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Cybersecurity

Market Review
Q3 • 2017

Advice. Capital. Access.


Momentum Partners at Rethink Cyber NYC 2017
October 30th • New York City

Notable Speakers
Matthew Devost Bob Blakley
Managing Director Global Head of Information Security
Innovation, Citigroup

Rick Echevarria Tim Booher


VP & General Manager, Intel Platforms CISO, Colgate-Palmolive Company
Security Division

Shachar Levy Dan Dinnar


Founder & CEO, Sygnia Co-Founder & COO, Hysolate

General Keith Alexander Sean Joyce


Founder & CEO, IronNet Cybersecurity Former Deputy Director of the FBI
Former Director, NSA, Former
Commander, U.S. Cyber Command

Notable Attendees
Nadav Zafrir Louis Modano
CEO, Team 8 SVP, CISO & Global Head of
Former Commander, Unit 8200 Infrastructure Services, Nasdaq

Miguel A. Gamiño Jr. Dino Boukouris


Chief Technology Officer, Director & Founding Member,
8 CYBER DEVELOPMENTS EVERY CIO & CISO SHOULD KNOW City of New York Momentum Partners

Monday, October 30, 2017 Sponsors


3:30pm – 9:00PM Nasdaq MarketSite
4 Times Square

2
TRANSACTION
ANNOUNCEMENT
Has Been Acquired By

Exclusive Strategic &


Financial Advisor To Cyphort

Advice. Capital. Access.

August 31, 2017


Juniper Networks Acquires Cyphort
Momentum Partners Advises Cyphort On Its Acquisition By Juniper Networks.

Transaction Overview Recent Cybersecurity AI-Driven & Analytics M&A


▪ On August 31, 2017, Cyphort, Inc. (“Cyphort”) announced it had entered into a definitive
Date Target Acquirer TV ($M)
agreement to be acquired by Juniper Networks (“Juniper”)
▪ The acquisition is subject to customary closing conditions and expected to close by the end
of September 08/31/17 NA*
▪ Headquartered in Santa Clara, CA, Cyphort was founded in 2011 and provides a Security
Analytics and Mitigation Platform for Advanced Threat Defense
Has Been Acquired By
− Cyphort is the only comprehensive Advanced Threat Protection platform, for on-
prem and cloud across Web, Email, Lateral Spread, File & CASB upload 08/28/17 NA*
− Cyphort’s machine learning and behavioral analytics target the SIEM “gap” by
combining detection and analytics on raw data and ingested 3rd party sources
− Investors included Sapphire Ventures, Foundation Capital, Matrix Partners, Trinity
Ventures, Zouk Capital and Dell Technologies Capital 06/08/17 100.0
Transaction Significance

Exclusive Strategic & ▪ Acquisition strengthens Juniper’s leadership position in the next-gen firewall market and is
Financial Advisor To Cyphort a critical addition to Juniper’s Software-Defined Secure Network vision 02/28/17 105.0
▪ Cyphort will integrate into Juniper’s Sky ATP platform to provide customers with improved
performance, an increased range of supported file types and additional threat detection
capabilities
▪ Cyphort marks Juniper’s return to Cybersecurity M&A after an over 4 year absence 02/08/17 120.0
Momentum’s Role
▪ Momentum Partners served as exclusive strategic and financial advisor to Cyphort
August 31, 2017 ▪ This transaction demonstrates Momentum's continued success advising innovative, next- 02/01/17 40.0
generation Cybersecurity companies and furthers the firm's leadership position as the ‘go-
to’ advisor exclusively focused on Cybersecurity

* Transaction Values were not disclosed at the time of announcement.


4
Table of Contents
A Comprehensive Review Of The Cybersecurity Strategic Landscape In 3Q17.

I. About Momentum Partners 6


▪ The Premier Cybersecurity Advisors ▪ Thought Leadership In Cybersecurity
▪ Highly Focused On The Cybersecurity Sector ▪ Momentum’s Vast Cybersecurity Network & Reach
▪ Prolific M&A Advisory Experience ▪ Why Momentum Partners
▪ Balanced & Highly Experienced Advisors
II. Executive Summary 14
▪ 3Q17: Market Update & Observations ▪ Cybersecurity Multiples Have Begun To Increase After Their Rerating
▪ The Cybersecurity Dashboard: 3Q17 ▪ CYBERscape
▪ A Summary of Recent Strategic Activity in Cybersecurity
III. Cybersecurity Industry Perspectives 20
▪ In Focus: Data Breaches On The Rise ▪ In Focus: Strategic Next Gen MSSP Interest Has Accelerated
▪ In Focus: The Cybersecurity Skills Shortage ▪ In Focus: 3Q17 Cybersecurity Investor Spotlight

IV. Public Company Trading Analysis 25


▪ Cybersecurity Sector vs. Benchmark Performance ▪ Public Company Trading Analysis
▪ Correlation Of Value To Growth & Profitability Continues To Decline… ▪ Public Company Trading Analysis: Operating Metrics
▪ …While Growth Continues To Become More ‘In Vogue’
V. Momentum’s Watch List 32
▪ Q3 2017 Watch List ▪ Momentum’s Watch List Outperforms

VI. M&A Activity In Cybersecurity 37


▪ Cybersecurity M&A Activity ▪ Highlighted M&A Transactions
▪ Notable M&A Transactions
VII. VC Activity In Cybersecurity 62
▪ Financing Activity Since 2010 ▪ Venture Capital Activity >$10M
▪ Cybersecurity Startups & Investors ▪ Highlighted Fundraising Activity

5
I. About
Momentum
Partners
The Premier Cybersecurity Advisors
Enterprise Class Advice. Aligned With The Entrepreneur.

The Firm The Founders Empathy


Momentum Partners is a boutique
Michael Tedesco
Cybersecurity focused Investment Founder & Executive Chairman Objectivity
20+ Years M&A and Board Advisory Across
Bank based in Silicon Valley with Enterprise IT, Board Member, & Investor
operations globally. We employ a Action
bespoke high-impact advisory model Eric McAlpine
tailored to the unique needs of earlier Founder & Managing Partner
15+ Years Board/CEO Advisor, Tenacity
stage Founders/CEOs and the Cybersecurity & Enterprise Software

complexity of later stage/Public Innovation


companies – Series A to Exit – where Keith Skirbe Dino Boukouris
we are relentless in our pursuit for Director Director
Long Term Loyalty
better outcomes for our clients.
Momentum Partners

200+ Deals $200+ Billion


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

7
Tremendous M&A Track Record In Cybersecurity
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 acquired by Board Advisory acquired acquired acquired by acquired


&
Corporate Strategy

Security Cloud Secure Cloud Threat SaaS / Mobile Endpoint MDM


SIEM
Analytics Security Orchestration Intelligence Security Security
Undisclosed Undisclosed Undisclosed $220M $65M Undisclosed Undisclosed

acquired by acquired acquired acquired by acquired by Strategic acquired acquired


Financing
&
Share Buyback
Network / Web Network Email Vulnerability SaaS / Email Managed Security Intrusion
Security Security Security Management Security Services Detection
$465M $295M $273M $86M $695M $2.0B $145M $135M

8
Prolific Technology M&A Advisory Experience: 200+ Deals For Over $200+ Billion
Highly Experienced At Executing Transactions Of All Sizes Across All Enterprise IT Sectors For Two Decades.
Client Counterparty Transaction Amount ($M) Client Counterparty Transaction Amount ($M) Client Counterparty Transaction Amount ($M)

Merger 25,000 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

Sellside 1,900 Sellside 327 Dual Track 97

Buyside 1,700 Buyside 295 Sellside 86

Buyside 1,600 Buyside 273 Buyside 75

Wireless Solutions Divestiture 1,400 Sellside 245 Buyside 65


Business

MOE 1,300 Buyside 230 Buyside 63

Sellside 1,000 Buyside 220 Buyside 61

Database Sellside 1,000 Sellside 219 Cable Access Divestiture Undisclosed


Business Business

Buyside 900 Sellside 205 Sellside Undisclosed

Buyside 710 Sellside 200 Management Buyout MBO Undisclosed


An EDS Company
Sellside 695 Sellside 180 Sellside Undisclosed

Sellside 593 Sellside 178 Sellside Undisclosed

Buyside 500 Sellside 170 Sellside Undisclosed

9
Balanced & Highly Experienced Advisors
A Bespoke, High-Impact Advisory Boutique For Discerning Clients Seeking Better Outcomes.

Our Advisory Services Our Balance


▪ Mergers & Acquisitions
- Sellside 30% 32%
Advice.
- Buyside
- Divestitures 38%
- Joint Ventures
- Dual Process (+ Cap Raise)
Capital.
<$150M $150M - $500M $500M+

▪ Valuations & Fairness Opinions 13%

39%

▪ Private Capital Formation


48%

▪ Corporate Strategy & Development


Access.
Buyside Sellside Other
▪ Partnerships & Business Development
Median Deal Size: $230M

10
Thought Leadership In Cybersecurity
Momentum’s Team Is Dedicated To Providing Thought Leadership In Addition To Our Dealmaking & Advisory Services.

Industry Research Sector Research Landscape Reviews

11
Momentum’s Vast Cybersecurity Network & Reach
A Unrivaled Global Network of Buyers, Innovators, Investors, & Security Professionals.

Executives Investors

7,500+ 1,800+

Companies CISOs

2,500+ 750+

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Why Momentum Partners?
Advice. Capital. Access.

I. Advice. II. Capital. III. Access.


Mergers & Acquisitions Early To Late Stage Typically Executives
at Inflection Point
Chief Security Officers
Capital Formation
Special Situations Board Members & Investors
Corporate Strategy & Policy Influencers
Corporate Development Proprietary Deal Flow
Entrepreneurs
Board Advisory Syndicate Investments Via Network Deal Makers

Mass. Velocity. Momentum.

Our extensive Cybersecurity network and ecosystem reach combined with our deep
mxv=p domain expertise will drive successful outcomes for our clients and investments.

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II. Executive
Summary
3Q17: Market Update And Observations
Venture Capital & M&A Both Experienced A Continuous Increase In Activity Through 3Q17.
Top 5 Movers 3Q17
▪ Public market valuations for Cybersecurity continue to increase since their rerating a year ago from ’The Peak’ in
June 2015, with a median TTM Revenue Multiple of 4.3x, up 45% compared to June 2016 lows
Valuations ▪ High Growth Cybersecurity public comps were up 9% during the quarter, while our Low Growth Cybersecurity
33% 28%

comps were up 8%, relative to the NASDAQ which was up 6%, the S&P 500 which was up 4% and the HACK 27%
index which was up by less than 1% 18% 39%

▪ Cybersecurity M&A activity intensified through 3Q17 with announced M&A volume totaling $2.5B (38 transactions)
Exits: M&A & ▪ Notable M&A transactions during Q3 included SAP acquisition of Gigya ($350M), Digicert acquisition of Symantec’s
Web Security Business ($950M), Symantec acquisitions of Fireglass ($225M) & Skycure ($200M), Warburg Pincus
IPO Activity acquisition of eSentire ($150M), and Core Security (Backed By K1) acquisition of SecureAuth ($225M) IPO Pipeline
▪ ForeScout filed for its IPO on October 2 while Carbon Black has confidentially been on file since September 2016 Filed for IPO Filed Confidentially
on 10/2/17 on 09/30/16

▪ Q3 saw a continued increase in funding by $ amount and transactions, totaling $1.4B across 76 transactions; This
represents the 2nd largest funding quarter by number of transactions since 3Q16 (80 transactions) and the 3rd largest
Investment quarter by $ volume since 1Q16 ($1.7B invested) StackRox

Activity ▪ 4 transactions over $50M: BlueteamGlobal ($125M), ForgeRock ($88M), Druva ($80M), and DarkTrace ($75M)
▪ 46% of deals were early stage (Seed to Series A), with a median amount raised of $4.6M; the remainder consisted of
late stage (Series B+) with a median amount raised of $22.5M

▪ Strategic interest in next-gen MSSP/MDR has accelerated and is attracting interest from traditional MSSPs, new
entrants to the space including IT service providers, professional services/consulting firms, and other global players
with no current presence in the security services sector as well as VCs and private equity firms
Industry ▪ Gartner’s Top Cybersecurity trends for 2017 and 2018 include: (1) Cloud Security becomes a top priority for many,
Observations (2) shift from Protection and Prevention to Detection and Response, (3) DevOps transitioning to DevSecOps with a
focus on security, (4) security skill sets are scarce, resulting in negative unemployment rates and an increased focus
on data science and analytics skill sets, and (5) digital ecosystems drive next generation security with a focus
on safety, reliability and privacy

15
The Cybersecurity Dashboard: 3Q17
$3.5 Billion 210 $7.8 Billion 108
Financing Volume YTD Financing Transactions YTD M&A Volume YTD M&A Transactions YTD

Notable Financing Transactions Financing Activity Monthly Deal Count Pulse M&A Activity Notable M&A Transactions
Financing M&A
35 $19.4
Date Company Amount ($M) $4.3
30 Target Acquirer Amount ($M)
$3.5
25
06/07/17 125 20 1,527
$7.8
15
08/04/17 125 10 >1,100
5
06/21/17 100 0 950
Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17
2016 2017 YTD 2016 2017 YTD
Volume ($B) Volume ($B)
06/06/17 100 Public Comps M&A EV / Rev Multiples 614
267 137
Max 9.1x
Max 8.6x 4.9x
05/25/17 100 210 4.6x 108 400
Median 4.3x

Median 4.2x
05/17/17 100 350
Min 1.4x
Min 0.9x
04/05/17 89 225
2016 2017 YTD 2016 2017 2016 2017 YTD 2016 2017 YTD
09/05/17 88 (EV / 2016E Rev) (EV / 2017E Rev) 200
# of Deals (Median EV / LTM Rev) # of Deals
Multiple as of 09/30/16 Multiple as of 09/30/17

Specialized Threat Analysis & Protection


Financing Activity M&A Activity
Identity & Access Management
7 5 33 61 7 12 7 10
Threat Intel / SecOps / IR 15 30 13
13 5
Cloud Security 15 23
4 6 12
Data Security 5 24 14
Mobile Security 12 7
Endpoint Security 27 2016 2017 YTD 26 2 2016 2017 YTD
8 3 10
Fraud Prevention / Transaction Security Total: 267 Total: 210 7 Total: 137 11 Total: 108
Application Security
34
16 7
Risk & Compliance 3
18 9
Web Security 14 18 19 6
15
Industrial / IOT Security 8 8 13 4
14 3
Network Security 13 30 12 17 5 4 6 5 4 7
4
Messaging Security
MSSP
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)

Filed on Filed Confidentially


9/17: $350M / NA 8/17: NA / NA 8/17: NA / NA 8/17: $950M / NA 9/17: $27M / $68M / B 9/17: $26M / NA / C 9/17: $88M / $559M / D 10/2/17 on 9/30/16

4/17: IPO: $187M

7/17: $200M / NA 7/17: $225M / NA 5/17: $100M / NA 5/17: $120M / NA 8/17: $125M / NA / PE 9/15: Series F: $75M
7/17: $35M / NA / A 7/17: $75M / $750M / D
6/14: Series E: $75M
9/13: Series D: $27M
12/12: Series C: $25M $229M
8/11: Series B: $17M
2/10: Series A: $10M
4/17: $215M / 7.2x 3/17: $614M / 6.1x 2/17: $400M / NA 2/17: $105M / 10.5x 7/17: $28M / $75M / C 6/17: $125M / $1.1B / D 6/17: $100M / $425M / E

4/16: IPO: $112M


Dell Spinoff

2/17: $120M / 4.8x 1/17: $1.1B / NA 12/16: $1.9B / 2.0x 11/16: $650M / 6.5x 6/17: $100M / NA / D 5/17: $100M / $3.7B / Venture 5/17: $100M / $925M / D

9/16: Secondary Offering: $66M


11/15: IPO: $78M
9/12: Series C: $62M
1/10: Series B: $21M $91M
12/08: Series A: $8M
11/16: $2.4B / 3.6x 9/16: $NA / NA 9/16: $1.3B / 3.5x 9/16: $4.2B / 2.0x-2.5x 4/17: $89M / $211M / F 3/17: $12M / NA / B 3/17: $15M / $110M / D

7/15: IPO: $103M


12/14: Series D: $30M
11/11: Series C: $50M
$89M
7/16: $1.5B / 3.4x 9/16: $488M /3.7x 6/16: $293M / 10.0x+ 6/16: $4.7B / 7.9x 2/17: $40M / $158M / C 1/17: $70M / $140M / C 1/17: $45M / $170M / C 2/10: Series B: $2M
9/08: Series A: $7M

6/15: IPO: $553M


6/16: NA / NA 6/16: $600M / NA 2/16: $100M / NA 2/16: $45M / NA 11/16: $60M / NA / C 11/16: $31M / NA / C 9/16: $40M / $300M / D 5/02: Minority: $60M
$64M
9/98: Venture: $4M

Source: Capital IQ, 451 Group, Crunchbase, TechCrunch.


Momentum Partners maintains a proprietary Cybersecurity M&A deal database. 17
Cybersecurity Multiples Continue To Increase After Their Rerating A Year Ago
Public Market Valuations For Cybersecurity Continue To Increase Since Their Rapid Decline From ‘The Peak.’

Max 14.8x Company EV/2016E Revenue EV/2017E Revenue % Change


Today
2.7x 6.5x 138.9%
51.0%
Reduction The Trough Max 9.1x 3.0x 6.6x 121.8%

2.5x 4.8x 93.2%


Max 7.3x
4.2x 7.3x 73.1%
25.5%
Increase 2.1x 3.4x 65.5%

Median 8.5x 2.7x 4.3x 57.6%

1.9x 2.9x 52.8%

1.0x 1.4x 39.4%


65.0%
Reduction Median 4.3x 7.0x 9.1x 29.5%

3.2x 4.0x 24.3%

2.9x 3.5x 18.9%


Median 3.0x
44.5% 7.3x 7.6x 4.5%
Increase
6.9x 6.8x 0.9%

3.5x 3.4x 2.9%


Min 2.4x
6.6x 6.4x 3.4%
EV / 2015E Revenue 39.4%
Multiple as of 6/23/15* 56.2% Increase 3.7x 3.6x 4.1%
Reduction Min 1.4x
2.4x 1.9x 18.4%
The Peak Min 1.0x
EV / 2017E Revenue
Multiple as of 9/30/17 6.6x 4.6x 30.3%
EV / 2016E Revenue
Multiple as of 6/30/16
2.5x 1.7x 31.5%

* Date Cybersecurity ETF Index HACK hit all-time high.


Note: Excludes OKTA given its 2017 IPO. 18
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

Managed Security Service Provider Web Security Messaging Security

Risk & Compliance Security Operations & Incident Response Data Security Mobile Security
SIEM

Threat Intelligence

Security Incident Response Identity & Access Management Cloud Security

Industrial / IoT Security Specialized Threat Analysis & Protection

Fraud Prevention / Transaction Security

Source: Momentum Partners


III. Cybersecurity
Industry
Perspectives
In Focus: Data Breaches On The Rise
After A Record Year For Breaches In 2015, The Pace Followed In 2016 And Into 2017.

Australian
MySpace Median Time of Compromise to Discovery
Friend Finder Weebly Verizon
Immigration

ClixSense
Equifax
Department
Carefirst
164,000,000 All Mandiant External Internal
AshleyMadison.com British
Airways
145,500,000 Network US Office of
Personnel
Wendys Investigations Notification Discovery
Experian / T- 415,000,000 Management
99 days 107 days 80 days
mobile Hacking
Banner Health Team
IRS MSpy
CarPhone Premera TalkTalk Red Cross Source: 2017 Mandiant M-Trends Report
3,700,000 Warehouse
Telegram
Slack Mail.RU
US Office of
Personnel
How Compromises Are Being Detected
Staples 25,000,000
Community Securus
Zomato Health Technologies Management Uber
Sony Pictures
Services
JP Morgan (2nd Breach)
Internal 47% 53%
Ebay Chase Notification of
Anthem Dominios
Pizzas (France) 145,000,000 76,000,000
Wonga
Breach
80,000,000 Twitch.tv
European
Central Yahoo Waterly Target
Mozilla
DaFont Bank
500,000,000 70,000,000
Japan Airlines
Scribd More than…
UPS
MacRumuors.com
Korea Credit
140 Countries
D&B, Altegrity
Bureau NASDAQ PayAsUGym
Facebook
New York Interpark
AOL Advocate
Taxis have some level of cyber weapon
2,400,000
Medical
Group Home Depot Cellebrite ssndob.ms development program
Apple 56,000,000 Living Social Neiman
Marcus Source: fortune.com
50,000,000 UbiSoft
Adobe
Dropbox
Yahoo Twitter
36,000,000 average cost of a data breach
3,000,000,000
$3.62 Million
decreased 10% over the past year
Year 2015 2016 2017E*
Source: 2017 Study Ponemon institute

# of Breaches 780 1,093 ( 40%) 1,402 ( 29%)


Source: Momentum Partners, http://www.informationisbeautiful.net/visualizations/worlds-biggest-data-breaches-hacks/
Identity Theft Resource Center (ITRC). 21
* Year-to-date breaches in 2017 total 1,056.
In Focus: The Cybersecurity Skills Shortage
A Cybersecurity Talent Gap Exists Across The Entire Country.

Nationwide Cybersecurity Job Postings National Level Cybersecurity Job Market

Total Cybersecurity Job Openings 299,335

Total Job Postings Total Employed Cybersecurity Workforce 746,858

81-640
Nationwide Job Postings By Category
641-1,396
Operate & Maintain
1,397-1,852 6%

Securely Provision 12% 26%


1,853-3,445

3,446-7,245 Analyze
16%
7,246-11,088 Protect & Defend

11,089-35,837 Oversee & Govern 24%


15%
No MSA
Collect & Operate

Top Cybersecurity Job Titles

Risk Manager / Analyst Systems Administrator IT Auditor Cyber Security Engineer Software Developer / Engineer Network Engineer /
Architect
Cyber Security Manager / Administrator Systems Engineer Cyber Security Analyst / Specialist Vulnerability Analyst / Penetration Tester
Source: http://cyberseek.org/heatmap.html
22
In Focus: Strategic Next-Gen MSSP Interest Has Accelerated
A Market Poised For Significant Strategic Activity Ahead.

