The importance of cybersecurity hasn’t always been clear to business leaders, but the past few years have certainly brought home how imminent threats could ruin their companies.
Corporate chieftains have reason to be worried about their digital defences. The pandemic has brought home a new era of remote working.
Remote work means that professionals now rely on using personal devices for work purposes outside of their offices. This raises the risk of data leaks and breaches from laptop-wielding larcenists, IT management company Core wrote in a recent blog.
Add to that the ongoing Russia-Ukraine war, which is also fought online, could spill over to other countries and its clear that cyberthreats are becoming increasingly dangerous.
That’s where cybersecurity companies comes in. Research firm GlobalData defines cybersecurity as “the body of technologies, processes and practices designed to protect networks, computers, programs and electronic data from attack, damage or unauthorised access.”
Cybersecurity deals dropped in 2022 after a record year in 2021
Having weak digital defences could lead to multi-million fines, damaged reputations and, if companies are ill-advised to pay up, hefty ransoms. With the hackers constantly probing businesses’ digital defences, it’s clear they need strong cybersecurity.
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No wonder then that the number of cybersecurity deals carried out each year has grown steadily over the past five years, according to data from GlobalData.
Back in 2015, the industry secured $85bn across 496 deals. There was then a major drop in 2016, which saw the industry receive $16bn across 530 cybersecurity deals. Those figures continued to skyrocket over the next few years which led to the industry peaking in 2021 when it secured $91bn across 889 deals.
This year cybersecurity deals suffered another major drop. As of now, the industry has received $32bn of cash injections across 612 deals so far in 2022.
Like we said at the top, however, cybersecurity has become all the more important this year – with Putin's fierce war and society readjusting to life after the pandemic. This is reflected in the top 10 cybersecurity deals in November we think you need to see. These were the biggest deals from November recorded on the GlobalData technology deals database.
Beekeeper bags $50m in Series C
Frontline success system Beekeeper is an example of a company that enjoyed a good pandemic. The venture claims that it more than doubled its revenues during the course of the pandemic.
In an effort to avoid losing momentum, Beekeeper bagged $50m in a Series C round in November.
New investors like EGS Beteiligungen and Kreos Capital joined the round alongside existing investors Energize, Thayer, SwissCanto, Keen Ventures, Alpana Ventures, Edenred Capital and Verve Capital.
Beekeeper said it planned to use new capital to grow, continue to invest in product development and establish its leadership in the frontline success category.
“The disconnect between employers and their frontline employees is at an all time high, causing staff shortages and burnout that comes at a hefty economic price,” said Cristian Grossmann, co-founder and CEO of Beekeeper, in a statement.
“This round of investment validates Beekeeper’s mission to tackle this disconnect and overcome the crippling status-quo it creates. Our mobile-first, frontline success system connects workers to the people, processes and information they need to be productive, engaged, and safe at work. This new way of working gives our customers an unmatched competitive advantage during challenging times.”
Privy Identitas Digital secures $48m in series C funding led by KKR & Co
Privy Identitas Digital, a know-your-customer services provider, secured $48m in a Series C funding round in November. The Indonesian startup will use the capital to expand into international markets and further scale its operations.
Investment firm KKR led the raise. MDI Ventures, GGV Capital and Telkomsel Mitra Inovasi as well as new investor Singtel Innov8 also participated in the raise.
“We are thrilled to welcome KKR as among our new investors," Marshall Pribadi, CEO and co.founder of Privy, said in a statement. "Their participation in this latest fundraise, alongside the continued support by our existing investors, is testament to the progress we have made over the course of Privy’s journey, and the conviction in our long-term vision of building digital trust through our platform and the potential of Indonesia’s digital transformation.
"With their support and global experience, combined with the support of our existing investor MDI Ventures, GGV Capital, and TMI, who have played an important role in helping us to achieve our success so far, Privy is well-placed to innovate further with new offerings and stronger capabilities and build a strong foundation for overseas expansion.”
Bishop Fox secures additional $46m
Bishop Fox, the offensive security company, bagged $46m in growth funding in November. Westcap led the raise into the Arizona-based venture. with additional contributions from NextEquity Partners and Rockpool Capital.
The funds added to the $75m cash injection Bishop Fox recieved from Carrick Capital earlier this year, bringing the total funding for the round to $129m, according to VC News Daily.
Bishop Fox has raised more than $154m in lifetime funding, including a $25m Series A investment from Forgepoint Capital, the publication wrote.
The cybersecurity company has been providing continuous pen testing, attack service management and security assessments for the better part of two decades.
