Investments and insights.
$639M RAISED | 11 DEALS | 6 COUNTRIES
- Upwind Security has raised $400 million in Series C funding led by Bessemer Venture Partners.
- Blackwall (formerly BotGuard) has raised $100 million in a Series C round led by AVP.
- Infisical has raised $40 million in Series B funding led by Elad Gil.
- Mave has emerged from stealth with $34 million in Series A and seed funding.
- iVerify has raised $17 million in funding from Sands Capital, Entropy Ventures, and others.
- Modelyo has raised $17 million in funding led by OlivTree.
- Ultra Security has emerged from stealth with $10 million in seed funding.
- Indurex has raised €7 million (US$7.8 million) in funding led by Contrarian Ventures.
- Northstar Security has emerged from Stealth with $7 million in seed funding led by Wing Venture Capital.
- QuestorAI has raised $3 million in seed funding led by Paladin Capital Group.
- Cygrid has emerged from stealth with €2.66 million (US$3 million) in pre-seed funding led by Atlantic.
San Francisco-based cloud security firm Upwind Security has raised $400 million in Series C funding led by Bessemer Venture Partners, with participation from Greylock Partners, Cyberstarts, Craft, Salesforce Ventures, Alta Park, Picture Capital, Swish Ventures, Cerca Partners, TCV, Penny Jar, Leaders Fund, and Canapi Ventures. The company says the funding “will fuel our product and engineering growth in building the platform that will secure cloud & AI infrastructure for the world in the AI era.”
Estonian web traffic management and DDoS mitigation startup Blackwall (formerly BotGuard) has raised $100 million in a Series C round led by AVP, with participation from existing investors Dawn Capital, MMC Ventures, and Tera Ventures. The company says it “will use the investment to scale its global presence across the web traffic management market, establishing and expanding operations across 12 strategic regions spanning North America, Europe, Asia-Pacific and the Middle East.”
San Francisco-based agentic AI security startup Infisical has raised $40 million in Series B funding led by Elad Gil, with participation from Gradient, Y Combinator, and others. The company says it “will use the new funding to accelerate product development, expand its engineering and go-to-market teams, and build out its security infrastructure for AI agents as enterprise adoption increases.”
Israeli SecOps platform Mave has emerged from stealth with $34 million in funding. The company’s $28 million Series A was led by Red Dot Capital Partners with participation from Lumir Growth Partners, while its $6 million seed round was led by Dell Technologies Capital and Emerge Ventures. The company stated, “The funding will help us deepen our AI research, expand the platform’s capabilities, and grow our global presence. We also plan to more than double our team, with hiring focused on AI research and go-to-market.”
Belfast-based mobile endpoint detection and response company iVerify has raised $17 million in funding from Sands Capital, Entropy Ventures, NAventures, National Bank of Canada’s corporate venture arm, Morgan Stanley, and United Airlines Ventures. The company says the funds “are earmarked to help the company scale operations as it handles an influx of interest from businesses that are responding to the fallout from AI-enabled cyberattacks and looking for an enterprise-wide solution able to handle myriad new mobile threats they are facing.”
Israeli confidential cloud provider Modelyo has raised $17 million in funding led by OlivTree. According to CTech, “the funding will support research and development of the company’s confidential cloud platform and expansion of its international commercial operations.”
Detroit-based agentic security platform Ultra Security has emerged from stealth with $10 million in seed funding from Ludlow Ventures, Hidden Capital, Entrée Capital, Detroit Venture Partners, firedrop, FDVC, and angel investors.
Amsterdam-based ICS security company Indurex has raised €7 million (US$7.8 million) in funding led by Contrarian Ventures, with participation from Axeleo Capital and Curiosity. The company says the funding “will be used for R&D, and to build out Indurex’s commercial capabilities, with Europe and the Middle East as priority markets ahead of expansion into the United States (US) and Asia-Pacific (APAC).”
San Francisco-based security data context platform Northstar Security has emerged from Stealth with $7 million in seed funding led by Wing Venture Capital. The company says the funding “will accelerate product development, team expansion and go-to-market efforts.”
Seattle-based application security company QuestorAI has raised $3 million in seed funding led by Paladin Capital Group, with participation from Denver Ventures. The company says the “funding will be used to accelerate development of QuestorAI’s AI-powered analysis and autonomous remediation platform, expand its work with enterprise design partners, and grow the team as the company moves toward broader availability.”
Berlin-based identity enforcement platform Cygrid has emerged from stealth with €2.66 million (US$3 million) in pre-seed funding led by Atlantic, with participation from d11z and angel investors. The company says the funding “is being used to expand the platform’s enforcement capabilities, grow the team, and scale go-to-market across Europe and beyond.”
Mergers and acquisitions.
3 DEALS | 3 COUNTRIES
- Tegria has acquired Massachusetts-based cybersecurity and cloud hosting provider CloudWave.
- Forte Technologies has acquired Illinois-based MSSP Business Cyber Security Solutions.
- Aikido Security has launched Noon, a workforce security business built on the acquisitions of Poland-based Cyberly and Belgium-based Outkept.
Spokane, Washington-based healthcare services and solutions company Tegria has acquired Massachusetts-based cybersecurity and cloud hosting provider CloudWave. The company stated, “The acquisition expands Tegria’s hosting and infrastructure capabilities while integrating CloudWave’s security operations center (SOC) expertise into Tegria’s managed services portfolio. Clients will benefit from expanded resources, broader technical capabilities, and accelerated innovation, while maintaining uninterrupted service from their trusted teams.”
Texas-based managed IT provider Forte Technologies has acquired Illinois-based MSSP Business Cyber Security Solutions, which now operates as Forte Cyber Assurance. The company stated, “With this acquisition, Forte, a portfolio company of Broadwing Capital, expands its cybersecurity and compliance capabilities, including a dedicated CMMC practice for the defense industrial base.”
Belgian developer security company Aikido Security has launched Noon, a workforce security business built on two acquisitions Aikido completed in September 2026: Poland-based Cyberly and Belgium-based Outkept. The company stated, “Together, Cyberly and Outkept bring established international customer relationships and a strong foundation for Noon’s growth, with additional opportunities across Aikido’s existing customer network.”
Executive moves.
NCC Group has named Guy Ellis as CEO, succeeding Mike Maddison. Ellis previously served as the company’s CFO, and the company has named Andy Beaver as Interim Chief Financial Officer to fill his role.
Noma has appointed Bobby Shoker as Chief Financial Officer and Alberto Rodrigues as Chief Customer Officer. Shoker most recently served as CFO of Veza, while Rodrigues previously served as Chief Customer Officer at Oligo Security.
Neo has appointed Scott Stout as Chief Revenue Officer. Stout previously served as Chief Revenue Officer of Cisco Security.
Darktrace has named Issy Richards as Chief Product Officer and Stephen Pickman as Chief Technology Officer. Richards previously served as Darktrace’s Interim Senior Vice President of Product, while Pickman most recently served as the company’s Senior Vice President of Engineering.
Cequence Security has hired Russ Schafer as Chief Marketing Officer. Schafer previously served as Executive Vice President of Marketing at Fortinet.
General Intuition has appointed Michael Casper as Chief Information Security Officer. Casper previously served as CISO at OKX.
Sonoco has named Frank DePaola as Vice President and CISO. DePaola previously served as Vice President, Chief Information Security & Privacy Officer at Enpro.
KnowBe4 has hired Brendan Nesheim as VP of Digital and Commercial Customer Success.