Other Leading Next-Gen MSSPs


Date: 08/21/2017 Date: 04/28/17
▪ HQ: Reston, VA
▪ Amt Raised ($M): 9.6
HQ: Cambridge, Ontario HQ: Zurich, Switzerland ▪ CEO: Rajat Mohanty

acquires majority stake in acquired


Founded: 2011 Founded: 1990 ▪ HQ: Houston, TX
▪ Amt Raised ($M): Backed
By Welsh, Carson (WCAS)
▪ CEO: Gray Hall
CEO: J.Paul Haynes CEO: Martin Bosshardt

▪ HQ: Toronto, Canada


▪ Amt Raised ($M): NA
$150 Million $120 Million ▪ CEO: Robert Herjavec

Date: 9/20/2017 Strategic/Investor Interest In Next-Gen MSSP At All-Time High


▪ HQ: Cincinnati, Ohio
▪ Next-gen MSSP/MDR continues to attract strategic ▪ Amt Raised ($M): 10.0
HQ: Boston, MA interest from traditional MSSPs and is attracting new ▪ CEO: Brian Minick
entrants to the space including IT service providers,
key investors include Founded: 2001 professional services/consulting firms, and other global
▪ HQ: Sunnyvale, CA
players with no current presence in the security services ▪ Amt Raised ($M): 27.3
sector ▪ CEO: Brian NeSmith
Total Raised: $39.7M
▪ Mid-market and enterprise organizations are increasingly
finding the need for managed and monitored threat ▪ HQ: Scottsdale, AZ
CEO: Vijay Basani
hunting solutions that address their threat detection and ▪ Amt Raised ($M): NA
▪ CEO: Michael Malone
Series D: $7 Million response use cases

Source: Company press releases and websites, Capital IQ, 451 Research.
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In Focus: 3Q17 Cybersecurity Investor Spotlight
Leading Cybersecurity Investors: YL Ventures, Evolution Equity & Lightspeed Ventures.

HQ: Mill Valley, California (US) & Tel Aviv, Israel HQ: New York, New York & Zurich, Switzerland HQ: Menlo Park, California
Partners: Yoav Leitersdorf & Ofer Schreiber Partners: Richard Seewald,Karel Obluk,JR Smith,Dennis Smith Partners: Ravi Mhatre, John Vrionis, David Gussarsky
Latest Fund Size: $75M (YLV Fund III) Latest Fund Size: $125M (Evolution Technology Fund) Latest Fund Size: $715M (Lightspeed Venture Partners XI)
Overview: YL Ventures is a venture capital firm that invests Overview: Evolution Equity Partners is an international Overview: Lightspeed Venture Partners is an early stage
mainly in the U.S. and Israel. The firm prefers to invest in the venture capital firm that invests in North America, Europe venture capital firm focused on accelerating disruptive
SaaS, cloud computing, big data, cybersecurity, analytics, and Israel. The firm makes investments of $5M-$25M in innovations and trends in the Enterprise and Consumer
performance, business intelligence, e-commerce early and growth stage companies in cybersecurity and in sectors. The Firm currently manages over $4 billion of
infrastructure and mobile technology sectors. YL Ventures companies utilizing machine learning, big data, SaaS, mobile committed capital and is currently investing out of
tends to lead $2-3M seed investments rounds and continue and the convergence of consumer and enterprise software to Lightspeed XI, a $715 million fund & Lightspeed Select II, a
financial support in follow-on rounds. build market leading platforms. $500 million fund both in the U.S. and internationally.

(Acq. By ) (Acq. By ) (Acq. By )


(Acq. By ) (Acq. By )

Source: Capital IQ, Firm Website.


24
IV. Public Company
Trading Analysis
Cybersecurity Sector vs Benchmark Performance
Low Growth Performance Continues To Outpace High Growth Performance & The 3 Indices.

3 Months 6 Months 12 Months


130
High Growth 9.3% 17.2% 4.9%
28.4%
Low Growth 7.6% 9.9% 28.4%

NASDAQ 5.8% 9.8% 22.3%


22.3%
120 S&P 500 4.0% 6.4% 16.2%

HACK* 0.3% 2.5% 7.9%


16.2%

110
7.9%

4.9%

100

90

80
Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

High Growth Low Growth S&P 500 NASDAQ HACK

Source: Capital IQ, market data as of September 30, 2017.


* PureFunds ISE Cybersecurity ETF. 26
The Correlation Of Value To Growth & Profitability Continues To Slip…
Public Markets Continue To Signal A Move Back To Growth.

R2
10.0x
3Q17: 32.7% $18,636 mn
$2,696 mn
2Q17: 42.2% 1Q17: 54.1%
$1,944 mn

$3,875 mn
8.0x $9,300 mn

$3,418 mn
: -1.2% , 1.7x
$13,234 mn
EV / Revenue 2017E

6.0x

$1,616 mn
$20,163 mn
$1,424 mn
4.0x $3,055 mn $766 mn $1,468 mn
$6,764 mn
$1,283 mn

$791 mn

2.0x $1,001 mn $6,302 mn

$348 mn

0.0x
0% 10% 20% 30% 40% 50% 60% 70%

2017E Revenue Growth + 2017E Operating Margin

Note: Size of the bubble indicates Market Cap. In USD; Market data as of September 30, 2017.
Source: Capital IQ. 27
…While The Correlation To Growth Alone Steadily Increases
Public Markets Continue To Signal A Move Back To Growth.

10.0x
2,696 mn
18,636 mn

8.0x
1,944 mn 13,234 mn
3,875 mn
9,300 mn
EV / Revenue 2017E

: -2.5% , 1.7x
3,418 mn
6.0x 1,616 mn

1,424 mn
3,055 mn
20,163 mn
1,468 mn
4.0x
6,764 mn
766 mn
791 mn
1,283 mn
2.0x 348 mn 6,302 mn

1,001 mn

0.0x
0% 10% 20% 30% 40% 50%
2017E Revenue Growth
R2
3Q17: 35.0% 2Q17: 31.2% 1Q17: 16.7%

4Q16: 15.4% 3Q16: 25.6% 2Q16: 23.1%


High Growth Cybersecurity Low Growth Cybersecurity
1Q16: 23.6% 4Q15: 29.2% 3Q15: 63.2%

Note: Size of the bubble indicates Market Cap. In USD; Market data as of September 30, 2017.
Source: Capital IQ. 28
Trading Multiples: High Growth & Low Growth
Valuation Multiples For High Growth & Low Growth Cybersecurity Companies.

EV / 2016A Revenue EV / 2017E Revenue


15.5x
10.1x
9.1x

10.2x 9.8x 7.6x 7.3x


8.9x 8.7x Median: 8.7x 6.8x Median: 6.5x 6.6x
8.4x 6.5x 6.4x
7.9x 7.4x
6.4x 4.8x
5.4x 4.6x 4.3x 4.0x
4.9x 3.6x 3.4x 3.4x Median: 3.6x
4.3x 4.3x 4.2x 4.1x 4.0x 3.5x
Median: 4.2x 2.9x
3.1x 1.9x 1.7x
2.1x 1.7x 1.6x 1.4x

OKTA PFPT MIME SPLK PANW CYBR RPD CHKP QLYS LSE:SOPH SYMC TREND IMPV F-SECURE FEYE FTNT CUDA SCWX VDSI MOBL OKTA PFPT SPLK MIME PANW CYBR RPD CHKP QLYS SOPH SYMC TREND FEYE IMPV F-SECURE FTNT CUDA SCWX VDSI MOBL

2016-2017E Revenue Growth 2017-2018E Revenue Growth

53% 35%

29%
37% 26%
24% Median: 24%
34% 33%
Median: 28% 21% 21% 20%
28% 19% 18%
25% 24% 16%
22% 22% 15%
18% 17% 15% 15% 11% 10% 10% Median: 10%
Median: 13% 9% 8%
13% 10% 8%
8% 7% 7%
8% 8% 7% 4%

OKTA MIME PFPT SPLK RPD PANW CYBR SYMC F-SECURE IMPV FTNT TREND QLYS SOPH MOBL SCWX CHKP CUDA FEYE VDSI OKTA PFPT SPLK MIME PANW RPD CYBR SOPH IMPV QLYS FTNT MOBL F-SECURE SCWX VDSI FEYE SYMC CUDA TREND CHKP

High Growth (3%) Low Growth

Source: Capital IQ, market data as of September 30, 2017. High Growth represented by companies
with >20% revenue CAGR; Low Growth represented by companies with <20% revenue CAGR. 29
Public Company Trading Analysis
High Growth & Low Growth Cybersecurity.

Revenue Growth EV / Revenue EV / EBITDA P/E


Stock LTM Price Market Cap Enterprise
Company
Price Performance ($M) Value ($M) 2015-2016A 2016-2017E 2017-2018E CY2016 CY2017 CY2018 CY2016 CY2017 CY2018 CY2016 CY2017 CY2018
High Growth Cybersecurity (>20% CAGR)
Palo Alto Networks 144.10 (7.7%) 13,234 12,384 36.3% 24.4% 20.7% 7.9x 6.4x 5.3x 37.1x 26.6x 20.4x 68.6x 48.2x 38.9x
Splunk 66.43 15.1% 9,300 8,297 42.1% 28.0% 25.5% 8.7x 6.8x 5.4x NM 59.5x 41.2x NM NM 81.6x
Proofpoint 87.22 15.9% 3,875 3,823 41.5% 34.4% 28.6% 10.2x 7.6x 5.9x NM 63.6x 42.0x NM NM 86.8x
Okta* 28.21 65.9% 2,696 2,483 86.6% 52.7% 35.3% 15.5x 10.1x 7.5x NM NM NM NM NM NM
CyberArk 41.00 (17.4%) 1,424 1,164 34.7% 17.5% 20.1% 5.4x 4.6x 3.8x 19.4x 21.5x 16.8x 32.5x 39.4x 31.3x
Mimecast 28.42 48.8% 1,616 1,518 26.1% 36.8% 24.2% 8.9x 6.5x 5.2x NM 74.3x 48.9x NM NM NM
Rapid7 17.60 2.3% 766 682 42.4% 25.1% 20.6% 4.3x 3.5x 2.9x NM NM NM NM NM NM
Mean 44.2% 31.3% 25.0% 8.7x 6.5x 5.1x 28.3x 49.1x 33.9x 50.6x 43.8x 59.6x
Median 41.5% 28.0% 24.2% 8.7x 6.5x 5.3x 28.3x 59.5x 41.2x 50.6x 43.8x 60.3x
Low Growth Cybersecurity (<20% CAGR)
Symantec 32.81 31.2% 20,163 24,051 4.2% 32.6% 7.9% 6.4x 4.8x 4.5x 16.0x 10.8x 9.4x 29.0x 21.2x 16.1x
Check Point Software 114.02 48.6% 18,636 17,037 6.8% 7.5% 7.0% 9.8x 9.1x 8.5x 17.7x 16.4x 15.3x 24.2x 22.0x 20.1x
Fortinet 35.84 (0.3%) 6,302 5,095 26.4% 16.9% 14.6% 4.0x 3.4x 3.0x 21.1x 16.9x 13.7x 49.1x 37.6x 31.4x
Trend Micro 49.20 40.9% 6,764 5,577 1.5% 15.2% 7.4% 4.9x 4.3x 4.0x 15.1x 12.8x 11.5x 30.9x 30.8x 27.3x
FireEye 16.77 15.7% 3,055 2,945 14.6% 3.9% 8.3% 4.1x 4.0x 3.7x NM 37.0x 33.7x NM NM NM
Sophos 7.37 111.1% 3,418 3,716 6.1% 12.8% 19.5% 7.4x 6.6x 5.5x 71.7x 65.7x 50.2x 18.5x NM 92.1x
Imperva 43.40 (17.7%) 1,468 1,148 12.9% 21.5% 18.2% 4.3x 3.6x 3.0x NM 28.1x 20.4x NM 53.9x 46.4x
Qualys 51.80 38.1% 1,944 1,665 20.5% 15.0% 16.0% 8.4x 7.3x 6.3x 24.5x 22.1x 18.9x 60.2x 57.5x 50.2x
Barracuda Networks 24.23 (2.5%) 1,283 1,080 12.5% 7.0% 7.7% 3.1x 2.9x 2.7x 14.1x 16.2x 13.0x 31.1x 33.0x 28.6x
Secureworks 12.35 (1.7%) 1,001 903 26.5% 8.2% 9.9% 2.1x 1.9x 1.8x NM NM NM NM NM NM
F-Secure 5.05 31.6% 791 695 6.4% 21.8% 10.3% 4.2x 3.4x 3.1x 26.9x 34.3x 20.4x 47.8x 52.6x 37.0x
VDSI 12.05 (31.8%) 481 324 (20.4%) (2.5%) 9.1% 1.7x 1.7x 1.6x 15.1x 22.5x 16.1x 22.3x 38.9x 30.9x
MobileIron 3.70 36.0% 348 259 11.5% 9.8% 11.1% 1.6x 1.4x 1.3x NM NM NM NM NM NM
Mean 10.0% 13.1% 11.3% 4.8x 4.2x 3.8x 24.7x 25.7x 20.2x 34.8x 38.6x 38.0x
Median 11.5% 12.8% 9.9% 4.2x 3.6x 3.1x 17.7x 22.1x 16.1x 30.9x 37.6x 31.2x

Note: NM – Not Meaningful, NA – Not Available; market data as of September 30, 2017; * price performance from IPO price.
Source: Capital IQ. 30
Public Company Analysis: Operating Metrics
High Growth & Low Growth Cybersecurity.

Revenue Revenue Growth (%) EBITDA EBITDA Margin (%)


Company
2016A 2017E 2018E 16-'17 17-’18 2016A 2017E 2018E 2016A 2017E 2018E
High Growth Cybersecurity (>20% CAGR)
Palo Alto Networks $1,567 $1,950 $2,354 24% 21% $334 $466 $607 21% 24% 26%
Splunk 950 1,216 1,526 28% 26% 91 140 201 10% 11% 13%
Proofpoint 375 505 649 34% 29% 39 60 91 10% 12% 14%
Okta 160 245 331 53% 35% (61) (69) (67) (38%) (28%) (20%)
CyberArk 217 255 306 18% 20% 60 54 69 28% 21% 23%
Mimecast 171 234 291 37% 24% 9 20 31 5% 9% 11%
Rapid7 157 197 238 25% 21% (25) (21) (12) (16%) (11%) (5%)

Low Growth Cybersecurity (<20% CAGR)


Symantec $3,777 $5,010 $5,405 33% 8% $1,503 $2,237 $2,569 40% 45% 48%
Check Point Software 1,741 1,872 2,004 8% 7% 963 1041 1113 55% 56% 56%
Fortinet 1,275 1,492 1,710 17% 15% 242 302 373 19% 20% 22%
Trend Micro 1,130 1,301 1,398 15% 7% 369 434 484 33% 33% 35%
FireEye 714 742 803 4% 8% (31) 80 87 (4%) 11% 11%
Sophos 501 565 675 13% 19% 52 57 74 10% 10% 11%
Imperva 264 321 380 22% 18% 7 41 56 2% 13% 15%
Qualys 198 228 264 15% 16% 68 75 88 34% 33% 33%
Barracuda Networks 347 371 400 7% 8% 76 67 83 22% 18% 21%
Secureworks 430 465 510 8% 10% (16) (23) 0 (4%) (5%) 0%
F-Secure 167 204 225 22% 10% 26 20 34 15% 10% 15%
VDSI 192 188 205 (2%) 9% 21 14 20 11% 8% 10%
MobileIron 164 180 200 10% 11% (26) (13) (4) (16%) (7%) (2%)

Note: NA – Not Available; market data as of September 30, 2017.


Source: Capital IQ. 31
V. Momentum’s
Watch List
1
Momentum’s Watch List: Q3 2017
Selected Private Companies With Tremendous Momentum.

Company Commentary Company Commentary


▪ Averon provides a fully automated mobile authentication platform that requires zero installations and no ▪ Evident.io provides cloud infrastructure security and compliance automation designed to proactively
involvement by end users. Averon's Direct Autonomous Authentication™ (DAA™) is an API solution that manage public cloud security risk. The Evident Security Platform (ESP) enables organizations of all sizes to
securely confirms user identity via real-time mobile network signaling, carrier data packets, and verifying proactively manage public cloud security risk — minimizing attack surface and improving overall security
SIM/eSIM as “Chip Present” to instantly authenticate connected devices. Powerful use cases for Averon posture, all from a single dashboard. ESP continuously monitors an organization’s entire public cloud
include: seamlessly securing mobile payments, decreasing friction in blockchain transactions, detecting footprint, identifying and assessing security risks, providing security staff with expert remediation
Raised: $8.3M fraud at checkout, protecting logins from password hacks, managing role-based cloud access, and more. Raised: $49.1M guidance, and enabling painless security auditing and compliance reporting.
HQ: San Francisco, CA ▪ Leadership: Wendell Brown (CEO), Lea Tarnowski (COO/President), Mark Herschberg (CTO) HQ: Pleasanton, CA ▪ Leadership: Tim Prendergast (CEO), Justin Lundy (Founder & CTO), Prashant Ketkar (SVP, Product)

▪ Bitglass‘ CASB solution provides enterprises with end-to-end data protection from the cloud to the device ▪ Paladion is a global cyber defense company that provides Managed Detection and Response Services,
without invading the employees’ privacy. It deploys in minutes and works with any cloud app on any DevOps Security, Cyber Forensics, & Incident Response by tightly bundling its semi-autonomous cyber
device. Bitglass protects data on mobile devices without the hassles of MDM and enables enterprises to platform & managed services with leading security technologies. Paladion analyzes billions of security
enforce corporate data security policies across apps like Office 365 and Salesforce. Bitglass also detects & events daily which powers its Big Data based security analytics models that are constantly refined &
block anomalous user behaviors, such as a hacker (or even a rogue privileged user) login in from new updated. Paladion offers CyberActive, an MDR service from its SOCs using this proprietary Big Data
Raised: $80.0M devices or locations, or attempting to download unusually large amounts of data from a cloud app. Raised: $9.6M security analytics & orchestration platform for advanced threat detection and response.
HQ: Campbell, CA ▪ Leadership: Rich Campagna (CEO), Anurag Kahol (CTO & Co-Founder) HQ: Reston, VA ▪ Leadership: Rajat Mohanty (CEO), Sunil Gupta (President & COO), Vinod Vasudevan (CTO)
▪ Callsign provides an artificial intelligence-based authentication platform for enterprises, financial ▪ Seclore provides data security solutions. It offers FileSecure, which enables organizations to control usage
institutions and consumer-facing digital services. Its unique Intelligence Driven Authentication™ (IDA) of information wherever it goes, within and outside of the organization’s boundaries; and provides the
solution enables more informed and truly adaptive access control decisions, putting enterprises and their ability to remotely enforce and audit who can view, edit, copy content, and screen capture files that help
users back in control. Behind the scenes the IDA solution uses multiple layers to recognize users through organizations to embrace external collaboration, file sharing, and the use of mobile devices. Seclore also
deep learning based upon location, behavior, device and biometrics. This creates frictionless access for offers a series of pre-built connectors that plug-in digital rights management to existing DLP, ECM, ERP,
Raised: $38.0M users, whilst reducing false rejection rates and increasing security as well as operational agility. Raised: $18.5M and mail/messaging solutions.
HQ: London, England ▪ Leadership: Zia Hayat (Founder & CEO), James Bradley (CTO), Ian Welch (COO) HQ: Sunnyvale, CA ▪ Leadership: Vishal Gupta (Co-Founder & CEO), Abhijit Tannu (Co-Founder & CTO)
▪ Capsule8 Protect is the industry’s first real-time attack disruption platform purpose-built for the cloud- ▪ Secret Double Octopus (SDO) is a provider of password-free, keyless authentication technology to
native world of Linux, containers and microservices. Capsule8 delivers visibility cluster wide across protect identity and data across cloud, mobile and IoT environments. Based on Secret Sharing, an
system, network and intra-container data to eliminate blind spots; real-time threat prevention by information theoretic security algorithm originally developed to protect nuclear launch codes, Secret
combining distributed, expert-driven analytics with powerful AI techniques; automated attack resilience Double Octopus’ technology prevents cyber attackers from accessing enough critical information to be
that shuts down both known/zero-day attacks as they occur; and easy integration with a simple, one-line useful for attacks, eliminating brute force, man-in-the-middle, PKI manipulation, key theft and certificate
Raised: $8.5M install into an organization’s platform and with forensic or op tools such as Slack, Hadoop and Splunk. Raised: $7.5M authority weaknesses.
HQ: Brooklyn, NY ▪ Leadership: John Viega (CEO/Co-Founder), Dino Dai Zovi (CTO/Co-Founder) HQ: Beersheba, Israel ▪ Leadership: Raz Rafaeli (Co-Founder & CEO), Shimrit Tzur-David (Co-Founder & CTO)
▪ IRONSCALES is the world’s first and only anti-email phishing technology to combine human intelligence ▪ Yubico provides authentication solutions for enterprises and online services. It offers YubiKey, a hardware
with machine learning to prevent, detect and respond automatically to today’s sophisticated email authentication token and a USB-key for instant authentication to networks and services that works on
phishing attacks using a multi-layered and automated approach. IRONSCALES expedites the time from various browsers, platforms, and computers. Yubico also provides, YubiHSM, an ultra-portable hardware
phishing attack discovery to enterprise-wide remediation from months to seconds, significantly reducing security module that protects sensitive data inside standard servers. Supporting multiple authentication
the workload on incident responders. and encryption protocols on all devices and platforms, YubiKeys protect access to user accounts for the
Raised: $1.5M ▪ Leadership: Eyal Benishti (CEO/Founder), David Burnett (VP, Sales UK & EMEA), Adam Hofeler (VP, Raised: $30.0M world’s largest enterprises and sets the standard for two-factor and multi-factor authentication.
HQ: Ra'anana, Israel Sales U.S.), Erez Fingerman (COO), Lomy Ovadia (Head of R&D), Tsachy Shapsa (Board Director) HQ: Palo Alto, CA ▪ Leadership: Stina Ehrensvärd (Founder & CEO), Jakob Ehrensvärd (CTO)

Source: Momentum Partners, PitchBook Data, CrunchBase, Company Press Releases.