“Bishop Fox has an 18-year track record of identifying the most sophisticated attack vulnerabilities on behalf of some of the world’s most renowned brands," said Kevin Marcus, partner at WestCap.
"Their ability to continuously monitor attack surfaces is especially timely given today’s backdrop of increasing frequency of attacks and costly data breaches.”
The funding will be used to accelerate Bishop Fox’s expansion of their award winning Cosmos platform, as well as aid the development of a new generation of cyber talent.
MedCrypt raising $25m in funding for medical devices
MedCrypt, a cybersecurity solution provider for medical devices, received $25m in a Series B funding round in another November deal.
The round was made up of investments from Intuitive Ventures, Johnson & Johnson Innovation, and participation by institutional investors Section 32, Eniac Ventures, Anzu Partners and Dolby Family Ventures.
MedCrypt currently provides a range of security features and services for seven of the top 10 medical device manufactures – including startups and mid-sized companies.
"We're honoured to be backed by some of the biggest venture funds in healthcare who understand and support our mission to provide proactive cybersecurity solutions that will help create a more secure future,” said Mike Kijewski, MedCrypt CEO.
This round of funding brings the company’s total so far to $34.4m.
Red Points secures $20.7m in venture funding
Red Points Solutions, a developer of software for protecting intellectual property rights that eliminates and recovers contents, secured $20.7m in venture funding in November.
Iris Capital backed the raise together with existing investors Summit Partners and Eight Roads.
The Spain-based developer will be using the funds to further advance its technology for detecting online fraud.
“The OECD estimates that counterfeit goods cost the global economy over €450bn a year, and this is just one of many rising threats that brands and consumers face in digital," Laura Urquizu, Red Points’ CEO and president, said in a statement.
"Red Points enables companies to bring back revenue and brand equity lost to fraud, and this new funding will help us accelerate the adoption of the technologies that make it happen effectively.”
Eye Security secures $17.65m in venture financing
European-based cyber security company, Eye Security, received $17.65m in venture financing in November.
Eye Security offers rapid insurance and cyber security to businesses across Europe, where they currently have multiple offices and over 70 employees.
The funds come from a new financing round led by the prominent global venture capital firm Bessemer Venture Partners.
“The Eye Security team bridges this gap by bringing a depth of expertise that these businesses wouldn’t be able to implement on their own,” said Alex Ferrara, partner at Bessemer Venture Partners.
“We look forward to partnering with Eye Security in their mission to protect small and medium-sized businesses against cyber risk.”
The funds will be used to execute Eye Security’s expansion plan and to push further forward with the company’s mission to lower the cyber security risk in Europe.
Dust Mobile receives $12.4m in financing
Dust Mobile, a mobile cyber-defense operator based in Belgium, received $12.4m in funding led by the Defense Innovation Fund in another November cybersecurity deal.
The company was found in 2017 and offers protected and resilient mobile communication in support of businesses, critical operations and organisations all over the world.
Dust Mobile will use the funds to accelerate its development in Europe, France and further afield, strengthening its operational and commercial resources.
Darwinium receives $10m in venture financing from two Australian venture capitalist firms
Customer protection platform Darwinium received a seed funding round of $10m from Blackbird and Airtree, two Australian-based VC firms.
The funding round will reportedly be used by Darwinium to elevate its global launch into the security and fraud sector.
It comes as additional funding was supported by several promin ent angel investors including Naval Ravikant and Jeff Fagnan.
Secuchart Global recieves $5.74m in venture financing
Secuchart Global, a South Korea anti-phishing and blockchain ranking service business, secured $5.74m in venture financing from BNK Capital and Coentree Investment.
The company will be using the funds to focus on solving new trends and problems.
Predimya (Bfore.AI) receives $3.98m in series A financing
Bfore.AI, a predictive cybersecurity solution provider, received just under $4m in series A funding in November.
The company said they will be using the funds to continue pushing forward with the world’s first and only suite of predictive cybersecurity solutions.
Bfore.AI secured funding from early-stage venture capital firms Karma VC and Karista, as well as a number of angel investors.
“We are energised by the interest and support demonstrated by investors who share our passion to make the world safer, and this funding enables us to offer more organisations the opportunity to get ahead of cyber threats in a time where humans can no longer keep pace with the speed of machine-enabled attacks," said Luigi Lenguito, CEO of Bfore.Ai.
DroneShield secures $2.46m in private placement of shares
DroneShield, a provider of artificial intelligence systems for counter drone technology, received $2.46m in funding from a private placement of shares.
The company said they intend to use the funds to scale up inventory, as well as rapidly fulfil the backlog of anticipated orders.
GlobalData is the parent company of Verdict and its sister publications.