous compliance scanning. | Alta Park CapitalBessemer Venture Partners+10 | $250M | $1.5B | Series B | |
Jan-26 | A | Armadin Security | | Armadin Security is an AI-driven cybersecurity company focused on real-time threat hunting and detection. | - | $165M | - | Undisclosed stage |
Jan-26 | Claroty | | Claroty is a New York-headquartered industrial cybersecurity firm that deploys the Continuous Threat Detection platform to secure operational technology networks in manufacturing, energy, and utilities. The solution maps OT, IoT, and IIoT assets, detects anomalies, and manages vulnerabilities through integrations with SIEM systems from Splunk and ServiceNow. It serves clients including Fortune 500 industrials with passive monitoring and secure remote access controls. | Golub Growth | $150M | $3.0B | Series F | |
Dec-25 | Point Wild | | Point Wild is a New York-based holding company managing a portfolio of cybersecurity firms focused on device protection, online privacy, and identity theft prevention. It owns brands providing antivirus software, VPN services, and monitoring tools distributed through subscriptions and partnerships with retailers. Point Wild aggregates solutions from acquired companies to offer bundled protections for consumers in the US and Europe. | WndrCo | $150M | $1.7B | Undisclosed stage | |
Jan-26 | Torq |  | Torq is a Tel Aviv-based no-code automation platform for cybersecurity operations centers. Security teams build workflows integrating tools like Splunk, ServiceNow, and CrowdStrike to automate threat hunting, incident response, and remediation. Torq processes billions of security events daily, reducing mean time to response for enterprises facing ransomware and phishing attacks worldwide. | Bessemer Venture PartnersEvolution Equity Partners+5 | $140M | $1.2B | Series D | |
Jan-26 | Defense Unicorns | | Defense Unicorns is an Austin, Texas-headquartered software firm building open-source platforms for US national security. Its UMA (Unicorn Management Architecture) enables continuous integration/deployment of mission apps in air-gapped DoD networks, supporting Kubernetes on classified clouds like IL5. Adopted by US Air Force for ABMS and JADC2 programs, the technology deploys AI models at tactical edges. Founded in 2020 by ex-Palantir engineers, Defense Unicorns collaborates with AWS GovCloud and holds CMMC Level 3 certification. | Ansa CapitalAVP+5 | $136M | $1.0B | Series B | |
Dec-25 | 7AI | | 7AI is a cybersecurity company developing AI-powered defenses against digital threats for enterprises. The Israel-based firm provides autonomous detection, response, and resilience tools targeting advanced persistent threats and zero-day attacks in cloud and on-premises environments. | BlackstoneCRV+3 | $130M | $700M | Series A | |
May-26 | Exaforce | | Exaforce is an Agentic SOC platform featuring AI agents called Exabots and an advanced data exploration tool. It enhances SOC operations in alert triage, investigations, detection and response, and threat hunting for cybersecurity teams. | AICONIC VenturesHarbourVest Partners+4 | $125M | $725M | Series B | |
Mar-26 | Kai | | Kai is an agentic AI platform for autonomous cybersecurity task execution. The platform integrates vulnerability management, application security including SCA and SAST, identity security, log optimization, and threat detection. Kai handles threat modeling, controls mapping, cyber asset enrichment, shadow IT discovery, compliance automation, and SBOM exposure profiling while triaging vulnerabilities and generating remediation guidance. | Evolution Equity PartnersN47 | $125M | - | Series A | |
Mar-26 | Oasis Security | | Oasis Security is a cybersecurity firm developing non-human identity management platforms that detect, assess risks, and remediate vulnerabilities for machine identities like API keys and service accounts. The solution automates compliance with standards such as NIST and ISO 27001. Headquartered in Tel Aviv, Israel, it serves enterprises in finance and tech, integrating with AWS, Azure, and Kubernetes environments. | AccelCraft Ventures+2 | $120M | $700M | Series B | |
Dec-25 | Vega Security | | Vega Security is a cybersecurity provider offering services for real-time cyberattack detection across networks and endpoints. The company delivers monitoring solutions that identify intrusions and anomalies to prevent breaches. Based in Tallinn, Estonia, Vega Security serves businesses seeking robust defense mechanisms in the European market. | AccelCRV+2 | $120M | $700M | Series B | |
Dec-25 | Exein |  | Exein is an embedded cybersecurity provider for IoT and connected devices in automotive, industrial, and consumer markets. Its firmware-integrated platform delivers runtime threat detection, behavioral analysis, and automated response without hardware modifications. Compatible with FreeRTOS, Zephyr, and Linux, Exein offers SDKs and APIs for developers. Barcelona-headquartered, it partners with chipmakers like STMicroelectronics for edge security. | Blue Cloud VenturesGeodesic Capital+3 | $118M | $822M | Undisclosed stage |
VC investors active in cybersecurity
Y Combinator is the most active VC investor across cybersecurity, having invested in 44 startups in the last three years.
