At a glance.
- STG launches Skyhigh Security out of McAfee Enterprise.
- Island raises $115 million in Series B round.
Mergers and acquisitions.
Symphony Technology Group (STG) has launched Skyhigh Security, a cloud data security service that offers a Security Service Edge (SSE) platform. STG stated, "Earlier this year, STG announced it would be splitting McAfee Enterprise into two organizations—Trellix and Skyhigh Security—to better focus on the very distinct markets of Extended Detection and Response (XDR) and the SSE. At that time STG also announced that Gee Rittenhouse, who previously led Cisco’s cyber security business, would serve as CEO of the SSE business, bringing deep cloud security expertise."
Finnish cybersecurity firm F-Secure has spun off its enterprise-focused business as WithSecure. The company's consumer-focused business will retain the name F-Secure. The company stated, "During the past few years, the company transformed its corporate and consumer businesses operations into two strong businesses. The launch of WithSecure™ follows plans announced in February 2022 to separate into two companies, both with increased customer focus and relevancy along with clarified value propositions."
Booz Allen Hamilton has agreed to acquire Reston, Virginia-based mission-critical classified platform provider EverWatch. Booz Allen says that EverWatch's "specialized capabilities complement Booz Allen’s deep artificial intelligence (AI) and cyber portfolio, and will help Booz Allen to leapfrog technology development cycles and meaningfully accelerate the delivery of classified software development and analytics capabilities for national security clients."
Investments and exits.
Dallas, Texas-based Island, a company that offers a secure enterprise browser, has secured $115 million in a Series B round led by Insight Partners, with participation from existing investors Stripes and Sequoia Capital. The funding brings the company's valuation to $1.3 billion. Island's Island CEO and co-founder Mike Fey stated, "New investment from Insight Partners and increased investment from our original funding partners validates our product-market fit, accelerates our momentum, and highlights the huge opportunity in front of us."
San Jose, California-based Kubernetes management platform provider Spectro Cloud has raised $40 million in a Series B round led by Stripes, with participation from TSG and existing investors Sierra Ventures, Boldstart Ventures, WestWave Capital, T-Mobile Ventures, and Alter Venture Partners. The company stated, "With the new funding, Spectro Cloud plans to hire 50 new positions by the end of the year, including salespeople, marketing personnel, sales engineers, solutions architects, engineers and customer support — making the company’s current 24/7 customer support even more robust."
Denver, Colorado-based network security company Todyl has raised $28 million in a Series A round led by Anthos Capital, with participation from existing investors TechOperators, Blu Ventures, and StoneMill Ventures. Todyl says the "additional capital supports further development and expansion of the Todyl Security Platform." The company added, "Todyl is expanding with new Security Operations Centers (SOCs) in the US and internationally to further enhance its unparalleled MXDR service."
Pittsburgh-based application security testing company ForAllSecure has raised $21 million in a Series B funding round led by Koch Disruptive Technologies and existing investor New Enterprise Associates (NEA). The company says it "will use the infusion of capital to accelerate growth, increase headcount, and fuel product innovation, including a solution to secure the thousands of open source projects widely used by businesses around the world."
French vulnerability management platform provider Hackuity has emerged from stealth with €12 million ($13.2 million) in seed funding from Sonae IM, with participation from existing investor Caisse des Dépôts. The company stated:
"With an already-established market space and a proven product-market fit, Hackuity will now accelerate its core strategy along 2022 and 2023, including:
- "Build on its success in Europe and Asia and intensify its international go-to-market development, in all major markets
- "Reinforce its best-in-class engineering team, with a focus on diversity and inclusion
- "Maintain fast-paced development cadences and keep being a market reference for innovation and visionary thinking
- "Continue building a flagship global customer experience practice, further developing its buyer and user communities"
Tysons, Virginia-based cyber intelligence and threat defense startup ThreatBlockr (formerly Bandura Cyber) has raised $5 million in a funding round led by Gula Tech Adventures, Tenfore Holdings, Saul Holdings, and Lord Baltimore Capital Partners. The company says it "will be using the latest round of funding to continue growing the team and expanding the platform." ThreatBlockr has also added George Just as Chief Revenue Officer and Courtney Brady as Vice President of Marketing.
Where business is done.
UK-based cybersecurity services firm Bridewell Consulting has opened an office in Houston, Texas. The company stated, "With an office strategically located in Houston’s Energy Corridor in Texas, the move enables Bridewell to better serve the needs of its existing client base in the US, many of whom the company already serves from the UK. It will also enable Bridewell to secure new clients in the region and provide a springboard for further growth across North America, in a marked effort to become a globally recognised cyber security services firm."