34
Momentum’s Watch List: Q3 2015 to Q2 2017
Identifying the Industry’s Most Promising Cybersecurity Companies From Previous Quarters.

Q2 2017 Q1 2017 Q4 2016 Q3 2016

Strategic Milestone (M&A / Capital Raise) Strategic Milestone (M&A / Capital Raise) Strategic Milestone (M&A / Capital Raise) Strategic Milestone (M&A / Capital Raise)

Q2 2016 Q1 2016 Q4 2015 Q3 2015

Strategic Milestone (M&A / Capital Raise) Strategic Milestone (M&A / Capital Raise) Strategic Milestone (M&A / Capital Raise) Strategic Milestone (M&A / Capital Raise)

35
Momentum’s Watch List Outperforms
Achieving Major Strategic Milestones (M&A / Capital Raise) Since Making The Firm’s Watch List.
Company Strategic Milestone Company Strategic Milestone Company Strategic Milestone
Angel ($3M) Series A ($8M) Acquired ($100M) by Series A ($33M) Series A ($7M)

Acquisition of Series C ($31M) Acquisition of Acquired by Series F ($89M)

Convertible Note ($0.4M) Series A ($7M) Series A ($4M)


Series B (Undisclosed) Series B ($20M)

Seed ($2M) Seed-II Venture ($3M)


Series C ($44M) Undisclosed Round ($15M)
Undisclosed Erez Kreiner
Series B ($25M) Series C ($65M) Series D ($75M)
Venture ($1M) Series A ($12M)
Undisclosed
Series C ($42M) Series D ($100M)
Series B ($5M) Series C ($28M)
Series B ($25M) Series C ($30M)
Series B ($15M) Series D ($100M)
Acquired ($280M) by Invested ($0.3M)
Series D ($41M) Series B ($33M)
Invested ($3M) Invested ($32M)
Venture (Undisclosed) Series A ($12M)
Series A ($10M) Series B ($17M)
Series A ($14M) JV
Series C ($21M) Acquisition of
Acquired ($55M) by Venture ($9M)
Series B ($12M) Debt Financing ($3M) Divergent Group
Series B ($14M) Venture (Undisclosed)
Series B ($15M) Series C ($30M)

Series B ($25M) Series C ($29M)


Series B ($10M) Series C ($28M)

Series G ($76M) Filed For IPO Series A ($6M) Series D ($26M)


(10/2/17)
Debt Financing (Undisclosed) Series B ($27M) Series C ($70M) Series C ($26M)

Acquired ($350M) by Venture ($7M) Total Transactions 71


Total Amount Raised $1.5B
Acquired by Series D ($88M)
Total M&A EV $785.0M

36
VI. M&A Activity In
Cybersecurity
Cybersecurity M&A Activity: Deal Volume and Exit Multiples
Cybersecurity M&A Activity Has Been Consistent YoY Since 2014.

Cybersecurity M&A Volume By Year (# Deals) Median Cybersecurity EV/TTM Revenue Multiples

136 142 137


5.5x
5.0x 4.9x
107 108 4.5x 4.6x
101 100
88

2010 2011 2012 2013 2014 2015 2016 YTD 2017 2013 2014 2015 2016 YTD 2017
▪ Cybersecurity M&A activity in 2017 is on pace to match 2016 by number of deals: ▪ There are 11 deals YTD with disclosed multiples at a median of 4.6x TTM revenue
- 2017 YTD, announced M&A volume totaled $7.8B, representing 108 transactions: Gigya/SAP; ▪ 3 notable acquisitions YTD with disclosed TTM revenue multiples:
SecureAuth/Core Security; Digicert/Symantec (Web Security); Symantec/Fireglass & Skycure; CA
Technologies/Veracode; Keysight Technologies/Ixia; Heat Software(Clearlake Capital)/LANDESK; - Open Text acquired Guidance Software, 2.3x TTM Revenue
Madison Dearborn Partners/Bluecat Networks – represent a majority of $ amount for total of $5.8B - Thales acquired Guavus, 7.2x TTM Revenue
▪ Contemplated transactions are increasingly falling into four categories: - Palo Alto Networks acquired LightCyber, 10.5x TTM Revenue
- Transformational (a la Digicert/Symantec (Web Security); CA Technologies/Veracode
▪ The median Cybersecurity exit multiple in 2016 was 4.9x; through Q3 2017 exit multiples
- Expansion/Roadmap Gap (a la SAP/Gigya; Symantec/Skycure & Fireglass; Juniper/Cyphort) are slightly lower in comparison with 2016 at 4.6x TTM Revenue
- Opportunistic (a la Forcepoint/RedOwl; Rapid7/Komand; HPE Aruba/Niara)
- Private Equity/Buyout (a la Marlin Equity/Appriver; Warburg Pincus/eSentire; EQT/Open Systems)

Source: Momentum Partners, 451 Research.


38
Cybersecurity M&A: A Closer Look At Deal Value & Multiples
Cybersecurity M&A Activity Since 2010 With Disclosed Transaction Values And Multiples.

M&A By Deal Size M&A By Valuation Multiples (EV / LTM Rev)


55% 35%
50% 46% 30%
30% 27%
45% 26%
40% 25% 37
35%
34 17%
20%
30% 116
$200M Median Deal Size For >10x 32
25%
15%
20% 18% 21

15% 13% 10%


45 10%
10% 8% 22
6% 5%
33
5% 25 11
15 19
0% 0%
>$0M - $50M $50M - $100M $100M - $250M $250M - $500M $500M - $1B $1B+ >0.0 - 3.0x 3.0x - 5.0x 5.0x - 10.0x 10.0x+

▪ The median exit enterprise value for Cybersecurity exits since 2010 was $65.0M ▪ Valuations for M&A exits in Cybersecurity vary for many reasons – growth, market
leadership, customer validation, technology and team
▪ M&A exits in Cybersecurity are typically below $100M – 59%+ of the time
▪ Exits >10x are a minority (17%) where the buyers are typically cash rich and willing to
▪ Exits > $1B are rare, representing 8% of all deals (7 public, 9 private and 3 spin-out)
pay what it takes (median cash balance of the buyers at time of acquisition was $2.2B
and median market cap was $16.3B)

Source: Momentum Partners, 451 Research, Capital IQ.


39
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
09/29/17 Deltagon Group UTIB INVL Technology 7.5 3.1 2.4
09/24/17 Gigya SAP 350.0 − −

09/20/17 Secure Auth Core Security (K1 Investment Management) 225.0 − −

08/28/17 Meontrust Inside Secure 6.0 − −

08/21/17 eSentire Warburg Pincus 150.0 − −

08/16/17 CipherPoint Covata 3.0 − −

08/02/17 Symantec Website Security DigiCert 950.0 − −

07/26/17 Guidance Software Open Text 245.2 108.6 2.3


07/18/17 Komand Rapid7 50.0 − −

07/11/17 Skycure Symantec 200.0 − −

07/06/17 Fireglass Symantec 225.0 − −


06/30/17 Cloud Security Corporation Management Buyout 0.4 − −
06/20/17 ProofID Limited PEGRight 5.0 − −
06/08/17 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

Source: Capital IQ, 451 Research.


40
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
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 120.0 − −
01/30/17 Ixia Keysight Technologies 1,659.3 495.2 3.4x
01/17/17 CynergisTek Auxilio 34.2 15.0 2.3x
01/09/17 Harvest.ai Amazon 20.0 − −
01/09/17 BluVector LLR Partners 50.0 − −
01/03/17 LANDESK Lumension Security (Heat Software) 1,100.0 − −
12/27/16 Hexatier Huawei 42.0 − −
12/06/16 Optiv Security KKR 1,900.0 943.3 2.0x
11/21/16 Dyn Oracle 650.0 100.0 6.5x
11/20/16 LifeLock Symantec 2,362.1 650.2 3.6x
11/11/16 Virtual Security Research NCC Group 6.0 − −
11/01/16 Barricade Security Systems Sophos 1.9 − −
10/20/16 FireLayers Proofpoint 55.0 − −

Source: Capital IQ, 451 Research.


41
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
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 4,156.9 − −
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 − −
07/13/16 Imprivata Thoma Bravo 488.5 131.1 3.7x
07/07/16 AVG Technologies AVAST Software 1,463.0 430.6 3.4x
06/29/16 IDscan Biometrics GB Group 60.8 10.3 5.9x
06/28/16 Cloudlock Cisco 293.0 − 10.0x+
06/12/16 BlueCoat Symantec 4,722.2 598.3 7.9x
06/07/16 AccelOps Fortinet 32.0 − −
06/01/16 Ping Identity Corporation Vista Equity Partners 600.0 − −
05/05/16 Advanced Security Consulting Falanx Group 0.8 − −
04/27/16 ANXeBusiness Open Text 104.0 − −
04/18/16 CSIdentity Experian 360.0 − −

Source: Capital IQ, 451 Research.


42
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
03/23/16 Sookasa Barracuda Networks 0.4 − −
03/10/16 Agata Solutions CyberArk 3.1 – –
03/03/16 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 − −
12/16/15 Evault Carbonite 14.0 − −
12/14/15 SurfRight Sophos 31.8 − −
12/11/15 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 6.5 − −
11/09/15 Secure Islands Microsoft 77.5 − −
11/09/15 Elastica Blue Coat Systems 280.0 7.5 37.3x
11/02/15 Bloxx Akamai 18.7 − −
10/27/15 Lancope Cisco 452.5 − −

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) EV / Revenue
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 71.1 − −
10/09/15 LastPass LogMeIn 115.7 11.2 10.3x
10/08/15 Daegis Open Text 20.8 23.7 0.9x
10/07/15 Viewfinity CyberArk 30.5 − −
10/06/15 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 − −
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 − −

Source: Capital IQ, 451 Research.


44
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
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 − −
04/20/15 Websense Raytheon 1,900.0 − −
04/14/15 Fidelis Cybersecurity Marlin Equity Partners 200.0 60.0 3.3x
04/18/15 Oculis Labs Optio Labs 0.5 − −
04/07/15 Trustwave Singtel 785.7 216.0 3.6x
04/02/15 Lacoon Mobile Security Check Point 80.0 − −
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 − −

Source: Capital IQ, 451 Research.


45
Notable Cybersecurity M&A Transactions
Cybersecurity M&A Transactions With Disclosed Transaction Values.
Date Target Buyer Enterprise Value ($M) TTM Revenue ($M) EV / Revenue
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
10/01/14 MobileSpaces Pulse Secure 100.0 − −
Mean 303.5 157.3 5.2x
Median 57.5 37.5 3.5x

Source: Capital IQ, 451 Research.


46
Highlighted M&A
Transactions
acquires acquires acquires acquires acquires acquires acquires

Undisclosed Undisclosed $350M Undisclosed Undisclosed $150M Undisclosed

September 26, 2017 September 25, 2017 September 24, 2017 August 31, 2017 August 28, 2017 August 21, 2017 August 15, 2017

acquires acquires acquires acquires acquires acquires acquires

CYBER GLOBAL
DEFENSE

Undisclosed $950M $50M Undisclosed Undisclosed $200M $225M

August 3, 2017 August 2, 2017 July 18, 2017 July 18, 2017 July 13, 2017 July 11, 2017 July 6, 2017

Juniper / Cyphort Transaction on Pages 3-4.


Google Acquires Bitium
Google Cloud Will Deliver Comprehensive Solution for Identity and Access Management to Its Enterprise Customers.

Transaction Overview Bitium Overview


Bitium aims to give growing companies the ability to manage access to all of their web-based applications —
Date: 9/26/2017 including Google Apps & Office 365, social networks & CRM, collaboration & marketing tools — in one place,
acquires without hindering employee adoption of these applications

HQ: Santa Monica, CA


The Bitium Difference
acquires Provides cloud-based identity and access management solutions, including single sign-on, password management and analytics for
small, medium and enterprise businesses.
Founded: 2012
Security Flexibility Easy of Use
Visibility into all apps and users provides Adaptability around changes in directory An easy-to-adopt service with world-class
CEO: Scott Kriz organizations with the intelligence infrastructure, new apps and an support reduces cost and IT burden while
required to increase security increasing user base delivers better agility increasing efficiency

Identity & Access Management ***_

Federation & Credential App Directory Secure User Provisioning Reporting &
Bitium Funding Summary: $14.9M Single Sign-On Management Management Integration Access & Deprovisioning Compliance
Date Stage Amount Raised ($M) Selected Investors
Transaction Summary & Rationale
Aug 2016 Series A-1 6.0 ▪ “With the acquisition of Bitium, Google Cloud will gain capabilities to help us deliver on our Cloud Identity vision. Our
enterprise customers want a comprehensive solution for identity and access management and SSO that works across
their modern cloud and mobile environments. Bitium helps us deliver a broad portfolio of app integrations for
Feb 2014 Series A 6.5
provisioning and SSO that complements our best in class device management capabilities in the enterprise. As we add
Bitium’s capabilities, we’ll continue to work closely with our vibrant ecosystem of identity partners so that customers are
Aug 2013 Seed 2.4 able to choose the best solutions to meet their needs. - Karthik Lakshminarayanan, Director, Product Management, G
Suite and Cloud Identity
Source: Company press releases and websites, Capital IQ, 451 Research.
49
Marlin Equity Partners Acquires Appriver
Marlin Partners With AppRiver To Help Strengthen Their Product Offering & Expand Their Geographical Footprint.

Transaction Overview AppRiver Services


Spam & Virus Web Email Secure Hosted Email
Date: 9/25/2017 Protection Protection Encryption Exchange Continuity
acquires
SecureTide® keeps your SecureSurf constantly CipherPost Pro ensures Secure Hosted Exchange Effective way to protect your
HQ: Gulf Breeze, FL email free of spam and monitors outbound traffic your message remains service gives you control of company from costly email
viruses. 99% of unwanted and will send you Automatic encrypted all the way to your email system without outages
messages never reach your Threat Notifications instantly the recipient the complications & expense
acquires Founded: 2002 inbox of managing servers

Email
Employees: ~220 Office 365 Migration DNS Hosting Email Threat
Archiving &
Plus Services Plus Intelligence
Compliance
CEO: Michael Murdoch With Office 365 Plus, you Store your business records Complete migration Partnered with Akamai to Customizable, consultative
get expert migration securely and retrieve them solution will move calendar, put our customers' DNS service offered to
assistance along with easily contacts, emails, tasks, records on thousands of organizations that want to
Email & Web Security Phenomenal Care® journals, and notes from
one system to another
servers worldwide build or reinforce their cyber
defense capability

Marlin Equity Cybersecurity Portfolio Transaction Summary & Rationale


▪ “In a world with new and complex cybersecurity threats emerging daily, small and medium-sized businesses are increasingly
Date Target Amount
looking to AppRiver as a trusted partner to keep their businesses productive and their information secure. We are excited to

9/25/2017 NA mark a new chapter in AppRiver’s growth by partnering with Marlin and leveraging its extensive sector expertise and operational
resources to further strengthen our product offering and expand our geographical footprint.” - Michael Murdoch, CEO & Co-
5/12/2015 NA Founder, AppRiver
▪ “We are thrilled to partner with AppRiver & build upon its deep and long-standing customer relationships that have been
4/14/2015 $200M established through a superior product offering and commitment to world-class support. AppRiver is ideally positioned to lead
and innovate in today’s security-conscious environment as businesses of all sizes continue to transition to a cloud-based
7/7/2014 $170M
deployment model.“ Peter Chung, Principal, Marlin Equity Partners

Source: Company press releases and websites, Capital IQ, 451 Research.
50
SAP Acquires Gigya
Gigya Will Help SAP Hybris To Better Profile Individuals Across Different Channels.

Transaction Overview Gigya Overview


Gigya’s Customer Identity Management Platform Gigya's Enterprise Platform Features
Date: 9/24/2017 Web Scale Performance Privacy & Compliance
acquires CIAM platform accommodations Centralizes management of
millions of identities & billions consumer data with single
of data points end to end solution

HQ: Mountain View, CA Easy to Manage & Comprehensive &


Administer Intelligent Security
Features advanced
acquires Saves time & resources while
offering max flexibility authentication, encryption &
DDoS protection
Founded: 2006 Featured Customers
Connect Collect Convert
Registration-as-a- Profile, Preference Customer Insights,
CEO: Patrick Salyer Service, & Privacy ETL & Identity
Authentication & Management Exchange Platform
Federation
Identity & Access Management $350M
Gigya’s platform enables businesses to identify and engage customers across devices; consolidate data into rich, privacy-compliant
Gigya Funding Summary: $105.0M customer profiles, and integrate data into marketing and service applications to provide better services, products and experiences
Date Stage Amount Raised ($M) Selected Investors
Transaction Summary & Rationale
Nov 2014 Series F 35.0
▪ “The idea will be to integrate those features into SAP’s wider e-commerce operation to expand the kinds of services it offers to existing
Sep 2013 Series E 25.0 customers, and to help sell more e-commerce services to Gigya’s base.” –Techcrunch

Jun 2012 Series D 15.4 ▪ “Gigya brings a wealth of skills and expertise that will significantly enhance the SAP Hybris Profile solution & allow us to take leadership
of the emerging customer identity and access management market.” -Carsten Thoma, President and Co-founder of SAP Hybris
Mar 2011 Series C 16.0
▪ “This is a vital step for digitalizing businesses because companies need to be able to draw accurate conclusions seamlessly across all
Mar 2008 Series B 9.6 channels, including web, mobile, in-store or connected devices, and the Internet of Things, as well as collect data about consumer
preferences. Together we are well positioned to drive more effective marketing, sales and service through data, while the customer stays
Feb 2007 Series A 4.0
in control of how much data is shared.” -Patrick Salyer, CEO of Gigya

Source: Company press releases and websites, Capital IQ, 451 Research.
http://fortune.com/2017/09/25/gigya-sap-hybris-israel/ 51
Forcepoint Acquires RedOwl
Redowl’s Analytics Will Bolster Forcepoint’s Existing Cybersecurity System and Other Technologies.

Transaction Overview RedOwl-Forcepoint Integration Overview


RedOwl’s UEBA platform uniquely enables users to rapidly integrate new, complex data sources, apply powerful
behavioral analytics that look at the behaviors of people & help understand intent across both security & compliance
Date: acquires
8/28/2017
▪ Forcepoint can now ingest multiple data
sources – including structured and
HQ: Baltimore, MD unstructured data (i.e. databases, HR
acquires Software, Salesforce)

Founded: 2011 ▪ Forcepoint can now draw correlations


that legacy DLP wouldn’t let you do &
can analyze and build a view of what
“good” and “safe” look like
CEO: Guy Filippelli
▪ When something falls out of a normal
profile, like accessing data at odd times,
UEBA or from odd locations, Forcepoint can
raise the awareness & automatically adapt
protection to the appropriate risk level
RedOwl Funding Summary
Date Stage Amount Raised ($M) Selected Investors Transaction Summary & Rationale
▪ “This latest milestone in Forcepoint’s human point strategy arms customers with cybersecurity systems it designed for the
Jun 2015 Series B 17.5 reality of today’s threats. RedOwl brings a sophisticated analytics platform to Forcepoint’s human-centric cybersecurity
system and will be integrated across our portfolio, as well as with customers’ existing technologies (e.g. SIEM).” –
Forcepoint Press Release
Jun 2014 Series A 11.0
▪ “With Forcepoint, our platform will become part of a suite that enables companies to build world class human-centric
security and compliance programs, our entire team will transition into a global organization with tremendous growth
Apr 2013 Grant 0.1 opportunities for each employee, and our current customers will feel the force of an entire enterprise of technologies
and people to accelerate the deliver of mission-critical capabilities.” – Guy Filippelli, CEO, RedOwl

Source: Company press releases and websites, Capital IQ, 451 Research.
52
Warburg Pincus Acquires Majority Stake In eSentire
Warburg’s “Significant Equity Investment” Will Be Used To Grow The Business & Expand Its Services To Customers Globally.

Transaction Overview eSentire Overview


eSentire MDR is an all encompassing service that integrates the best of signature, behavioral and anomaly detection
capabilities with a rich suite of forensic investigation tools that enable our security analysts to block threats in real-time
Date: acquires
08/21/2017
esNETWORK
Real-time network threat
HQ: Cambridge, Ontario detection & prevention

Acquires majority stake in esENDPOINT


esARTEMIS Security Operations Center
Fully-integrated platform built 24/7 white-glove security service
Next-gen endpoint protection
Founded: 2011 & threat detection
to identify, investigate, & supplements the technology for a
respond to threats comprehensive security solution

esLOG
CEO: J.Paul Haynes Log management for MDR

Dedicated Security Strategist Health Check


Managed Detection & Response $150M Penetration Testing &

Virtual CISO
Vulnerability
Risk Assessment
Vulnerability Assessments Phishing Campaigns Executive Briefings Security Policy Guidance (SPG)

Mgmt.
Assessments to identify
Tailored assessments Simulated attacks based
unknown, active exploits Security Program Maturity Assessment (SPMA)
eSentire Funding Summary based on business &
regulatory requirements
within the network
on custom themes
Security Incident Response Plan (SIRP)
Date Stage Amt Raised ($M) Selected Investors

Private
Transaction Summary & Rationale
Aug 2017 Undisclosed
Equity ▪ “With the ever-increasing complexity around cybersecurity and scarcity of security talent, more companies are
seeking comprehensive managed services that proactively detect and respond to cyber threats in real time.”
Feb 2016 Series D 19.5
▪ “eSentire provides the most complete suite of technologies and services in the MDR market and has
Sep 2014 Series C 14.0 experienced industry-leading growth and impressive customer satisfaction. We are excited to partner with
management to support the Company’s continued expansion and help them serve the complex cybersecurity
Jul 2013 Series B 7.0 needs of their customers.”
- Cary J. Davis, Managing Director, Warburg Pincus.
Source: Company press releases and websites, Capital IQ, 451 Research.
53
Webroot Acquires Securecast
Acquisition Will Help Businesses Reduce The Risks And Costs Of Cyber Threats With End User Education.