See all cybersecurity VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | DroneTectorBeesafe AIProtent+2 | 44 | Pre-seed | |
Sequoia Capital | | Sequoia Capital is a venture capital firm headquartered in Menlo Park, California, with operations in the United States, China, India, and Southeast Asia. Founded in 1972, it invests in seed through growth-stage companies across sectors like consumer internet, enterprise software, healthcare, and semiconductors. The firm has backed transformative businesses including Apple, Google, WhatsApp, Airbnb, Stripe, NVIDIA, and DoorDash, achieving landmark returns from initial public offerings and acquisitions. Sequoia Capital maintains separate funds for U.S., China, and India ecosystems, supporting founders in building enduring technology leaders. | CyeraZafran SecurityPrelude+2 | 35 | Series A | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | depthfirstOasis SecuritySurf AI+2 | 34 | Series A | |
Lightspeed Venture Partners | | Lightspeed Venture Partners is a Menlo Park-headquartered venture capital firm investing in seed through growth stages across enterprise software, consumer tech, and fintech sectors. The firm has funded companies like Snapchat, MuleSoft acquired by Salesforce for 6.5 billion dollars, and Rubrik. Lightspeed Venture Partners manages over 18 billion dollars across global funds, with offices in Silicon Valley, New York, Israel, and India. Its enterprise portfolio features ThoughtSpot and Thoughtworks. | Armadin SecurityCyeraDescope+2 | 33 | Series A | |
Ten Eleven Ventures | | Ten Eleven Ventures is a Menlo Park, California-headquartered venture capital firm founded in 2015 specializing in cybersecurity investments across seed to growth stages. It has raised over $1 billion across four funds and completed 40 deals, including KnowBe4, Darktrace, Cylance, and Ping Identity. The firm supports global portfolio companies with board seats and operational expertise in endpoint security, cloud protection, and identity management. | BlueFlag SecurityEclypsiumJazz+2 | 31 | Series A | |
Andreessen Horowitz | | Andreessen Horowitz is a Menlo Park-headquartered venture capital firm founded in 2009 that targets seed through late-stage investments in software infrastructure, consumer internet, enterprise applications, fintech, cryptocurrency, and biohealthcare. The firm has backed Airbnb, Coinbase, GitHub, Lyft, and Stripe, maintaining offices in San Francisco and Santa Clara. | EclypsiumStoïkAdaptive Security+2 | 31 | Series A | |
Alumni Ventures | | Alumni Ventures is a Manchester, New Hampshire-headquartered venture capital firm managing diversified portfolios for 10,000 accredited investors. Operations run 50 funds targeting seed through Series B stages in AI, biotech, and climate tech. Sourcing draws from 1,000 university alumni networks with co-investments alongside Sequoia and a16z across 1,400 portfolio firms. | Spectrum SecuritySpintlyRAPIDFORT+2 | 29 | Seed | |
Ballistic Ventures | | Ballistic Ventures is a San Francisco-headquartered venture capital firm founded in 2019 that invests exclusively in cybersecurity startups. The fund backs seed and Series A companies developing network security, cloud protection, and threat intelligence solutions. Its portfolio includes over a dozen firms like Snyk and Orca Security, leveraging partners' expertise from Palo Alto Networks and Cisco. | Above SecurityNativeArmorCode+2 | 28 | Series A | |
Cyberstarts | | - | Gambit SecurityUpwind SecurityVega Security+2 | 28 | Series A | |
Insight Partners | | Insight Partners is a New York-headquartered global venture capital and private equity firm specializing in software investments. The firm targets high-growth companies in enterprise software, SaaS, fintech, cybersecurity, and healthcare IT sectors. It provides capital, operational support, and talent placement to portfolio companies spanning seed through late-stage growth. Notable investments include DocuSign, Shopify, and Recorded Future. With offices across North America, Europe, Israel, and Asia, Insight Partners manages a diverse portfolio exceeding 800 companies. Founded in 1995, the firm emphasizes scaling businesses through dedicated teams for go-to-market strategies and mergers. | GitGuardianRecoTorq+2 | 27 | Series B |
Founders and investors we've worked with
We've supported winning builders across cybersecurity and beyond.
Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
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