Transaction Overview Security Awareness Training Beta Overview


Security Awareness Training gives you the tools you need to successfully and effortlessly manage
Date: 8/15/2017 security awareness campaigns with maximum impact for the end user

Phishing Security Awareness Contact Reporting


HQ: Portland, OR Simulation Training Management Center

acquires ▪ Simulation Mgmt. Wizard ▪ Training Campaign ▪ Contact import using ▪ Phishing Campaign Statistics
Management Wizard CSV or web based form
Founded: 2015 ▪ Contact Manager ▪ Report Exports
▪ Contact Manager ▪ Use tags to group
▪ Phishing Email Templates ▪ Per-User Action Reports
contacts by client or
▪ Training Email Templates
▪ Phishing Lure Templates business unit
CEO: Daniel Fox ▪ Comprehensive Course
▪ Phishing Educational ▪ Send training and
Library (coming soon)
Templates phishing to group
Security Awareness ▪ Integration with Training
▪ Reporting Center Tracks
Completion and Quiz Scores
Courses
Webroot Security Acquisition History ▪ Reporting Center

Date Company Date Company Transaction Summary & Rationale


▪ “With an easy-to-use platform, Securecast quickly became a solution preferred by MSP service providers. Teaming up with
08/15/2017 08/31/2010 Webroot, the leader in cybersecurity solutions for MSPs, is the best move for our solution and the MSP community.” – Daniel
Fox, Co-Founder and CEO, Securecast

▪ “The human factor is a consistent weakness in overall cyber defenses, and security awareness training is the only solution. As
09/19/2016 07/07/2010
cyberattacks like phishing become increasingly sophisticated, users are exposed to a variety of hidden threats that will
compromise their own data along with their employer’s data. Building on Securecast, Webroot will offer our MSP partners the
EmailSystems security awareness training they need to address this evolving threat landscape, and build a profitable new line of business.” -
11/1/2010 03/10/2010
Scandinavia AB
Chad Bacher, SVP of Product Strategy and Technology Alliances, Webroot

Source: Company press releases and websites, Capital IQ, 451 Research.
54
BlueteamGlobal Acquires BitVoyant, K2 Cyber Defense, & K2G Global
BlueteamGlobal Raises $125M and Acquires Three Companies.

Transaction Overview BlueTeamGlobal Overview


BlueteamGlobal will provide Advanced Cyber Threat Intelligence for large companies and Managed Cyber
Security Services for smaller businesses
Founders & Board Members Other Senior Team Members Include
▪ Advanced cyber threat intelligence will be led by Daniel Ennis,
former Director of the NSA's Threat Operations Center, and Ron
Feler, formerly Deputy Commander of the Israel Defense Forces'
Unit 8200.
acquires ▪ Deep and dark web intelligence will be led by Gad Goldstein, who
served as a division head in the Israel Security Agency
Jim Rosenthal Tom Glocer Gad Goldstein Jules Kroll Nadav Zafrir ▪ Managed security and professional services will be led by Austin
Founder & Founder & Board; Division Board; Chairman Board;
Berglas, former head of the FBI's New York Cyber Branch, and Milan
CEO Executive Head In The Israel and Co-Founder of CEO Team 8
Chairman Security Agency K2 Intelligence Patel, former CTO for the FBI, Cyber Division
▪ Chairman of the business in Europe will be Lord Mandelson, former
Founded: 2017 European Trade Commissioner and British First Secretary of State
▪ Robert Hannigan, former director of GCHQ, the UK intelligence
Locations: New York, Washington D.C., London, Madrid, & Tel Aviv service, will head the company's European Advisory Board.
Threat Intelligence MSSP Threat Intelligence
Funding Summary
BlueteamGlobal Acquisition Summary Date Stage Amount Raised ($M) Selected Investors

Aug 2017 Private Equity 125.0 Institutional And Individual Investors


Company Company Description
BitVoyant delivers advanced cyber threat intelligence & Commentary
alerts to companies, covering their businesses and their
ecosystems ▪ "In my role at Morgan Stanley, I spent considerable time focused on cybersecurity issues, working with Tom – as the
security lead on Morgan Stanley's board – to build out an elite team to protect the firm against advanced attack
K2 Cyber Defense is a business line that delivers
managed security and professional services, incident
techniques – in the same way that the national security agencies take on that role for the U.S. government.
response, and investigations to its corporate clients BlueteamGlobal will provide the same kind of expertise and intelligence to companies around the world.“ – Jim
Rosenthal, CEO, BlueteamGlobal
K2G delivers an ongoing analyzed and curated stream
of Dark Web Cyber Threat Intelligence to its corporate ▪ "Over the course of my career in IT, cyber threats have evolved from technology-adept amateurs to sophisticated
clients nation states and criminals. BlueteamGlobal will deliver threat intelligence and defense capabilities to address the
current generation of advanced persistent threats.“ –Tom Glocer, Executive Chairman
Source: Company press releases and websites, Capital IQ, 451 Research.
55
DigiCert Acquires Symantec’s Website Security Business
Deal Will Expand DigiCert’s Expertise to Lead the Next Generation of Global Website Security.

Transaction Overview Overview


Symantec’s SSL/TLS certificates promise enterprise-class strength, 100% root ubiquity in today’s browsers, and industry-recognized
support from the most established Certificate Authority in the world, formerly from VeriSign
Date: acquires
8/03/2017
Symantec SSL/TLS Certificate Validation
Domain Validation Organization Validation Extended Validation
HQ: Mountain View, CA
Works well for situations where
Displays the final vetted company
acquires trust and credibility are less
information for visitors, making
Delivers the highest level of visitor trust
important because the site is not through strictest authentication
the ownership of site much more
Founded: 1982 customer-facing (internal server,
mail server)
reliable
standards

Symantec SSL/TLS: Benefits Beyond the Certificate


CEO: Greg Clark

Norton Secured Seal Seal-in-Search Daily Malware Scanning 24/7 Customer Support
Web Security $950M The #1 most recognized trust The Norton Secured Seal adds Built into every Symantec SSL/TLS Professionals are there whenever
mark on the web power to brand & click-through certificate for added protection you need help
rates against malicious infections

Key Milestones
Transaction Summary & Rationale
▪ VeriSign originally sold off its SSL/TLS Security ▪ Total purchase price: $950.0 million in cash and 30% stake in DigiCert
Certificate business unit to Symantec for $1.3
▪ “Transitioning our Website Security and related PKI solutions to DigiCert allows us to sharpen our enterprise focus on
billion in 2010 delivering unparalleled protection for the cloud generation through Symantec’s Integrated Cyber Defense Platform.”- Greg
Clark CEO, Symantec
▪ Thoma Bravo (private equity) took a majority
▪ “DigiCert is committed to providing the market with innovative products, the highest level of trust, and experienced
stake in DigiCert in 2015 for an undisclosed
leadership in the SSL and PKI community. We are excited about the opportunities ahead, and will work toward a smooth
amount transition for customers and Symantec’s Website Security employees.” – John Merrill, CEO of DigiCert

Source: Company press releases and websites, Capital IQ, 451 Research.
56
Rapid7 Acquires Komand
Acquisition of Komand Will Expand Rapid7 Insight Platform To Automate Reponses To Security Threats.

Transaction Overview Komand Overview


Komand is a security orchestration and automation platform that gives security teams the power to quickly
acquires automate and streamline security operations, with no need for code. It contains more than 45 plugins to integrate
Date: 7/18/2017 tools, as well as a growing list of over 100 actions and tasks that can be automated.

Connect Your Tools Build Dynamic Workflows Utilize human decisions


HQ: Boston, MA
acquires Create powerful machine-to- Add human decision points
Seamlessly connect all to allow you and your team
machine security automation
existing security tools with to provide expert insight
Founded: 2015 a library of plugins
with connect-and-go
when responding to security
workflows, no code necessary
threats

Respond to Threats Faster Save Time and Energy Improve Operational Efficiency
CEO: Jen Andre
Komand helps to
Komand utilizes your
Komand empowers your streamline security
team’s expertise to analyze
Security Orchestration $50M team to respond faster and
with detailed analysis
and decide, not manually
processes which make
your team more efficient
fetch data
and productive

Komand Funding Summary: $1.3M Transaction Rationale


Date Stage Amount Raised ($M) Selected Investors ▪ “When we defined the Komand mission, there was one goal: help under-resourced security and IT teams better
leverage what they have at their disposal. Rapid7 has demonstrated that they share this vision, made evident by
Jan 2017 Seed 1.3 Mike Egan their commitment to the security and IT communities.” – Jen Andre, CEO, Komand
▪ “The need for well-designed security and IT automation solutions is acute; resources are scarce, environments are
Nov 2015 Seed Undisclosed becoming more complex, all while threats are increasing. Security and IT solutions must evolve through context-
driven automation, allowing cybersecurity and IT professionals to focus on more strategic activities.”
- Corey Thomas, President & CEO, Rapid7
Source: Company press releases and websites, Capital IQ, 451 Research.
57
Cisco Acquires Observable Networks
Acquisition of Observable Networks Will Support Cisco’s Strategic Transition Toward Software-Centric Solutions In The Cloud.

Transaction Overview Observable Networks Overview


Observable Networks provides network security technology and threat detection services that identify
compromised and misused networked devices. It offers continuous device profiling technology, which includes a
Date: acquires
7/13/2017 cloud-based service platform incorporating automated security analytics and real-time traffic sensors to
continuously model all devices on networks all the time.

HQ: St. Louis, MO


acquires Simplify Security Efforts And Gain Complete Complete Security For Legacy, On-premise, Comprehensive Security For Industrial
Visibility In Public Cloud Environments Or Hybrid Networks Control Systems

Founded: 2011 ▪ Ensure security in VPCs & public cloud ▪ Understand normal behavior for devices ▪ Enables operators to monitor & control
industrial processes
▪ Uses flow logs & cloud data as inputs ▪ Not dependent on threat signatures
▪ Overcomes legacy industrial control
▪ Platform-agnostic: Works with any cloud ▪ Successfully overcomes end-to-end systems challenges
environment, including hybrid infrastructure encryption security challenges
▪ Full management of Suricata IDS,
CEO: Bryan Doerr ▪ Integrates with AWS & Microsoft Azure ▪ Minimizes false positive alerts by
generating only amount of alerts required
including automatic definition updates
to accurately report on a network’s activity
Deeper Security Intelligence Cloud Platform Managed Services Agility Saas Subscription Dynamic Endpoint Modeling 100% Endpoint Agnostic
Network Security
All Networks Sizes And Types DEM Passive Network Sensor Management Dashboard Omniview Visibility Robust System Security Flexible Integration Stack

Observable Networks Funding Summary: $5.1M Transaction Rationale


Date Stage Amount Raised ($M) Selected Investors ▪ “Together, Cisco and Observable Networks will extend our Stealthwatch solution into the cloud with highly
scalable behavior analytics and comprehensive visibility. On the heels of the unveiling of our new intent-based
Convertible
May 2016 2.0 network, this acquisition reaffirms Cisco’s commitment to providing unparalleled security solutions for our
Debt
customers and partners.” - Rob Salvagno, Head of M&A, Cisco
May 2014 Series A-1 2.5 ▪ “This deal is significant not only because it underscores the ongoing interest in security solutions and
subsequent consolidation in that area. It also highlights the fact that Cisco is continuing to build up its business
Aug 2013 Series A 0.6 in applications and cloud services as more companies move their businesses into cloud-based or hybrid
architectures.” – TechCrunch
Source: Company press releases and websites, Capital IQ, 451 Research.
58
HyTrust Acquires DataGravity
Acquisition of DataGravity Will Further Automate And Enhance HyTrust’s Security Policy Enforcement For Workload Data.

Transaction Overview DataGravity Overview


DataGravity provides data-aware solutions that deliver data classification, analytics, actionable insights and security for workload
data. IT professionals can quickly and easily visualize the who, what, when and where regarding their data and reduce risks,
Date: 7/11/2017 increase productivity and drive organizational success.

DataGravity for Availability DataGravity for Virtualization


▪ Search across all backups jobs and VMs for content ▪ Gain a 360° view of data to easily visualize, search and discover
HQ: Nashua, NH ▪ Proactively defend data against suspicious user activity ▪ Continuously monitor, detect, and proactively report back data
concerns
acquires ▪ Combines multiple data sources to monitor and analyze people,
content, and activities over time ▪ Audit file and user activities by tracking all interactions within VMs
▪ Data classification tools identifies where data resides ▪ Monitors users interactions and triggers data protection points when
Founded: 2012 ▪ Create content policies to proactively manage data anomalous user behavior is detected

Visualize, Search,
Discover
CEO: Paula Long File Count File Distribution With Sensitive Office Macros or
Activities
Identify & Secure
By Category By Size Data Risk Dangerous Data Sensitive Data
File Metadata Inputs Outputs
Active Directory Audit File &
Content User Activities
Data Security Ransomware Dormant Data Tags Discovered Activities
VM DGfV Achieve Behavior
Based Protection

Data Gravity Funding Summary: $92.0M Transaction Rationale


Date Stage Amount Raised ($M) Selected Investors ▪ “The acquisition will accelerate the expansion of HyTrust’s platform capabilities and capitalize on the high-
growth cloud security market. DataGravity’s data discovery and classification capabilities support HyTrust’s
Dec 2014 Series C 50.0
mission to deliver a security policy framework that provides customers with full visibility, insight and
enforcement of policy across workloads.” - Eric Chiu, Co-Founder and President, HyTrust
Jan 2013 Series B 30.0
▪ “The expansion of HyTrust’s workload security platform with the new data discovery and classification
capabilities from DataGravity will help solve some of these organizations’ data security and compliance
Jan 2012 Series A 12.0 challenges in cloud deployments.” - Dave Shackleford, Founder, Voodoo Security & SANS Institute Instructor

Source: Company press releases and websites, Capital IQ, 451 Research.
59
Symantec Acquires Skycure
Acquisition of Skycure Will Enhance Symantec’s Endpoint Protection Solutions For Enterprise Mobile Device Security.

Transaction Overview Skycure Overview


Skycure's predictive technology uses a layered approach that leverages massive crowd-sourced threat intelligence,
in addition to both device- and server-based analysis, to proactively protect enterprise mobile devices from
Date: 7/11/2017 malware, network threats, and vulnerability exploits.

Malware Network Vulnerability Physical


HQ: Palo Alto, CA Defense Defense Defense Defense
acquires ▪ Multi-layered detection ▪ Instantly checks new ▪ Continuously monitors ▪ Tight integration with all
and analysis network connections platform integrity EMM vendors
Founded: 2012 ▪ Crowd-sourced intelligence ▪ Identify legitimate & ▪ Machine learning assists ▪ Bi-directional
malicious networks
▪ On-device detection and in anomaly detection communications about
app analysis ▪ Under Attack: Automatically and behavioral profiling device compliance for
stop communicating with
CEO: Adi Sharabani ▪ Use Mobile App sensitive resources ▪ OS Upgradability feature policy enforcement
Reputation Service ▪ Secure Connection Informs IT teams of ▪ Provides limited MDM
strategies to determine risk Protection encrypts all available security functionality when no
Mobile Security $200M ▪ Block installation of communications during an updates before Apple EMM is in place
suspicious apps attack and Google

Skycure’s Funding Summary: $27.5M Transaction Rationale


Date Stage Amount Raised ($M) Selected Investors ▪ “One of the most dangerous assumptions in today’s world is that iOS and other mobile devices that
employees bring into the office are safe, but the apps and data on these devices are under increasing attack.
Jul 2016 Series B 16.5 We believe that tomorrow’s workforce will be completely mobile and will demand a cyber defense solution
that travels with them.” - Greg Clark, CEO, Symantec
Mar 2015 Series A 8.0
▪ “Customers want mobile security solutions that are easy to deploy and manage, and our threat protection
technology offering complements Symantec’s leading endpoint protection solutions, making it easier for
Nov 2012 Seed 3.0 companies to embrace BYOD.” - Adi Sharabani, Co-Founder and CEO, Skycure

Source: Company press releases and websites, Capital IQ, 451 Research.
60
Symantec Acquires Fireglass
Fireglass’ Isolation Technology Will Strengthen Symantec’s Integrated Cyber Defense Platform.

Transaction Overview Fireglass Overview


Fireglass virtualizes web browsers in a secure disposable container which confines any malicious activity. Each browsing session
is rendered in real-time, and the only thing sent to the endpoint is a visual representation of the actual web content
Date: acquires
7/6/2017
Web Isolation Document Isolation Email Isolation
▪ Potentially malicious content is executed ▪ Access documents without downloading ▪ Prevent phishing delivered via links in emails
remotely ▪ Sanitize files and remove any exploitable Integrates with standard email servers
HQ: Tel Aviv, Israel ▪ Blocks users from sharing sensitive information elements

▪ Redirect email links through Fireglass
▪ Safe access to uncategorized and risky websites ▪ Download safe versions of documents
acquires ▪ Neutralizes malware on infected devices ▪ Control file download through policy
platform
▪ File attachments saved securely through
▪ Eliminates risk of ransomware Fireglass Document Isolation
Founded: 2014 ▪ No false positives ▪ Remove Flash and Java from endpoints
Users Web
Application Isolation
▪ Protect internal or cloud applications
CEO: Guy Guzner ▪ Block automated attacks and control data
flow
▪ Provide virtual patching and block
application exploits
Web Security $225M ▪ On premise or cloud deployment
▪ Prevent data theft by compromised users

Fireglass’ Funding Summary: $20.0M Transaction Summary & Rationale


Date Stage Amount Raised ($M) Selected Investors ▪ Integrating Fireglass’ isolation technology with Symantec’s existing endpoint, email, and secure web gateway
solutions could reduce security events by as much as 70%... Isolation will become a core component in the
design of cyber defense architectures for the cloud generation who face the reality of an encrypted internet
and the crisis inherent in email and web-delivered attacks.” - Symantec CEO Greg Clark
Jan 2016 Series A 20.0
▪ “The pairing of browser isolation with Symantec’s proxy and endpoint capabilities forms a generational
Mickey Boodaei Rakesh Loonkar change in approach. Our tests show promise for meaningful reductions in attack surface and time-consuming
security events.” – Raman Safai, CISO of Jefferies Group LLC

Source: Company press releases and websites, Capital IQ, 451 Research.
61
VII. VC
Activity In
Cybersecurity
Financing Activity Since 2010
Cybersecurity Startups Raised $19.0 Billion Across 1,504 Deals Since 2010.

Investment Deals And Dollars Investment Deals And Dollars


($B) (2010 – Q3 2017) ($M) (Q1 2010 – Q3 2017)
$1,699
268
80
229 $1,510 76
207 212 $1,376
201 $1,245 72 $1,271 73
$4.3 59 $1,164 67 $931
51 57
156 47 49 53 64 61
$3.8 49 50 61
$3.5 40 42 49 $920 57
120 36 $844$818 50
35 33
108 30 30 31
$2.7 27 28 $629
23 24
$510 $515$545 $500
$543
$410
$446 $427
$1.7
$212 $236 $219$259$242$248$264 $269 $261
$1.2 $197 $141 $130
$0.8 $0.8

Q1'10

Q2'10

Q3'10

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

Q1'12

Q2'12

Q3'12

Q4'12

Q1'13

Q2'13

Q3'13

Q4'13

Q1'14

Q2'14

Q3'14

Q4'14

Q1'15

Q2'15

Q3'15

Q4'15

Q1'16

Q2'16

Q3'16

Q4'16

Q1'17

Q2'17

Q3'17
2010 2011 2012 2013 2014 2015 2016 YTD
2017

Investments ($B) Deals


Investments ($M) Deals

▪ $3.5B has been raised through 3Q17 ▪ Over the last eight quarters investors have poured $9.1B into Cybersecurity
▪ $1.4B raised and 76 transactions in 3Q17 put ▪ 3Q17 continued its significant funding trend totaling $1.4B across 76 transactions, representing the 3rd largest
2017 on track to outpace 2016 in terms of $ funding quarter for Cybersecurity since 2010 having followed the 2nd largest funding quarter in 2Q17 of $1.5B
amount raised and number of transactions ▪ 3Q17 funding was quite evenly spread across the three months of the quarter with 27 deals ($451M) in
September, 23 deals ($465M) in August, & 26 deals ($460M) in July

Source: Momentum Partners, CB Insights, Pitchbook Data.


Note: Data for 2014 – 2017 includes only deals with amounts raised >$1M. 63
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*


407
31
Filed IPO 30 30
Confidentially 28
331 26
25
301 288
274 268 22
256 Filed For IPO
237 236 19 19
18
17
198 190 16 16
187 184 183 182 180 180
160 155 13
148 140 12

▪ The top most well-funded startups have raised $4.7B over their lifespan ▪ Through 3Q17 NEA has become the most active investor in Cybersecurity,
▪ Tanium continues to top the list of most well-funded ahead of Tenable, having raised having invested in 31 company rounds since 2010
$100M in 2017 & $212M in 2015, totaling over $400M since 2007 ▪ 3Q17 was an active quarter with NEA making 4 Cybersecurity investments; Accel
▪ An additional 16 companies have raised between $100M and $140M for a total of Partners with 3 investments; and Bessemer Venture Partners, Andreessen
$1.9B, including Code42 ($138M), Pindrop Security ($133M), Bracket Computing Horowitz, and Allegis Capital making 2 investments each
($132M), Silent Circle ($130M), Digital Guardian ($126M), Ionic Security ($123M),
LogRhythm ($122M), AlienVault ($118M), Bromium ($116M), SentinelOne ($110M)

Source: Pitchbook Data., Crunchbase.


* Investments in rounds with minimum size of $5 million. 64
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Microsoft Ventures, Salesforce Ventures, Crane Onfido's identity verification software, powered by machine learning technology, verifies peoples’
27-Sep-17 30.0
Venture Partners identities before running further searches (i.e. Criminal/Anti-Money-Laundering).
Logtrust is a Real-Time Big Data-in-Motion platform offering Fast Data, and Big Data analytics
27-Sep-17 Insight Venture Partners, Kibo Ventures 35.0
through a solution that enables real-time analytics for operations, fraud, and security.
Bessemer Venture Partners, Ballentine Capital Bastille provides full visibility into the known and unknown mobile, wireless, and Internet of
21-Sep-17 27.0
Partners, Comcast Ventures Things (IoT) devices inside an enterprise’s corporate airspace.
Fosun RZ Capital, China Growth Capital, Zhizhangyi has developed virtual security domain technology that can protect smartphones
20-Sep-17 22.8
Investor, APUS Investments without the support of mobile apps.
Octopus Ventures, Industry Ventures, World Digital Shadows provides insight into an organization’s external digital risks and the threat actors
20-Sep-17 26.0
Innovation Lab targeting them.

20-Sep-17 Volition Capital, Eight Roads Ventures Securonix is a Behavioral Analytics Platform for Insider Threat and APT detection. 29.0

Lightspeed Ventures, Microsoft Ventures, Shlomo Aqua Security (formerly named Scalock) enables enterprises to secure their virtual container
19-Sep-17 25.0
Kramer, TLV Partners environments from development to production, accelerating container adoption.
Eight Roads, F-Prime Capital Partners, 406 Threat Stack is the only fully integrated, cloud-native continuous monitoring solution that gives
19-Sep-17 45.0
Ventures, Accomplice, Scale Venture Partners customers instant visibility and automatically responds to changes in their environment.
Vade Secure provides email security for corporations of all sizes, including ISPs, hosting
18-Sep-17 Isai 12.0
companies, and OEMs around the world.
AppGuard has a revolutionary new approach to prevent breaches from threats that traditional
14-Sep-17 JTB Corp 30.0
anti-virus software is not equipped to face.
ThreatBook’s range of solutions consist of threat data, machine learning, and security research. Its
6-Sep-17 Hillhouse Capital Group 18.4
product portfolio consists of threat analysis platform, threat intelligence.
Accel Partners, Foundation Capital, KKR, ForgeRock digital identity management solutions transform how organizations securely interact
5-Sep-17 88.0
Meritech Capital Partners with customers, employees, devices, and things.

Source: Capital IQ, PitchBook Data, CrunchBase.


65
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Institutional Venture Partners, Founders Fund, Qadium is a cybersecurity company that continually monitors the device layer of the Internet
30-Aug-17 40.0
New Enterprise Associates, TPG Growth using patented technologies and state-of-the-art tools in deep data structuring and analytics.
Triangle Peak Partners, Eastward Capital, Alsop Lookingglass Cyber Solutions is a cyber security software company delivering deep visibility into
29-Aug-17 26.3
Louie Partners, Neuberger Berman Group the Internet threat landscape.
Todd Davis, Ken A. Eldred, John Mumford, Anonyome Labs, makers of Sudo, develops powerful products that empower people to take back
28-Aug-17 20.4
Hanna Ventures, Greg Clark, Steve Shillingford control of their identity—in any situation.
Anthos Capital, Wipro Ventures, Tallwave Emailage delivers a predictive fraud risk score using email address, which integrates seamlessly
23-Aug-17 10.0
Capital, Radian Capital, Mucker Capital with the user's existing risk engine to optimize performance.
Draper Fisher Jurvetson (DFJ), A Capital Forward Networks delivers an innovative platform that provides network visibility, policy
23-Aug-17 16.0
Ventures, Andreessen Horowitz verification, and change modeling.
Vulcan Capital, Madrona Venture Group, Versive provides mission-focused adversary detection. The Versive Security Engine uses AI to
22-Aug-17 12.7
Goldman Sachs, Formation 8 automatically & dynamically contextualize behaviors within the adversary campaign mission stage.
Riverwood Capital, Sequoia Capital, Tenaya Druva’s award-winning solutions offer a single dashboard for backup, availability and governance,
22-Aug-17 80.0
Capital, Nexus Venture Partners dramatically reducing the effort to manage multiple systems.

17-Aug-17 Dell Technologies Capital, TriVentures ZingBox is a U.S.-based company that provides security for Internet of Things infrastructure. 21.7

16-Aug-17 CRV, Foundation Capital Respond Software is a provider of automated cyber security threat protection. 12.0

Allegis Capital, Energy Impact Partners, BYU Dragos applies expert human intelligence and behavioral analytics to redefine industrial control
14-Aug-17 10.0
Cougar Capital, DataTribe system (ICS) cybersecurity.
Commerce Ventures, Flint Capital, Santander Socure uses a proprietary artificial intelligence platform that analyzes vast quantities of online and
9-Aug-17 13.9
InnoVentures, Two Sigma Ventures, Work-Bench offline data to determine if an identity is authentic and belongs to the user.
BlueteamGlobal provides Advanced Cyber Threat Intelligence for large companies and Managed
4-Aug-17 Undisclosed 125.0
Cyber Security Services for smaller businesses.

Source: Capital IQ, PitchBook Data, CrunchBase.


66
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

83North, Battery Ventures, Cisco Investments, GuardiCore is an innovator in internal data center security focused on delivering more accurate
1-Aug-17 15.0
Dell Technologies Capital, TPG Growth and effective ways to stop advanced threats through real-time breach detection and response.
New Enterprise Associates, Andreessen UnifyID is an implicit authentication platform designed for online & physical world use. The
1-Aug-17 20.0
Horowitz, StartX, Accomplice Ventures solution utilizes sensor data from everyday devices and machine learning to authenticate users.
Accel Partners, PTB Ventures, Allegis Capital, Callsign is a mobile application that allows its users to securely access websites and keep their
27-Jul-17 35.0
NightDragon Security personal details private.
IDG Capital, Cash Capital Investment HanSight’s products use machine learning to identify abnormal behavior in databases, application
26-Jul-17 14.8
Management systems, networks and security devices.
Canaan Partners, Vertex Ventures, Data PerimeterX is a provider of scalable, behavior-based threat protection technology for the web,
25-Jul-17 23.0
Collective cloud and mobile.
DGB Investments, Gil Agmon, Mitvah Shamir, Based on a unique last-line-of-defense approach, Nyotron’s technology is designed to mitigate
24-Jul-17 21.0
Peter Stewart, Shmuel Harlap threats that were able to outsmart all security layers.
August Capital, Data Collective, Erik Swan, Real Insight Engines’ software enables organizations to unlock the value of machine data so it becomes
20-Jul-17 15.8
Ventures, Simon Crosby, Splunk accessible and actionable to anyone in an organization, from an analyst to an executive.
StackRox delivers a groundbreaking security platform using instrumentation and sophisticated
18-Jul-17 Sequoia Capital 14.0
machine learning to protect the agile enterprise.
Partech Ventures, 24 Haymarket, CME Ventures, Privitar provide organizations the ability to extract insight from sensitive or confidential data with
18-Jul-17 16.0
Illuminate Financial, Salesforce Ventures an uncompromising approach to data privacy & proven compliance with data regulation.
Greylock Partners, Bain Capital Ventures, Three
17-Jul-17 Awake is re-imagining network security and offers visibility into network operations and security. 22.5
Tree Ventures
Georgian Partners, Greycroft Partners, Flashpoint delivers Business Risk Intelligence (BRI) to empower business units and functions across
12-Jul-17 28.0
Bloomberg Beta, Cisco Investments organizations to make better decisions and mitigate risk.
Columbus Nova Technology Partners, NVIDIA, Deep Instinct leverages deep learning’s predictive capabilities in order to provide an on-device
12-Jul-17 32.0
Coatue Management, ATW Partners solution to protect against zero-day threats and APT attacks with unmatched accuracy.

Source: Capital IQ, PitchBook Data, CrunchBase.


67
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Redline Capital Management, Silver Lake ZeroFOX protects organizations from the risks introduced by social networking and digital
12-Jul-17 40.0
Waterman, NEA, Highland Capital, Core Capital communication platforms.
Thomvest Ventures, Osage University Partners, Lastline provides the best-in-class malware protection platform to detect and stop advanced
11-Jul-17 28.5
Redpoint Ventures, Barracuda Networks persistent threats, zero-day exploits, and evasive malware.
Advance Venture Partners, Cisco, EPIC Ventures, HyTrust offers IT managers and administrators of virtual infrastructure a centralized, single point of
11-Jul-17 36.0
Fortinet, Intel Capital, Sway Ventures control for hypervisor configuration, compliance, and access management.
Insight Venture Partners, KKR, Summit Partners, Darktrace is one of the world’s fastest-growing cyber defense companies and a leader in Enterprise
11-Jul-17 75.0
TenEleven Ventures Immune System technology.
Sapphire Ventures, Accel Partners, DFJ Growth, Sumo Logic is a log management and analytics company that leverages Big Data for real-time IT
27-Jun-17 75.0
Greylock, Institutional Ventures, Sequoia Capital insights. The cloud-based service provides customers with real-time interactive analytics.
Meritech Capital Partners, Bessemer Venture Auth0 is a cloud service that provides a set of unified APIs and tools that instantly enables single
27-Jun-17 30.0
Partners, K9 Ventures, Trinity Ventures sign-on and user management for any application or IoT device.
Capital One Growth Ventures, Groupe Arnault, Riskified operates a technology platform for online merchants that is used to prevent fraudulent
27-Jun-17 33.0
Pitango Venture Capital and other transactions of risk.
Dell Technologies Capital, TenEleven Ventures, JASK is a cyber security company that delivers artificial intelligence and analytics tools to help
27-Jun-17 12.0
Battery Ventures, Vertical Venture Partners enterprises automate their security operations.
SparkCognition is a Cognitive Security Analytics company, applying Machine Learning and AI to
26-Jun-17 Verizon Ventures, Boeing HorizonX 32.5
Cloud Security and the Internet of Things.
Alert Logic provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures,
22-Jun-17 Square 1 Bank 70.0
delivering deep security insight and continuous protection for customers.
Cybereason delivers a technology platform that automatically uncovers malicious operations,
21-Jun-17 Softbank 100.0
reconstructing them as a clear image of a cyberattack in context.
Spring Lake Equity Partners, Accomplice Matrix Sqrrl provides a big data analytic tool for detecting, investigating, and visualizing advanced
14-Jun-17 12.3
Partners, Rally Ventures cybersecurity threats.

Source: Capital IQ, PitchBook Data, CrunchBase.


68
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

WhiteSource fully automates all open source management needs, including open source
14-Jun-17 83North, David Strohm, Microsoft Ventures 10.0
components detection, security vulnerabilities and new version alerts.
Trusona has developed a digital identity authentication solution where there are no passwords to
13-Jun-17 Microsoft Ventures 10.0
be created, remembered, stolen, or compromised.
Bure Equity AB, New Enterprise Associates, The Yubico delivers strong hardware protection, with a simple touch, across any number of IT systems
8-Jun-17 30.0
Valley Fund and online services.
J.P. Morgan Asset Management, 8VC, Accel Illumio stops cyber threats by controlling the later movement of unauthorized communications
7-Jun-17 125.0
Partners, Andreessen Horowitz, Data Collective through its breakthrough adaptive segmentation technology.
Gili Raanan, Mickey Boodaei, Rene Bonvanie, Armis eliminates the IoT security blind spot, letting enterprises instantly see and control
6-Jun-17 17.0
Sequoia Capital, Tenaya Capital, Zohar Zisapel unmanaged or rogue devices and networks.
Accel Partners, Lightspeed Venture Partners,
6-Jun-17 Netskope performs deep usage analytics and enforces business and security policies in cloud apps. 100.0
Geodesic Capital, ICONIQ Capital
Dell Technologies Capital, F-Prime Capital RiskRecon uses proprietary data gathering techniques to create a 360-degree risk profile of an
1-Jun-17 12.0
Partners, General Catalyst, enterprise’s public IT footprint.
CounterTack provides real-time endpoint threat detection and response solutions to enterprises
30-May-17 Singtel Innov8, SAP National Security Services 20.0
and government organizations.

25-May-17 TPG Growth Tanium provides security and systems management solutions to allow real-time data collection. 100.0

ZeroFOX provides real-time social threat analytics, intelligence, and advanced security protection
24-May-17 Undisclosed 19.3
via its cloud-based cyber platform.
Sapphire Ventures, 83 North, Bessemer Venture Wandera’s pioneering web gateway for mobile provides organizations with Enterprise Mobile
18-May-17 27.5
Partners Security and Data Management.
Norwest Venture Partners, Data Collective, Wing Aporeto is a cloud-native security startup that offers comprehensive security solutions for
18-May-17 11.2
Venture Capital applications, containers, and microservices.

Source: Capital IQ, PitchBook Data, CrunchBase.


69
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Accel Partners, CapitalG, March Capital Partners, CrowdStrike is a global provider of security technology and services focused on identifying 100.0
17-May-17
Telstra, Warburg Pincus advanced threats and targeted attacks.
Fontinalis Partners, Liberty Mutual Strategic 12.0
16-May-17 Karamba Security hardens Electronic Controller Units (ECUs) against any type of foreign code.
Ventures, Paladin Capital Group
GE Ventures, Shasta Ventures, Sway Ventures, Mocana creates and develops mobile application protection (MAP) app-shielding solutions, 11.0
16-May-17
Trident Capital enabling users to secure mobile apps.
Omidyar Technology Ventures, Bain Capital, Attivo Networks is the leader in dynamic deception for inside the network threat detection, attack 15.0
10-May-17
Macnica Ventures, Secure Octane, Trident Cyber analysis, and forensics.
CRV, Harrison Metal, Index Ventures, Oreilly Signal Sciences works across cloud and physical infrastructure, providing actionable security 15.0
9-May-17
AlphaTech Ventures prioritization based on where applications are targeted and blocking attacks.
Hasso Plattner Ventures. Battery Ventures, Vera operates as a data-security company that enables enterprises, IT organizations, and end-users 15.0
9-May-17
Capital One Ventures, Clear Venture Partners to secure and share digital information across platforms and devices.
Sierra Ventures, Storm Ventures, Dell 12.0
9-May-17 Redlock provides deep security visibility and anomaly detection for dynamic environments.
Technologies Capital
Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores that 56.0
4-May-17 Redfield Asset Management
simplifies fraud detection through a financial guarantee.
Bain Capital Ventures, American Express VST Enterprises' VCode technology allows genuine users to authenticate themselves across a 14.7
3-May-17
Ventures, Menlo Ventures variety of online transactions and interactions.
Polaris Partners, Rally Ventures, TenEleven Twistlock develops a security suite for virtual container security in enterprises that enables 17.0
25-Apr-17
Ventures, YL Ventures developers and security operations teams to keep container-based applications safe.
Dome9 is a cloud firewall management service that creates a front-line defense that stops zero-day 16.5
19-Apr-17 Softbank
vulnerabilities, secures remote access, and centralizes policy management.
Aetna Ventures, Allegis, Bessemer Venture CyberGRX provides the most comprehensive third-party cyber risk management platform to cost- 20.0
18-Apr-17
Partners, ClearSky, GV, MassMutual Ventures effectively identify, mitigate and monitor an enterprise’s risk exposure across its entire ecosystem.

Source: Capital IQ, PitchBook Data, CrunchBase.


70
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Alclear, doing business as CLEAR, develops an identity verification platform for individuals and
18-Apr-17 T. Rowe Price Associates 15.0
business travelers to get through airport security in the United States.
CRV; Hearst Ventures; Emergence Capital Zinc is a communications technology company that provides secure mobile communication
17-Apr-17 11.0
Partners; GE Ventures solutions to connect workers with their colleagues in and outside the office.
Merck Global Health Innovation Fund, Norwest ClearDATA provides a managed cloud used healthcare professionals to safeguard their patient
13-Apr-17 12.0
Venture Partners, Excel Venture Management data and power their critical applications.
PAS provides process safety, cybersecurity, and asset reliability solutions for the energy, process,
11-Apr-17 Tinicum 40.0
and power industries worldwide.
Microsoft Ventures, Allegis Capital, GGV Capital, Synack is a Crowd Security Intelligence platform that delivers the most secure, continuous,
11-Apr-17 21.3
Greylock Partners, GV, HPE, Icon Ventures scalable, security assessment on the market.
Armor is a secure Cloud company with managed cloud security services that deliver protection,
5-Apr-17 ST Telemedia 89.0
detection and response for data workloads and applications
LogPoint delivers a flexible and easy to use platform for collecting, analyzing, and monitoring your
4-Apr-17 Evolution Equity Partners 10.0
machine data.
Goldman Sachs Principal Strategic Investments, Dyadic Security removes the points of failure of security by sharing cryptographic keys over two or
14-Mar-17 12.0
Citi Ventures, Innovation Ventures more servers, carrying out cryptographic operation without ever recombining them.
Zimperium is a mobile security startup that develops a mobile IPS to combat advanced modern
8-Mar-17 Softbank 15.0
cyber attacks on smartphones.
ID.me is a digital identity network that empowers relying parties to grant access or benefits based
8-Mar-17 FTV Capital 19.0
on verified identity and attributes.
Touchstone Innovations, BGF Ventures, NM Garrison Technology has pioneered an anti-malware product that efficiently sidesteps the highest
6-Mar-17 14.8
Capital impact cyber threats to modern organizations (i.e. internet-borne targeted attacks).
DBJ Capital, Global Brain Corporation, Mizuho Trillium offers IoT cyber solutions for protecting automotive and IoT networks from malicious
15-Feb-17 15.0
Capital cyber-attacks including intrusive manipulation & passive monitoring or eavesdropping.

Source: Capital IQ, PitchBook Data, CrunchBase.


71
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Felicis Ventures, Andy Bechtolsheim, John Dedrone, an automated drone security platform, is an extension of physical and cyber security 15.0
13-Feb-17
Chambers, Menlo Ventures into the airspace that protects a vulnerability gap exploited by the advances in drone technology.
Blackstone, Blumberg Capital, Glilot Capital, Intsights provides an automated system that detects, analyzes, and remediates threats by offering 15.0
13-Feb-17
Vintage Investment Partners, Wipro Ventures solutions for attack intentions, data leakage, phishing, fake applications, and VIP protection.
Demisto owns and operates an automation and collaboration platforms for security operations 20.0
9-Feb-17 Accel Partners, Slack, Clearsky
centers that provides automated incident response workflows.
Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of 22.0
9-Feb-17 GV, Bain Capital, True Ventures, Venrock
risks, vulnerabilities, & compliance issues.
Dragoneer Investment Group, Benchmark, New 40.0
8-Feb-17 HackerOne provides a vulnerability management and bug bounty platform.
Enterprise Associates
Cisco Investments, Lightspeed Ventures Partners, Exabeam offers machine-learning technology that focuses on cyber attacker behavior to detect
7-Feb-17 30.0
Aspect Ventures, Icon Ventures, NVP modern cyber attacks.
Verato provides the most accurate identity resolution platform, which updates, matches, links, and
6-Feb-17 Bessemer Venture Partners, Columbia Capital 12.5
enriches patient and customer identities.
Redpoint, Data Collective, Granite Hill Capital SentinelOne uses predictive execution inspection to detect and protect all devices against targeted
25-Jan-17 70.0
Partners, SineWave Ventures zero day threats in real-time.
Arsenal Venture Partners, Tola Capital, Top Tier ProtectWise provides a pervasive view of the network, layered with refined analytics and a clear
18-Jan-17 25.0
Capital Partners interface that enables high performance threat hunting and accelerated incident response.
Columbia Capital, Harmony Partners, Zero OPĀQ Networks integrates networking and security to reduce complexity and costs, tighten
17-Jan-17 21.0
Gravity security control, & establish an infrastructure that allows organizations to keep ahead of threats.
Transmit Security connects applications to authenticators like face recognition, eye recognition,
12-Jan-17 Rakesh Loonkar, Mickey Boodaei 40.0
voice recognition, fingerprint, and OTP.
KPCB, Blackstone, Foundation Capital, In-Q-Tel, Phantom provides a security automation and orchestration platform that orchestrates key stages of
10-Jan-17 13.5
TechOperators security operations from prevention to triage and resolution.

Source: Capital IQ, PitchBook Data, CrunchBase.


72
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

BlueCross BlueShield Venture Partners, American Payfone provides businesses the ability to confirm their consumers & employees are who they say 23.5
5-Jan-17
Express, Relay Ventures, Verizon Ventures they are to create easy, secure & frictionless experience across PCs, mobile phones & tablets.
Future Fund, New Enterprise Associates, Norwest Bitglass provides security solutions that automatically segment, track, and secure businesses’ 45.0
5-Jan-17
Venture Partners, Singtel Innov8 sensitive data across cloud and mobile without invading the employees’ privacy.
Shea Ventures, Costanoa Ventures, Foundry VictorOps is a real-time incident management platform that combines people and data to 15.0
16-Dec-16
Group embolden DevOps teams to handle incidents as they occur and prepare for the next one.
Flint Capital, ff Venture Capital, Santander Socure consumers and businesses with a next-generation security SaaS solution to fight against the 13.0
13-Dec-16
InnoVentures, Two Sigma Ventures risk of identity theft and related fraudulent activities.
Peakspan Capital, Costanoa Ventures, Hyde Park Kenna is a Risk Intelligence & Vulnerability platform that enables InfoSec teams to prioritize and 15.0
7-Dec-16
Angels, OurCrowd, The R-Group LLC, USVP remediate vulnerabilities faster, measure and report risk, and automate their analysis.
SECDO develops innovative solutions that enable Security Operations teams to slash incident 10.0
6-Dec-16 Marius Nacht, Rafael Development Corp
response from hours to minutes.
Prevalent is a third-party risk management and cyber threat intelligence, helping organizations
17-Nov-16 Insight Venture Partners 60.0
manage and monitor security threats associated with 3rd/4th party vendors
ORIX Growth Capital, Comerica Bank, Dell, New Invincea is a creator of secure virtual containers for malware threat detection, breach prevention
16-Nov-16 10.0
Atlantic Ventures, Harbert Ventures and forensic threat intelligence.
83 North, G20 Ventures, Alex Daly, Dave Siemplify is the first end-to-end security operations platform powering today's advanced SOCs
15-Nov-16 10.0
Strohm using graph intelligence to analyze data from any source.
Georgian Partners, MassMutual Ventures, RiskIQ provides organizations the visibility and intelligence they need to secure their Enterprise
10-Nov-16 30.5
Summit Partners Digital Footprint and map their Adversaries’ infrastructure.
Indeni offers a proactive monitoring system that facilitates auto-detection and configuration,
8-Nov-16 CIRTech Fund, iAngels, Sequoia Capital 10.0
security monitoring, and remediation for security device networks.
Shasta Ventures, Bloomberg Beta, Flybridge
2-Nov-16 ValiMail authenticates legitimate email and blocks phishing attacks. 12.0
Capital Partners

Source: Capital IQ, PitchBook Data, CrunchBase.


73
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

TenEleven, Fairhaven Capital, Goldman Sachs, CounterTack provides real-time endpoint threat detection and response solutions to enterprises 10.0
1-Nov-16
Razor's Edge, ManTech, Siemens Venture and government organizations.
Proficio provides the most advanced cloud-based solutions to monitor and scan critical assets 12.0
26-Oct-16 Kayne Partners
without the need for added headcount or costly software and hardware systems.
ThreatMetrix is a cloud solution for authenticating digital personas and transactions on the Internet 30.0
18-Oct-16 SVB
by securing businesses and end users resulting from malware and data breaches.
Bank of Nova Scotia, BMO Capital Markets, SecureKey Technologies develops platform-as-a-service hardware and software solutions for chip- 20.6
18-Oct-16
CIBC Capital Partners, Desjardins, TD Bank based identity and payment technologies in online and mobile transactions.
GigaTrust is a provider of pervasive content security management solutions that allows 20.0
11-Oct-16 Balance Point Capital Partners
organizations to reduce risks associated with data / intellectual property loss.
Strategic Cyber Ventures, Allegis Capital, March 12.0
11-Oct-16 E8 Security helps enterprises analyze and detect advanced attacks and malicious insider activities.
Capital Partners, The Hive
Baseline Ventures, EDB Investments, EPIC Shape Security stops automated web and mobile application attacks, like credential stuffing,
29-Sept-16 40.0
Ventures, GV, KPCB, Northern Light, Venrock content scraping, and application-layer DDoS, that bypass existing defenses.
Sequoia Capital, Blue Cloud Ventures, EDB Druva Software provides data protection and governance solution for public and private clouds in
28-Sept-16 51.0
Investments, Hercules Capital, Tenaya Capital an enterprise.
General Catalyst, Acero Capital, John Thompson, Contrast Security develops application security software that stops hackers from stealing data
28-Sept-16 16.0
Paul Sagan, Ron Gula through Web applications.
Thomvest Ventures, Greylock Partners, Sequoia Skyhigh Networks is a cloud access security company, enables companies to embrace cloud
25-Sept-16 40.0
Capital services with appropriate levels of security, compliance, and governance.
White Ops provides online fraud detection solutions. It offers Real Time Dashboard, a solution
19-Sept-16 Grotech Ventures, Paladin Capital Group 20.0
that enables users to identify, track, and classify automated fraud in real time.
GGV Capital, Flybridge Capital Partners, BitSight provides a security rating platform, which analyzes external data on security behaviors that
15-Sept-16 40.0
Globespan Capital Partners, Menlo Ventures allows to manage third party risk, and benchmark performance.

Source: Capital IQ, PitchBook Data, CrunchBase.


74
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Bessemer, ICV Capital, Innovation Endeavors, Claroty discovers the most granular elements. By extracting critical data, and formulating
13-Sept-16 32.0
Marker, Mitsui, Red Dot Capital Partners actionable insights, it provides visibility and brings unparalleled clarity to OT networks.
Greylock Partners, Aspect Ventures, Singtel Cato Networks provides cloud-based platform to manage multiple hardware and software
13-Sept-16 30.0
Innov8, USVP, Gur Shatz, Shlomo Kramer products and provide security against hacking, data theft and other security problems.
American Express Ventures, Menlo Ventures,
8-Sept-16 Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores. 19.0
TriplePoint Capital
Cyence has developed an economic cyber risk modeling platform quantifying cyber risk in
8-Sept-16 NEA, Dowling Capital Management, IVP 40.0
probabilities and dollars.
Riverwood, Adams Street, Delta-v, EDB
30-Aug-16 LogRhythm provides log management and security information and event management solutions. 50.0
Investments, Exclusive Ventures, Siemens
Millennium Technology Value Partners, Centana Jumio is an identity management and credentials company that helps businesses reduce fraud and
30-Aug-16 15.0
Growth Partners increase revenue by utilizing proprietary computer vision technology.
Maverick Ventures, Arsenal, Bloomberg Beta, BlueTalon provides data-centric security for big data initiatives. It delivers precise, consistent and
25-Aug-16 16.0
Data Collective, Divergent, Signia Venture dynamic user access controls to data across Hadoop, Cassandra & SQL data platforms
Trinity Ventures, Bessemer Venture Partners, K9 Auth0 is an identity-as-a-service that authenticates and authorizes apps/APIs with any popular
24-Aug-16 15.0
Ventures, SVB identity provider running on any popular software stack on any device/cloud.
NEA, Blu Venture Investors, Center for ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by
23-Aug-16 12.0
Innovative Technology aggregating and managing intelligence on threats.
Bessemer, Blue Delta Capital, Haystack Partners, Virtru provides data encryption and digital privacy protection, keeping data sent online private for
22-Aug-16 29.0
NEA, Quadrant Capital, Soros Fund individuals and organizations.
Bat Blue is a cloud security service that leverages a unique Globally Distributed Security
18-Aug-16 Undisclosed 13.5
Abstraction Layer (Global Seal) technology to deliver uniform and consistent security.
Trident Cyber, Peloton Equity, BlueCross ID Experts provides software and services to organizations for managing cyber risks and data
18-Aug-16 27.5
BlueShield Venture, Sandbox Advantage breaches, and to consumers to protect and restore their identities from identity theft.

Source: Capital IQ, PitchBook Data, CrunchBase.


75
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Pelion Venture Partners, Square Peg Capital, UpGuard analyzes data about the state of corporate networks to devise a numerical score that 17.0
11-Aug-16
Fenwick & West, IAG gives a security risk score, used by insurance companies for cyber insurance.
Tempered Networks is a security platform that enables organizations to rapidly deploy identity- 10.0
8-Aug-16 Rally Capital, IDG Ventures, Ignition Partners
based overlay networks to ‘cloak’ trusted endpoints, networks and assets.
ThinAir keeps users safe by providing insight and protection against four key vectors of data 15.0
3-Aug-16 Undisclosed
breaches: Insider Threats, Criminal Adversaries, Data Exfiltration, and Human Error.
Bessemer Venture Partners, Foundry Group, Distil Networks’s SaaS bot detection and mitigation solutions acts as a protective shield against 21.3
2-Aug-16
SVB, Techstars bots, malware and competitors that try to scrape websites without permission.
Paladin Capital Group, Bessemer Venture PhishMe provides training to employees against phishing threats enabling them to identify, report, 42.5
27-Jul-16
Partners and mitigate spear phishing, malware and drive-by threats.
Accel (Series A), Ignition Partners (Series B), Acalvio provides Advanced Threat Defense (ATD) solutions to detect, engage and respond to 17.0
26-Jul-16
Elieses (Series B) malicious activity inside the perimeter.
Deutsche Telekom Partners, HP Pathfinder, SafeBreach provides a “hacker's view” of an enterprise’s security posture to proactively predict 15.0
26-Jul-16
Maverick Ventures, Sequoia, Shlomo Kramer attacks, validate security controls and improve SOC analyst response.
StackPath is a web services platform that unifies enterprise security, leveraging collaborative 180.0
25-Jul-16 ABRY Partners, Insiders
intelligence to make each service smarter/more secure with every threat detected.
Insight Venture Partners, Spark Capital, Union Sift Science offers large-scale machine-learning technology services that help e-commerce 30.0
19-Jul-16
Square Ventures 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

Foundation Capital, Shasta Ventures, New York Skycure is a predictive mobile threat defense company that actively detects and prevents mobile
19-Jul-16 16.5
Life Insurance, Pitango, Lane Bess cyberattacks while preserving user privacy and experience.
Accelerate IT Ventures, Grayhawk Capital, Blue Cedar Networks develops / operates Atlas platform, an end-to-end application security and
19-Jul-16 11.0
Benhamou Global, Generation Ventures connectivity solution to protect assets across the extended enterprise.

Source: Capital IQ, PitchBook Data, CrunchBase.


76
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Silent Circle is a global encrypted communications service that provides cutting-edge encrypted 50.0
15-Jul-16 Santander Bank
text, e-mail, mobile phone and video teleconferencing services.
Bay Dynamics develops automated cyber security and risk solutions for enterprises, by turning 23.0
13-Jul-16 Carrick Capital Partners, Comcast Ventures
enterprise data into actionable information risk intelligence.
Vertex Ventures, Aspect Ventures, Magma Indegy provides visibility and security for industrial control networks to ensure operational 12.0
13-Jul-16
Venture Partners, Shlomo Kramer continuity and reliability.
Greycroft Partners, Bloomberg Beta, Cisco, Jump Flashpoint’s Deep & Dark Web data, expertise and technology enable organizations to glean 10.0
12-Jul-16
Capital, K2 Intelligence, Tech Operators intelligence that informs risk and protects their ability to operate.

7-Jul-16 AM Partners, VMS Investment Group Post-Quantum, provides data confidentiality, authenticity, and access control solutions. 10.3

Twistlock develops a security suite for virtual container security in enterprises that enables 10.0
6-Jul-16 TenEleven Ventures, Rally Ventures, YL Ventures
developers and security operations teams to keep container-based applications safe.
KKR, Hoxton Ventures, Softbank, Summit Darktrace’s Enterprise Immune System technology automatically detects and responds to emerging 64.0
5-Jul-16
Partners, TenEleven Ventures threats, powered by machine learning and mathematics from Univ. of Cambridge.
Blackstone Ventures, Cisco Investments, Verodin is defining the emerging concept of instrumented security, enabling customers to measure 10.0
28-Jun-16
Crosslink Capital, Rally Ventures and continuously validate the cumulative effectiveness of layered security.
GV, Boldstart Ventures, Evolution Equity Security Scorecard provides a cybersecurity rating and continuous risk monitoring platform 20.0
23-Jun-16
Partners, Sequoia Capital, Two Sigma allowing enterprises to gain operational command of their security posture.
Access Industries, Amplify Partners, Battery LightCyber provides behavioral attack detection solutions and the first to integrate user, network 20.0
22-Jun-16
Ventures, Glilot Capital, Shlomo Kramer and endpoint context to provide security visibility into attack activity.
Zerto provides enterprise-class business continuity and disaster recovery solutions for virtualized
21-Jun-16 CRV 20.0
infrastructure and cloud.

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.


77
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Tigera is solving networking and security problems inherent in deploying and enforcing policy in
16-Jun-16 NEA, Wing 13.0
large private, public, and hybrid enterprise clouds.
Insight, Blackstone, Capital One, Ten Eleven, Cylance utilizes artificial intelligence, algorithmic science and machine learning to proactively
8-Jun-16 100.0
DFJ, KKR, Fairhaven, Khosla protect organizations against advanced threats.
ReliaQuest is a pioneer in IT security solutions, ensuring that organizations remain secure and
7-Jun-16 FTV Capital 30.0
compliant as the IT world changes.
Warburg Pincus, Lazarus Israel Opportunities Zimperium is a mobile security startup that develops a mobile IPS to combat advanced modern
7-Jun-16 25.0
Fund, Sierra Ventures, Telstra Ventures cyber attacks on smartphones.
Amazon, Goldman Sachs, GV, Hayman Capital, Ionic Security, a data security platform, provides access control, intellectual property monitoring,
1-Jun-16 45.0
Icon Ventures, KPCB, Meritech data encryption, and policy management.
Transunion, Bessemer Venture, Firstmark Capital, Dashlane makes identity and payments simple and secure everywhere with its password manager
25-May-16 22.5
Rho Ventures and secure digital wallet.
Norwest, Greylock Partners, Alloy Ventures, Agari leverages the company’s proprietary, global telemetry network and patent-pending
24-May-16 22.0
Battery Ventures, First Round, Scale Venture predictive Agari Trust Analytics to identify and stop phishing attacks.
Redline Capital, Telstra Ventures, Work-Bench, vArmour provides software-defined security solutions for virtualized data centers and government
24-May-16 41.0
Allegis, Citi Ventures, Highland Capital cloud operators.
StageOne Ventures, Magma, Greenfield Cities
17-May-16 AVANAN is a stealth mode startup that offers enterprise-grade security for data in the cloud. 14.9
Holdings
Wickr is a secret messaging app allowing its users to send and receive top-secret messages,
12-May-16 Sand Hill Ventures 34.0
pictures, videos, audios, and files.
Fairhaven Capital, .406 Ventures, MassMutual Pwnie Express provides full threat detection of every wireless and wired device in and around your
11-May-16 12.9
Ventures, Ascent Venture Partners workplace.
Security First offers data protection and data integrity, secure information sharing, secure digital
10-May-16 Undisclosed 14.8
communications, data in motion security, and data at rest security solutions.

Source: Capital IQ, PitchBook Data, CrunchBase.


78
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Evident.io provides continuous cloud security for AWS, enabling rapid detection/remediation of
28-Apr-16 Bain Capital, True Ventures, Venrock 15.7
risks, vulnerabilities, & compliance issues.
Helion Venture Partners, India Alternatives, Seclore’s Enterprise Digital Rights Management solution enables organizations to control the usage
27-Apr-16 12.0
Sistema Asia Fund, VenturEast of files wherever they go, both within and outside of organizations’ boundaries.
NewSpring Capital, Atlanta Equity, Flybridge VidSys provides a physical security information management (PSIM) and converged security and
26-Apr-16 11.0
Capital Partners, Jvax Investment Group information management (CSIM) software platform.
Institutional Venture Partners, General Catalyst, Anomali’s platform is a security intelligence solution that aggregates millions of threat indicators
21-Apr-16 30.0
GV, Paladin Capital Group into existing security systems.
Scale Venture Partners, NEA, Sequoia, Forter's platform uses cyber intelligence combined with behavioral and identity analysis to help
21-Apr-16 32.0
Commerce Ventures, Eleven Two Capital merchants spot fraudulent transactions.
Blackbird Ventures, Costanoa, Paladin, Rally Bugcrowd's Crowdcontrol platform safely orchestrates a flexible array of managed bug bounty,
20-Apr-16 15.0
Ventures, Salesforce, Industry Ventures penetration test, and responsible disclosure offerings.
Threat Stack provides a fully integrated, cloud-native continuous monitoring solution that gives
15-Apr-16 Scale Venture Partners, .406 Ventures 15.4
customers instant visibility and automatically responds to changes in their environment.
Onfido's identity verification software, powered by machine learning technology, verifies peoples
14-Apr-16 Idinvest Partners, Crunchfund, Wellington Foods 25.0
identities before running further searches(i.e. Criminal/Anti-Money-Laundering).
Highland Capital Partners Europe, Auriga Nexthink provides smarter IT through analytics. Captures all local and network activities in real-
13-Apr-16 40.0
Partners, Galeo-Ventures, Waypoint Capital time across all endpoints and transforms end-user data into actionable analytics.
Advantech Capital, Qiming Venture, China FraudMetrix develops online software solutions for anti-theft and fraud management applications
13-Apr-16 32.0
Broadband, IDG Capital, Linear Venture in financial, insurance, payment, and online shopping.
Vertex Ventures, Data Collective, Andy PerimeterX is a provider of behavior-based threat protection technology. Its PerimeterX Bot
11-Apr-16 12.0
Bechtolsheim Defender, accurately protects commerce, media and enterprise websites from any attack.

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.


79
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Drive Capital, Healthy Ventures, SVB, Khosla CrossChx is identity resolution for smarter healthcare, it creates a universal patient ID to organize
6-Apr-16 15.5
Ventures, Moonshots Capital, NCT Ventures healthcare data and enable a new breed of innovative applications.
A16z, Highland Capital, Intel Capital, Silver Lake Bromium’s endpoint protection solutions automatically create hardware-isolated micro-VMs that
24-Mar-16 40.0
Waterman, Lightspeed, Meritech Capital secure every user task.
GV, Cisco, Index Ventures, Intel Capital, Skyport Systems develops Hyper-Secured Infrastructure that ensures the security of mission-critical
15-Mar-16 30.0
Northgate, Sutter Hill Ventures, Thomvest IT assets, with tight integration of compute, security, virtualization and policy.
Pelion Venture Partners, Madrona Venture
14-Mar-16 ICEBRG is a stealth network security company. 10.0
Group
Menlo Ventures, QED Investors, IA Ventures,
25-Feb-16 Signifyd is a SaaS-based, enterprise-grade fraud technology solution for e-commerce stores. 20.0
Allegis Capital, Tim Eades, Bill McKiernan
Qihoo 360 Technology, Shanghai Ziyou
17-Feb-16 360 Security provides mobile security applications. 100.0
Investment Management
Qumra Capital, Entree Capital, Genesis Partners, Riskified operates a technology platform for online merchants that is used to prevent fraudulent
10-Feb-16 25.0
Phoenix Insurance, NTT DOCOMO and other transactions of risk.
Sutter Hill Ventures, Clear Venture Partners, Vera operates as a data-security company that enables enterprises, IT organizations, and end-users
10-Feb-16 21.0
Battery Ventures, Amplify Partners to secure and share digital information across platforms and devices.
Bain Capital Partners, Commerce Ventures, InAuth is the most complete mobile authentication and anti-fraud solution offering multiple
10-Feb-16 29.9
Lightspeed Venture Partners security options to financial institutions and the mobile transaction market.
Trinity Ventures, Ten Eleven Ventures, Storm Digital Shadows provides cyber situational awareness that helps organizations protect against
9-Feb-16 14.0
Ventures, Passion Capital cyber attacks, loss of intellectual property, and loss of brand integrity.
Symantec is a global provider of security and systems management solutions that help businesses
4-Feb-16 Silver Lake Partners 500.0
and consumers secure and manage their information and identities.
Goldman Sachs, Accel, NEA, Bay Partners, Sonatype helps development organizations intelligently source, manage, assemble, secure and 30.0
4-Feb-16
Hummer Winblad, Morgenthaler Ventures maintain open source and third-party components.

Source: Capital IQ, PitchBook Data, CrunchBase.


80
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Skybox Security provides integrated security solutions that provide visibility of exploitable attack 96.0
3-Feb-16 Providence Equity Partners
vectors, hot spots of vulnerabilities, network misconfigurations and risky firewall rules.
Cisco, Edison Partners, Georgian Partners, eSentire protects mid-sized organizations from sophisticated cyber threats in real-time 24/7 by 19.5
3-Feb-16
VentureLink, Northleaf Capital Partners leveraging behavioral, reputational and signature-based capabilities.
Carbon Black provides endpoint threat detection, response, and prevention solutions to detect 14.0
3-Feb-16 Undisclosed
and stop cyber threats.
Foundation Capital, Eddy Shalev, Gilat 10.0
1-Feb-16 Kaymera provides military-grade cyber defense solutions for mobile devices.
Opponent
Google Capital, IVP, Felicis Ventures, A16z, Citi 80.8
28-Jan-16 Pindrop Security provides caller-ID products to detect, report, and mitigate phone fraud.
Ventures, GV
Lightspeed Venture Partners, Norwest Venture Fireglass’ Threat Isolation Platform eliminates common attack vectors against browsers, emails, 20.0
26-Jan-16
Partners, SingTel Innov8 documents and web applications.
ForeScout enables organizations to continuously monitor and mitigate security exposures and
21-Jan-16 Wellington Management 76.0
cyber attacks
Malwarebytes develops anti-malware technologies to detect and remove malicious programs from
21-Jan-16 Fidelity Investments 50.0
PCs.

20-Jan-16 Global Emerging Markets Limited WISeKey develops online security and identity management solutions worldwide. 61.0

StorageCraft provides best-in-class backup, disaster recovery and business continuity solutions for
13-Jan-16 TA Associates 187.0
servers, desktops and laptops.
IVP, 83North, Battery Ventures, Harmony Zerto provides enterprise-class disaster recovery and business continuity software for virtualized
13-Jan-16 50.0
Partners, USVP, ClalTech, RTP Ventures data centers and cloud environments.
Cavirin provides continuous security assessment and remediation across physical, public, and
1-Jan-16 SRA Holdings 18.0
hybrid clouds.

Source: Capital IQ, PitchBook Data, CrunchBase.


81
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Blue Coat, Knollwood Investments, Venrock, Appthority develops application security solutions that help businesses identify the risks hidden 10.0
31-Dec-15
USVP inside mobile applications.
Trustbridge Partners, Danhua Capital, Linear Trustlook develops a static analysis platform for detecting suspicious behavior and malicious 17.0
16-Dec-15
Capital Partners, Sparkland Ventures characteristics for Android operating systems.
Brookline Venture Partners, Fairhaven Capital 66.0
16-Dec-15 Digital Guardian provides data security solutions to protect data from insider and outsider threats.
Partners, GE Pension Trust, LLR Partners
American Express Ventures, BDC Venture 15.0
15-Dec-15 Trulioo provides an online portal for identity verification services.
Capital, Blumberg Capital, Tenfore Holdings
NewSpring Capital, Alsop Louie Partners, Lookingglass Cyber Solutions develops cyber threat intelligence monitoring and management 50.0
11-Dec-15
Neuberger Berman platforms.
Amadeus Capital Partners, Aspect Venture ForeScout enables organizations to continuously monitor and mitigate security exposures and 75.4
9-Dec-15
Partners, Bain Capital Ventures cyber attacks.
Core Capital Partners, Genacast Ventures, ZeroFOX provides real-time social threat analytics, intelligence, and advanced security protection 27.0
3-Dec-15
Highland Capital Partners, NEA, SVB via its cloud-based cyber platform.
Avecto's Defendpoint software protects endpoints from malware and cyberattacks through 49.0
2-Dec-15 JMI Equity
privilege management, application control and sandboxing technology.
Blu Venture Investors, NEA, Center for ThreatQuotient offers a software platform that helps security teams mitigate cyber attacks by 10.2
2-Dec-15
Innovative Technology aggregating and managing intelligence on threats.
ThreatConnect provides a cyber threat intelligence platform that allows global organizations to 16.0
1-Dec-15 Grotech Ventures, SAP National Security Services
manage massive amounts of threat information.
Alibaba, GE Ventures, Jérusalem Venture Theta Ray offers malware detection and prevention solutions for critical infrastructure, 20.0
1-Dec-15
Partners, Poalim Ventures communication systems, and financial systems.
Tola Capital, Arsenal Venture, Crosslink Capital, ProtectWise provides a pervasive view of the network, layered with refined analytics and a clear 20.0
17-Nov-15
Paladin Capital, Trinity Ventures interface that enables high performance threat hunting and accelerated incident response.

Source: Capital IQ, PitchBook Data, CrunchBase.


82
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

Menlo Ventures, Jerusalem Venture Partners, AppDome’s dynamic wrapping SaaS technology provides shield to enterprise and consumer-facing 13.0
11-Nov-15
OurCrowd, Draper Nexus apps from advanced cyber threats, mobile fraud, and data theft.
Norwest Venture Partners, Invus Group, TigerText provides security software for text messaging for physicians to use on their mobile 50.0
11-Nov-15
Accolade Partners, Shasta Ventures, REV devices.
Tenable Network Security specializes in developing software that enables real-time network 250.0
10-Nov-15 Insight Venture Partners, Accel Partners
monitoring to detect hackers and other malicious actors.
Costanoa Ventures, Foundation Capital, Split Guardian Analytics is provider of fraud prevention software for protecting online channels and 10.9
9-Nov-15
Rock Partners, Triangle Peak Partners accounts.
iboss Cybersecurity provides innovative APT Defense, Web Security and Mobile Security 35.0
3-Nov-15 Goldman Sachs
Solutions.
Foundation Capital, Matrix Partners, Northbridge Confer provides endpoint detection and response solution (EDR) that proactively identifies attacks 17.0
2-Nov-15
Venture Partners and provides real-time visibility across all endpoints.

30-Oct-15 Merck Global Health Innovation Fund Exostar develops B2B information sharing software. 15.0

Lumeta provides network situational awareness platform which is source for enterprise network 13.0
29-Oct-15 Undisclosed
infrastructure and cybersecurity analytics.
Cato Networks provides cloud-based platform to manage multiple hardware and software 20.0
27-Oct-15 Aspect Venture Partners, US Venture Partners
products and provide security against hacking, data theft and other security problems.
SourceClear develops software security platform for developers that help organizations identify 10.0
27-Oct-15 Index Ventures, Storm Ventures
components across software portfolio.
IronNet Cybersecurity provides suite of technologies that provide real-time threat assessment and 32.5
25-Oct-15 Trident Cybersecurity, KPCB
updates and consulting services.
Icon Ventures, Allegis Capital, Cowboy Ventures, Area 1 Security provides campaign delivery systems and allows enterprises to identify cyber attacks 15.0
14-Oct-15
KPCB, First Round Capital and other attacking campaigns before they unfold using their anti phishing platform.

Source: Capital IQ, PitchBook Data, CrunchBase.


83
Venture Capital Activity
Venture Capital Raises >$10 Million Since Q3 2015.

Date Selected Investor(s) Company Business Description Raised ($M)

.406 Ventures, Accomplice, KPCB, Highland Carbon Black provides endpoint threat detection, response, and prevention solutions to detect 54.5
14-Oct-15
Capital, Evolution Equity Partners and stop cyber threats.
Fidelity Management, Goldman Sachs, Allegis Bracket Computing’s Virtual Infrastructure Software spans multiple heterogeneous clouds with one
14-Oct-15 46.4
Capital, A16z, NVP, Sutter Hill, GE, ARTIS set of advanced security, data management, and networking infrastructure.
DataVisor provides big data security analytics to help protect consumer-facing websites and
13-Oct-15 GSR Ventures, NEA 14.5
mobile apps from cyber criminals.
Cybereason delivers a technology platform that automatically uncovers malicious operations,
13-Oct-15 Charles River Ventures, Softbank, Spark Capital 59.0
reconstructing them as a clear image of a cyberattack in context.
Third Point, Granite Hill, SineWave Ventures, Sentinel One uses predictive execution inspection to detect and protect all devices against
7-Oct-15 25.0
Data Collective, Tiger Global, UpWest targeted zero day threats in real-time.
JMI Equity, NEA, Split Rock Partners, Accel Code42 Software provides secure cloud services for endpoint data protection and security that
6-Oct-15 85.6
Partners, allow their users to limit risk, meet data privacy regulations, and recover from data loss.
Total Amount Raised ($M) 7,834.0
Median Amount Raised ($M) 20.0

Source: Capital IQ, PitchBook Data, CrunchBase.


84
Highlighted
Fundraising
Activity
$26M $27M $29M $45M $25M $88M $40M $26M

Series C Series B Series A Series C Series B Series D Series B Series D

September 21, 2017 September 20, 2017 September 20, 2017 September 19, 2017 September 19, 2017 September 5, 2017 August 30, 2017 August 29, 2017

StackRox

$13M $22M $10M $20M $15M $35M $23M $14M

Series C Series B Series A Series A Series B Series A Series B Series A

August 22, 2017 August 17, 2017 August 14, 2017 August 1, 2017 August 1, 2017 July 27, 2017 July 25, 2017 July 18, 2017

$23M $40M $32M $28M $75M $36M $29M

Series B Series C Series B Series C Series D Series E Series C

July 17, 2017 July 12, 2017 July 12, 2017 July 12, 2017 July 11, 2017 July 11, 2017 July 11, 2017
Raises $26.0M in Series C Financing.

Company Overview Digital Shadows SearchLight™


Digital Shadows is a provider of cyber monitoring services designed to improve cyber DIGITAL SHADOWS SEARCHLIGHT™
situational awareness. The company's cyber-monitoring services combine scalable data The SearchLight service combines scalable data analytics with human data analysts to manage and
mitigate digital risks.
Description analytics with human data analysts to manage and mitigate digital risks, enabling Directory
organizations to get insight of external digital risks and offer protection against cyber- Services
attacks, loss of intellectual property, loss of brand and reputational integrity.
Extensive Coverage Relevant Threat Intelligence Human In The Loop

Founders / Monitor widest range of sources A register of key assets that Intelligence operations analysts lift
Management across the visible, deep, and dark uniquely define organizations, signal from noise, strip out false
web. Identify a variety of digital subsidiaries and supply chains alarms & send priority cases, thus
risks, including cyber threats, data drives intelligence machinery saving time & money
Alastair Paterson James Chappell Daniel Moskowitz Daniel Lowden Rick Holland
CEO and Co-Founder CTO & Co-Founder CFO CMO VP, Strategy
exposure, & reputational risks

Assessment, Setup & Managed Takedown


Founded 2011 Monitor & Mitigate

Digital Shadows
Configuration Service

Approach
HQ San Francisco, CA & London, United Kingdom
Understand what is important and Continuously monitor organization’s Enables swift action, to help
Amount Raised $48.5M in 5 Rounds create a tailored configuration to digital shadow, identifying incidents minimize the loss of revenue,
tune SearchLight to meet your as they occur, delivering only brand damage, loss of
needs relevant alerts and reports customer trust & data
Digital Shadows Features
Funding Summary: $48M
Tailored Threat Intelligence Identification of Data Exposure Typosquatting Identification Date Stage Amount Raised ($M) Selected Investors

Sep 2017 Series C 26.0

Dark Web Search Mobile App Monitoring Credential Compromise Real-Time Alerts Feb 2016 Series B 14.0

Feb 2015 Series A 8.0


Malicious Actor Assessment Customizable Reporting Easy Integration
Dec 2012
Seed 0.5
& Sept 2013

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


87
Raises $27.0M in Series B Financing.

Company Overview Bastille’s Technology Overview


Description Bastille is a pioneering Internet of Radios (Mobile, IoT, and BYOD) security company.
There are 3 areas of technology across which Bastille has 14 patents approved and pending.
Bastille's patented technology combines hardware and software to offer enterprises
These technologies permit Bastille to SENSE, IDENTIFY & LOCALIZE threats as follows:
identification, threat detection and location awareness for radio-enabled devices.
Enterprise organizations use Bastille to accurately assess security threats from radio- Sense Identify Localize
enabled devices such as mobile phones and the growing number of Interned-enabled, but
not Internet-secured IoT devices. ▪ Collaborative Bandit Sensing is ▪ Bayesian Device Fingerprinting is a ▪ Distributed Tomographic
Bastille’s patent pending technology suite of patent pending technology Localization is Bastille’s patent
to quickly and accurately scan the that Bastille uses to detect and pending technology to provide
spectrum for emitters and threats identify devices in an Enterprise actionable position information of
Founders / airspace all emitters in your corporate
▪ Collaborative Bandit Sensing utilizes
Management airspace.
a variant of the Multi-Armed Bandit ▪ Bayesian Device Fingerprinting
Chris Risley Bob Baxley Christian Sepulveda Mike Engle Betty Kayton (MAB) problem to allocate sensor relies on Probabilistic Graph Models ▪ Bastille uses passive Radio
CEO Chief Engineer VP, Engineering VP, Business CFO time watching various parts of the of possible device characteristics to Tomography in the corporate
Development
spectrum track and estimate device meta- airspace to account for the location
Founded 2014 information of walls
▪ Bastille has combined a stochastic
HQ San Francisco, CA model of the signal environment, an ▪ Bastille Enterprise can resolve ▪ This allows Bastille to locate radio
array of intelligent distributed search emitter, device, and people-device emitters much more accurately than
Amount Raised $43.3 in 3 Rounds algorithms, and collaborative entities to produce never-before- other technologies to 1 meter of
optimization based on gossiping seen situational awareness of your accuracy
Security For The Internet of Radios algorithms RF & physical space

Scan Compile Data Research Funding Summary: $43.3M


Date Stage Amount Raised ($M) Selected Investors
Bastille’s technology scans the This data is gathered & stored, The Bastille Research Team
entire radio spectrum, & mapped to understand proactively monitors for new Sep 2017 Series B 27.0
identifying devices on what devices are transmitting radio-borne threats. Their
frequencies from 60MHz to data from your corporate breakthrough research and Aug 2015 Series A 13.8 Thomas Noonan
6GHz airspace discoveries help to keep the larger
ecosystem safe Jan 2015 Angel 2.5 John Huntz Thomas Noonan David Cowan

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


88
Raises $45.0M in Series C Financing.

Company Overview Threat Stack Platform Overview


Threat Stack is a developer of a SaaS based intrusion detection platform designed to
Threat Stack provides an integrated platform of detection and assessment tools into a single,
provide insights about enterprise cloud environments. The company's intrusion detection unified interface offering unmatched visibility, compliance, and data safety
platform empowers security and operations to manage risk and compliance across entire
Description
infrastructure, including cloud, hybrid cloud, multi-cloud and containerized Real-Time Host Monitoring Configuration Auditing Continuous Compliance
environments, enabling enterprises to identify and verify insider threats, external attacks Conduct behavior-based Scan AWS configurations to Meet PCI, HIPAA, SOC II, SOX
monitoring & immediately ensure the proper security 404, and ISO 27001, and
and data loss in real time.
detect suspicious events settings are in place & enabled, customer requirements using
while achieving an accurate out-of-the-box rules sets.
security baseline
Founders / Workflow Integrations Threat Intelligence Vulnerability Assessment
Management Out-of-the-box integrations with Correlation Detect systems & packages
Brian Ahern Jim
Sam Bisbee Kevin Durkin Chris Gervais popular configuration containing known vulnerabilities
Chairman & McDonough Threat Stack monitors
CSO CFO VP, Engineering
CEO VP, Sales management and alerting tools connections to known bad & cross-reference against more
allow you to seamlessly bring addresses, and alerts than two million identified CVEs
Founded 2012 security best practices into immediately when these to automatically categorize
HQ Boston, MA existing DevOps connections occur them according to security risk
Amount Raised $72.4M in 6 Rounds
Funding Summary: $72.4M
Connect Threat Stack to Your Existing Solution Date Stage Amount Raised ($M) Selected Investors

Sep 2017 Series C 45.0


Threat Stack’s API is designed to have predictable, resource-oriented URL and Response
Codes. Common use cases of Threat Stack’s API include: Apr 2016 Series B 15.4

Aug 2015 Series A1 7.9


Policies Alerts Agents
Apr 2014 Series A 2.8
Saving your policies in source Pulling Threat Stack alerts into Keeping a record of all the
code management for your organization’s logging deployed agents to audit which Oct 2013 Seed 1.2
collaboration and sharing infrastructure or SIEM parts of your infrastructure
were protected and when Jan 2013 Accelerator 0.2

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


89
Raises $29.0M In Series A Financing.

Company Overview Securonix Security Intelligence Platform Overview


Description Securonix is working to radically transform all areas of data security with actionable
security intelligence. Securonix’s advanced security analytics technology mines, enriches, Highlights
analyzes, scores and visualizes customer data into actionable intelligence on the highest ▪ Delivers real-time security intelligence to
risk threats from within and outside their environment. Using signature-less anomaly security, IT, business and key security
detection techniques that track users, account and system behavior, Securonix is able to systems
detect the most advanced insider threats, data security and fraud attacks automatically
▪ Detects insider threats and APTs through
and accurately. Customers are able to address the most basic and complex needs around signature-less behavior and outlier
advanced persistent threat detection & monitoring, high privileged activity monitoring, analysis
enterprise & web fraud detection, application risk monitoring & access risk management.
▪ Immediate ROI in risk and cost reduction
for security programs across DLP, SIEM,
IAM, PAM, DAM, and Enterprise or
Founders / Cloud Application Security Management
Management
Tanuj Gulati Chris Bell Nanda Santhana Chris Ostertag
Solutions Security Systems
Sachin Nayyar
CEO CTO COO SVP, Cyber Solutions Senior VP, Sales
Data Exfiltration
DLP
Intelligence
Founded 2008
High Privileged Account
HQ Los Angeles, California PAM
Intelligence
Amount Raised $29M in 1 Rounds Application Security
WAC / AAC
Intelligence
Security Intelligence Solutions Access Intelligence IAM

Insider Threat Management Identity & Access Analytics Privileged Account Analytics Cyber Event Intelligence SIEM

▪ Data theft detection and ▪ Cleanup rogue access ▪ Continuous real-time Funding Summary: $29M
prevention privileges privileged account
▪ Fraud detection and ▪ Risk-based access reviews Analytics Date Stage Amount Raised ($M) Selected Investors
prevention ▪ Risk-based access ▪ Service account abuse
▪ VIP snooping detection and certifications monitoring
Sep 2017 Series A 29.0
prevention ▪ Risk-based access requests ▪ Securonix for Lieberman

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


90
Raises $25.0M In Series B Financing.

Company Overview Product Overview


Aqua Security provides a container security platform that delivers an advanced security Enforce Security Deploy Anywhere
Integrate Security
Policies in On-Demand or in
solution for containerized environments, supporting both Linux and Windows containers, Into Your DevOps
Containerized The Cloud
multiple orchestration environments, both on-premises deployments as well as on AWS, Pipeline
Applications
Description
Azure, GCP, and other public clouds. Integrating early into container development, Aqua
then uses a combination of intelligent defaults, machine learning, and threat research to Aqua Security Architecture Auditing & Compliance
▪ Logs every container and user activity
provide full life cycle security for container-based applications. ▪ Securely manages container access to
‘secrets’ across orchestrators
▪ Integrates with SIEM, monitoring and
analytics tools

Founders / Automated Security


▪ Machine learning of legitimate container
Management behavior, based on application context
Dror Davidoff Amir Jerbi Upesh Patel Michael Cherny Shahar Man ▪ Container-specific role-based user
CEO & Co- CTO & Co- VP, Business Head, Security VP, R&D permissions
Founder Founder Development Research ▪ Validates host hardening best practices

Founded 2015 Runtime Protection


HQ Ramat Gan, Tel Aviv ▪ Container activity monitoring in real-time
▪ Network nano-segmentation based on
Amount Raised $38.3M in 3 Rounds application context
▪ Detects and prevents exploits and
Strategic Technology Partners Container Management malicious activity

Funding Summary: $38.3M


Date Stage Amount Raised ($M) Selected Investors

Sept 2017 Series B 25.0

Sept 2016 Series A 9.0

Oct 2015 Seed 4.3 Shlomo Kramer

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


91
Raises $88.0M in Series D Financing.

Company Overview ForgeRock Identity Platform


ForgeRock is a digital identity management company that facilitates secure organizational Securely connects people, devices, and things, so everyone and everything can
interaction with customers, employees, devices, & things. The ForgeRock Identity interact in the IoT world
Platform™ is a digital identity system of record used to monetize customer relationships,
Description address stringent regulations for privacy and consent (GDPR, HIPAA, FCC privacy), & Access Identity Identity Directory
leverage the internet of things. With offices across Europe, the USA, and Asia, ForgeRock Management Management Gateway Services
serves hundreds of brands, including Morningstar, Vodafone, GEICO, Toyota, as well as Authentication and Application & Service
Identity Provisioning Data Store
governments like Norway, Canada, and Belgium, securing billions of identities worldwide. Strong Authentication Gateway

Authorization and
Workflow Engine IoT Identity Gateway High Availability
UMA Provider
Founders /
Management
Self-Service & Profile Password Capture &
Mike Ellis Lasse Andresen John Fernandez Jeff Scheel Steve White Adaptive Risk Data Segmentation
Management Replay
Chairman & CTO & Co- CFO & EVP SVP Global Biz & VP Chief Security
CEO Founder Global Ops Corp Dev Officer

Founded 2009 Federation/SSO Synchronization UMA Protector LDAP/REST

HQ San Francisco, CA
Amount Raised $140.2M in 4 Rounds Social Reregistration Federated Service
Social Sign-On Directory Proxy
and Authentication Provider
Industry-Agnostic Solutions
Funding Summary: $140.2M
Date Stage Amount Raised ($M) Selected Investors

Sep 2017 Series D 88.0


Healthcare Finance Retail Telecom Government
Jun 2014 Series C 29.9
ForgeRock: One Identity Platform for Everything From CIAM to IoT
Customers GDPR Privacy Apr 2013 Series B 15.0
Cloud, IoT, Mobile – Protect digital Address GDPR & privacy. Designed Protect & respect privacy. Let
identities & consolidate customer info to support digital transformation customers share data selectively Mar 2012 Series A 7.3
for personalized customer experiences initiatives at scale

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


92
Raises $40.0M In Series B Financing.

Company Overview Product Overview


Qadium is a cybersecurity company that continually monitors the device layer of the Expander is visualization and analysis software that provides complete visibility into and
Internet. Using patented technologies and state-of-the-art tools in deep data structuring actionable insights about your true network boundary to mitigate information security risks
Description and analytics, Qadium’s Global Internet Sensing platform collects data from the world's
Internet connected devices, turns that data into knowledge, and organizes it to help Global Internet Scanning Reporting
Hourly Internet-scale data refreshes enable Digests deliver actionable insights for
organizations understand and secure their networks. real-time visibility into and actionable clients’ users at all levels ranging from
insights about client networks analysts to the board of directors

Founders / Digital Asset Map Instant Value


Management A browser-based network graph view, Deliver instant value with a highly intuitive
provides an easy-to-understand, 100% user interface, SaaS delivery model, and
Dr. Tim Junio Dr. Matt Kraning Leon Rishniw Greg Toto Dan Quinlan agentless technology that requires no user
explainable and defensible view of all of
CEO, Chairman, CTO, Director, VP, Engineering VP, Product VP, Finance
Co-Founder Co-Founder client’s assets on the public Internet input, on-site installation, or privileged access

Founded 2012
Continual Monitoring API Access
HQ San Francisco, CA
Continual monitoring ensures that clients API access enables us to deliver better
Amount Raised $66.0M in 3 Rounds are aware of their true network boundary insights straight into your cybersecurity
and alerted to changes at any given time workflows and tools in real time
Understanding Your True Network Boundary – Why Qadium?
Core Networks Shadow IT Third Party Hosting Funding Summary: $66.0M
Large Organizations don’t know Employees often violate Infrastructure managed by 3rd Date Stage Amount Raised ($M) Selected Investors
their full surface area & rarely corporate policy in good faith parties and cloud pose challenges
Aug 2017 Series B 40.0
conduct IP ranges for central IT monitoring

Merger & Acquisition Leaked Internal Assets IoT Devices Jun 2016 Series A 23.3

M&A events involve opaque, labor Perimeter security Large organizations unknowingly
Aug 2015 Seed 6.0
intensive IT integration processes misconfigurations routinely result expose to public their IoT assets
with incomplete, asset lists in organizations placing internal like building automation devices, Jan 2012 &
Grant 1.2
assets on the web teleconferencing equipment, etc. Jan 2014

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


93
Raises $26.3M In Series D Financing.

Company Overview Product Overview


LookingGlass provides a portfolio of threat intelligence services, threat data feeds in the Threat Intelligence Services Machine-Readable Threat Intelligence
form of machine readable threat intelligence, a threat intelligence platform with 100+ Augment Security Team With Specialized Analysts Automated & Enriched High Quality Threat Data
sources of threat and global Internet data analyzed and transformed into threat
▪ Threat Analysis –human review of all captured material, Protects against active threats:
Description intelligence, and network mitigation capabilities enable our intelligence-driven approach alerts when threat indicators are found ▪ Malicious IP addresses & domain names
to be proactively leveraged by clients. They address the full spectrum of threats including ▪ Response & Takedown Services – Track & report ▪ Links to legitimate websites that are compromised
structured threats and Indicators of Compromise, unstructured and open source (OSINT) removal of undesirable content, websites and apps
▪ Command and control (C2) infrastructure
risk data, internal network telemetry, physical threats, and mitigation options. ▪ Special Investigations Unit – Provides assessments of
▪ Active malware campaigns & variants
threats & handles disclosure of sensitive data

Threat Intelligence Platforms Threat Mitigation


Aggregate, Score & Prioritize Volumes of Threat Intelligence Operationalize Threat Intelligence & Automate Defense
Founders /
Management ▪ ScoutPrime™ - Workflows to contextualize actionable ▪ ScoutShield™ - automatically blocking known phishing,
intelligence through customized scoring & alerts malware, and malicious command and control domains.
Chris Coleman Stewart Curley Allan Thomson Pete Agresta Dave Horn
CEO CFO CTO CRO VP, Engineering ▪ ScoutVision™ - Identify & manage threats to internal ▪ NetDefender™ - Immediately stop attacks entering your
assets & 3rd parties organization's network at line speeds
Founded 2006 ▪ NetSentry™- Detect malicious traffic at network speeds.
▪ Cyber Threat Center™- Cloud platform to monitor open
HQ Reston, VA source data ▪ DNS Defender™- Protect against DNS manipulation
Amount Raised $103.8M in 5 Rounds
Funding Summary: $103.8M
Acquisition Summary Date Stage Amount Raised ($M) Selected Investors
Date Company TV Description
Aug 2017 Series D 26.3
Cyveillance is a threat intelligence management platform that
Dec 2015 $35M
transformed internet data into threat intelligence
Dec 2015 Series C 50.0
K&A is an IT security company operating Virus Tracker, the
Jul 2015 NA
worlds largest botnet monitoring system Mar 2015 Series B 20.0
CloudShield provides IP service control and infrastructure
Mar 2015 NA protection solutions on network and content processing Apr 2013 Series A 7.5
platforms

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


94
Raises $12.7M in Series C Funding.

Company Overview Product Overview


Versive automates the combination of AI and human intuition in order to comprehend
The Versive Security Engine detects suspicious behaviors in your environment and uses
system norms, detect suspicious behavior based on an understanding of the adversary
adaptive machine learning from the Versive Platform to correlate these behaviors
campaign lifestyle, and build threat cases before allowing users to view results. The
Description
platform continually learns about device behaviors, and deploys that understanding in its
Benefits of The Versive Approach: AI + Human Intuition, Automated
platform. The Versive AI Platform was developed in order to provide large enterprises with
solutions before serious cyberattacks comes to fruition. Automatically Customized Human Expertise
to Environment: Knowledge from hackers is built into
Trained on your actual data, making the product, combining machine
Founders / the system highly accurate, power with decades of cyber learning
Management customized to your network, & for unmatched insight
Joseph Polverari Ashley Fidler
impossible to deceive
Dustin Rigg Hillard Greg Smithies Jeff Feinstein
CEO VP, Engineering VP, Finance VP, Sales Sr. Director, Product
Management
Constant Improvement:
High Accuracy, No Noise:
Founded 2012 As your environment grows and
If sent a high-value Threat Case,
HQ Seattle, Washington changes, the VSE evolves and grows
it warrants immediate
smarter automatically, thanks to the
Amount Raised $64.2M in 6 Rounds investigation
adaptive machine learning
How The Versive Security Engine Works Funding Summary: $64.2M
Date Stage Amount Raised ($M) Selected Investors
Aug 2017 Series C 12.7

Aug 2016 Debt 7.0

Sept 2014 Series B-1 13.6

May 2014 Series B 21.0


Suspicious Behavior
Baselining Build Threat Cases Deliver Results
Detection Jul 2013 Series A 7.0
Learn what constitutes Based on correlation with Mapped connections across Results can be viewed in
normal behavior in specific adversary behavior profiles network & time yield convenient UI or as data Jun & Nov 2012 Seed 2.8
environment visualized threats in the API

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


95
Raises $21.7M in Series B Financing.

Company Overview Product Overview


Description ZingBox develops an enterprise Internet of Things (IoT) security solution to discover and
ZingBox takes an IoT personality-based approach to discover, detect, & defend IoT infrastructure
protect connected equipment. Zingbox uses Deep Learning to develop profiles for IoT
devices, such that irregularities are quickly detected, and a defense strategy can be
Discover Detect Defend
executed. Zingbox’s cloud-based architecture allows for scalability for large networks. It is
Analyzes devices to build unique Immediately detects potential Tailored recommendations for
currently deployed mainly among hospitals, companies, and manufacturing facilities with
profile based on regular actions threats—profile irregularities security defense solutions
IoT security.

Security Posture Device Personality Real Time


Identifies, Classifies, Actively Learns device’s unique Constant monitoring of
Manages IoT Inventory personality and profile devices and collections

Founders /
Management
Actionable IoT
Xu Zou May Wang Jianlin Zeng Mayuresh Ektare Giancarlo Chavez Self-Learning Deep Learning Intelligence
CEO & CTO & VP, Engineering & VP, Product Head, Sales Uses AI and Deep Completely unsupervised Leverages existing
Co-Founder Co-Founder Co-Founder Management Learning Algorithms Deep Learning network and security
infrastructure
Founded 2014
HQ Mountain View, CA
Risk Exposure Trusted Behavior
Amount Raised $31.9M in 3 Rounds Non-Disruptive Organization-level risk
Enforces acceptable behavior
Agentless, Seamless consistent with each device’s
assessment
profile
ZingBox IoT Guardian
50 TB of IoT traffic Seamless and Non-Disruptive
analyzed everyday The FIRST IoT security solution to eliminate the Funding Summary: $31.9M
cost & complexity of software agents Date Stage Amount Raised ($M) Selected Investors
Smart & Self-Learning
The ONLY unsupervised Deep Learning solution Aug 2017 Series B 21.7
to discern the individual personality of device
2.5 PB of total IoT Nov 2015 Series A 8.0
traffic analyzed to Service Protection
The industry’s FIRST solution to protect IoT
date services – not just data
Dec 2014 Seed 2.2

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


96
Raises $10.0M in Series A Financing.

Company Overview Product Overview


Dragos is an industrial cybersecurity company focused on some of the community's Dragos Threat Corporate IT & OT
The Dragos Platform is the Operations Analysis Security Teams
hardest problems. The ecosystem the team has built is specifically tailored for industrial
heart of the Dragos
environments such as those found in industrial control system (ICS), Supervisory Control ecosystem. The software
Description
and Data Acquisition (SCADA), and Distributed Control System (DCS) environments. It’s codifies & automates insights
software platform and services help operators protect infrastructure sites such as power from on-the-ground experts 3rd Party
who have spent decades Systems
grids, water distribution sites, oil refineries, gas pipelines, manufacturing, and more.
responding to the world’s
Dragos
most complex threats on a Intelligence
global, national, & local level
Founders /
Management Data Pipeline Core Models WorkFlow Automation Workbench
Robert Lee Jon Lavender Justin Cavinee Tom Leuchtner Sergio Caltagirone Ben Miller 3 Modules work together to Provides playbooks for Consolidates security activity
CEO CTO Chief Data VP, Product Mgmt. Director, Threat Director, Threat Feeds critical information
manage ICS, detect threats, automating & orchestrating & serves as a case mgmt.
Scientist & Strategy Intelligence Operations into pipeline
& streamline operations security & compliance system for investigations
Founded 2016 ▪ Identify up to hundreds ▪ Maps out and visualizes ▪ Increase analyst efficiency ▪ Complete context for
of thousands of assets all network-connected security events
HQ Fulton, Maryland ▪ Standardize security
devices, ports, & protocols
▪ Integrates with existing policies ▪ Track process & improve
Amount Raised $11.2M in 2 Rounds IT SIEM solutions ▪ Real-time automated productivity
▪ Evolve processes to meet
detection against threats
dynamic needs ▪ Speed up incident
Dragos Services response

Dragos Is An Extension Of Your Industrial Cybersecurity Team Funding Summary: $11.2M


Date Stage Amount Raised ($M) Selected Investors
Compromise Assessment Dragos Threat Hunting Dragos Incident Response
Deploys Dragos Threat Combines the experience of Uses a preventative approach to Aug 2017 Series A 10.0
Operations Center (TOC) human intelligence with the scale investigating and responding to
personnel and tools to assess of automation to constantly and threats in ICS environments.
Aug 2016 Seed 1.2
environment & risk efficiently search through
customer networks for threats

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


97
Raises $20.0M In Series A Financing.

Company Overview Product Overview


UnifyID is an identity platform that offers seamless security that relies on implicit UnifyID combines implicit authentication with machine learning to uniquely identify individuals on more
authentication. Implicit authentication are factors that are unique to the customer but than 500 websites & unlocks a new generation of IoT devices making remembering passwords obsolete
don’t require any user action, such as location, habits, and sensor data from everyday PC/Laptop UnifyID Implicit Authentication Platform
Description devices. The company uses proprietary machine learning algorithms to combine
▪ Analyzes factors like keystroke timing, ▪ Use of a variety of sensors including GPS,
behavioral and environmental attributes to produce a confidence score that specifies how mouse/touchpad movements, WiFi & Bluetooth accelerometer, gyroscope, magnetometer,
likely it was that a particular user performed an action, all increasing security without telemetry data barometer, ambient light, WiFi and Bluetooth
signals
burdening the user. ▪ Tap into constant signals emitted by Bluetooth LE
▪ Combine factors to extract a highly accurate ▪ Sensor data is processed locally & sends small
“confidence level” via use of proprietary machine streams of extracted to features to cloud-based
learning algorithms machine learning system

Founders / UnifyID Implicit Authentication Platform


Management
John Whaley Steve Chamberlain Vinay Prabhu Zero Conscious User Action
Founder, CEO Founder, COO Principal Machine
Learning Scientist Encrypted Digital
Sensor Data UnifyID Machine Learning Partner Use Cases
Footprint
Founded 2015
USER IDENTITY: JOHN ▪ Streamline Authentication
HQ San Francisco, CA Accelerometer
Phone SKD 99.99% CONFIDENCE ▪ Fraud Detection/Prevention
Amount Raised $20.0M in 1 Round ▪ Prevent account takeover
Gyroscope
Signal Processing ▪ Know Your Customer
Milestone Timeline GPS
Sensor Fusion ▪ Seat sharing
Feb 2017: ▪ E-Commerce
WiFi
Jan 2016: RSAC Innovation
Feature Extraction ▪ Continuous Authentication
Seed Funding Sandbox Winner Bluetooth ▪ Automatic Deauthentication

Funding Summary: $20.0M


March 2015: Sept 2016: March 2017: Date Stage Amount Raised ($M) Selected Investors
Company Formed TechCrunch Disrupt SXSW Security &
Runner-up Privacy Winner
Aug 2017 Series A 20.0

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


98
Raises $15.0M In Series B Financing.

Company Overview Product Overview


GuardiCore provides visibility, active breach detection and real-time response for software The GuardiCore Centra Security Platform monitors all connections across the data center using multiple
defined and virtualized data centers and clouds. It combines lightweight architecture to detection methods. Unsuccessful connections are rerouted to a high-interaction deception engine for
support the performance requirements of high traffic data centers, and enterprises gain real investigation, while successful connections are analyzed for malicious attributes
Description time visibility, understanding and response to illicit activity within the data center in
Monitor Data Center
minutes, not months. The company leverages threat deception and application-level Detect Suspicious Activity Engage Suspicious Connections
Communications
network visualization to address the security challenges across virtual high traffic data
center environments. ▪ Covers all internal traffic ▪ Decoy opportunities allow real ▪ Decoy opportunities allow real
▪ Instantly detects blocked or filtered attacks to progress under attacks to progress under
connections granular observation granular observation
▪ IT teams can create rules governing ▪ Deception technology employs ▪ Deception technology employs
authorized communications real machines, services and IP real machines, services and IP
Founders /
between applications addresses addresses
Management
Pavel Gurvich Ariel Zeitlin Dror Sal’ee Yaron Bartov Ori Aldor Highlight Real, Migrate Attacks Remediate Compromised
CEO & CTO & VP Biz Dev & CFO VP R&D
Co-Founder Co-Founder Co-Founder
Active Breaches in Progress Services
Founded 2013 ▪ Performs automatic and real- ▪ Uses attack footprint to identify ▪ Provides recommendations for
time analysis that identifies all servers affected by the the most appropriate
HQ Tel Aviv, Israel confirmed active breaches breach remediation measures
Amount Raised $46.0M in 3 Rounds ▪ Prioritizes all incidents based on ▪ Quarantines compromised ▪ Enables security team to remove
severity level servers and provides detailed backdoors and other hacker
▪ Develops a detailed footprint of incident reports to support tools from impacted servers
Key Highlights of GuardiCore the confirmed attack rapid response

Funding Summary: $46.0M


Dramatically Reduce Time To Prevent Or Minimize Gain Unprecedented
Detect, Investigate And Damage And Data Theft, Visibility Into Data Center Date Stage Amount Raised ($M) Selected Investors
Remediate Attacks Saving Millions Activity
Aug 2017 Series B-1 15.0

Understand Attack Jul 2016 Series B 20.0


Empower Security Teams Strengthen Entire Security
To Do More With Less Methods And Patterns
Infrastructure
Aug 2014 Series A 11.0

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


99
Raises $35.0M In Series A Financing.

Company Overview Product Overview


Callsign is a mobile application that allows its users to securely access websites and keep Callsign’s Unique Intelligence Driven Authentication (IDA) Solution Enables Users To Access Whatever They
their personal details private. Callsign’s Intelligence Driven Authentication Solution Need, From Wherever And However They Need It, All In A Frictionless Manner
enables more informed and truly adaptive access control decisions, putting enterprises
Description Intelligence
and their users back in control. Its platform combines multi-factor authentication with
fraud analytics powered by deep-learning technology to offer an authentication platform Behavior Location Device
Ergonomic analysis delivers Understand where and how Debug, jailbreak/root,
that can adapt to potentially signals to combat the threat of unauthorized logins.
insights to precisely identify a transaction is initiated and malware and cloning
who is in possession of a verified to enable safe detection can inform risk
device harbors and anti-fraud policies

Authentication
Founders /
Management Biometric PIN OTP
Zia Hayat Ian Welch Paul Fletcher Christopher Hutton Julio Sevillano Srinivas Ketavarapu Replay resistant finger, face Secure PIN provides a OATH compliant OTPs are
CEO & Founder COO Head of Products Chief Solutions Head of Mobile VP, Bus. Dev. and voice recognition familiar user experience, in delivered to users in several
Engineer deliver the next generation line with the EMVCo ways, including Mobile App,
of authentication standard USB, LCD, SMS and Call
Founded 2011
HQ London, UK Technology
Amount Raised $38.5M in 2 Rounds Crypto Engine Neural Engine Policy Engine
All cryptographic functions Uses more than 50 data By implementing critical
Callsign User Advantages across iOS and Android and elements in real-time to workflows, the Policy Engine
server sides are performed in a pinpoint suspicious activity, empowers risk officers to easily
fully audit-able manner accessing risk of device manage controls

Activity Profile Passcode


Funding Summary: $38.5M
▪ Easily review all requests ▪ Choose up to 24 identity ▪ Can still approve Date Stage Amount Raised ($M) Selected Investors
that have been made types to be managed via transactions even with no
▪ Audit trail ensures you Callsign Internet access Jul 2017 Series A 35.0 NightDragon Security
can see all transactions ▪ Easily control which ▪ Use app to generate OTP
details are shared to access systems and Sep 2016 Seed 3.5 Terry Eger
services offline

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


100
Raises $23.0M In Series B Financing.

Company Overview Product Overview


PerimeterX prevents automated attacks by detecting and protecting against malicious web PX Detector PX Console
behavior. By analyzing the behavior of humans, applications and networks, it catches in real-
time automated attacks with unparalleled accuracy. The PerimeterX Bot Defender protects
Description
business and web infrastructure websites from automated or non-human attacks, at any scale,
by tracking the behavior of website visitors and using artificial intelligence algorithms to Browser Web Page
determine which bots should be blocked. PX JS Sensor PX JS Snippet
PX Enforcer

App Server
80 PX Risk Score
Founders /
Management 1. Deploy 2. Sense
Omri Iluz Ido Safruti Ophir Ashkenazi Jonathan Ferrell Amir Shaked ▪ Load Perimeter Bot Defender’s sensor to your ▪ Sensor collects and sends data to evaluate
CEO & Co- CTO & Co- CFO & Co- VP, Sales VP, Research
Founder Founder Founder
website browser, user and network activities
▪ Takes only five minutes to get started ▪ Dashboard shows all normal and malicious
Founded 2014 bot activities in real-time
HQ San Mateo, CA
3. Detect 4. Enforce
Amount Raised $34.5M in 3 Rounds
▪ Evaluates sensor data in real-time using ▪ Risk Score is picked up by the PerimeterX
machine learning and behavioral analysis enforcer
PerimeterX Advantages ▪ Creates a Risk Score to identify whether a user ▪ Based on the score, the user is blocked or
is malicious or not, sent in an encrypted challenged
Diagnose the cookie back to the user’s browser ▪ Able to incriminate or exonerate the user
Defend Your
Detect Bot User as Deploy in based on the nature of the page and threat
Website and
Behavior Human or Minutes
Business
Malicious Bot Funding Summary: $34.5M
▪ Unparalleled accuracy ▪ Human vs. bot ▪ Prevent attacks that ▪ Hassle-free ongoing Date Stage Amount Raised ($M) Selected Investors
and precision behavior fingerprinting do not trigger maintenance
Jul 2017 Series B 23.0
▪ 100s of indicators and analysis security mechanisms ▪ Fully compatible with
from users, browsers, ▪ Detection of advanced ▪ Future proof against existing infrastructure Sep 2015 Series A 9.0 Andreas Bechtolsheim
devices and network automated attacks new automated including cloud and
attacks CDN solution Jan 2015 Seed 2.5

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


101
StackRox
Raises $14.0M In Series A Financing.

Company Overview Product Overview


StackRox provides a container security platform that adapts to evolving threats and StackRox secures the entire path from containers to web-scale microservices. It enables deep container
streamlines security operations. It uses instrumentation and sophisticated machine visibility and insights, adapts defenses to new cyber threats, and unifies multiply threat protection
capabilities with a single integrated platform
learning to protect the agile enterprise, automatically discovering every container and
Built-in Security Architecture High Resolution Visibility
Description establishing full operational visibility. StackRox enables security teams to see containers in
▪ Combines a new, scalable security architecture with
high resolution and transform millions of signals across the environment into meaningful Container Auto-Discovery with Fingerprinting:
instrumentation and machine learning to protect containers
Microservice fingerprinting technology enables rapid,
security insights with dramatically less noise, defending against threats such as code from evolving threats.
reliable identification of both known and rogue containers
injection, privilege escalation, malicious lateral movement and data exfiltration. ▪ Deploys across cloud, virtual and bare metal environments
Insights from Entire Ocean of Container Signals: StackRox
as a set of container-based security microservices that
continuously monitors collection of signals including
collects signals, performs machine learning, and automates
system calls, network traffic, and Docker events
prevention and response
▪ Works as a single integrated platform that scales Advanced Network Visualization: Renders interactive,
Founders / automatically and interfaces seamlessly with existing security detailed visualization of container network in real time,
infrastructure providing a clear depiction of all system connections
Management
Adaptive Defenses Rapid Deployment and Simple Management
Sameer Bhalotra Ali Golshan Wei Lien Dang Shashank Tiwari
Co-Founder & CEO Co-Founder & CTO VP, Product VP, Engineering Adaptive threat protection is a result of machine learning StackRox is built for production environments and
Founded 2014 models working in parallel to protect container environments interfaces with the following systems:

HQ Mountain View, CA Auto-tuning Machine


Smart Filters Orchestration
Learning Models
Amount Raised $14.0M in 2 Rounds

StackRox Benefits Policy-Driven Prevention


Attack Profile Library
Container
Platforms
and Response
Hunt for Threats Protect Cloud Workloads
▪ Single sign-on (SSO) authentication
Two-Click Behavior Image Vulnerability Security ▪ Incident management systems
▪ Dynamically filter collected container signals ▪ Effectively detect code injection, privilege
Modeling Scanning ▪ Full-featured API for SIEM integration
in order to rapidly zero in on indicators of escalation, malicious lateral movement, data
compromise (IOCs) and identify threats exfiltration, and many other types of threats
Funding Summary: $14.0M
▪ Surface detailed security event context for ▪ Orchestrate threat response with a policy-
analysts to construct new attack profiles and driven workflow that streamlines security Date Stage Amount Raised ($M) Selected Investors
policies management
Jul 2017 Series A 14.0
▪ Enable faster root cause analysis, streamlined ▪ Deploy as a single platform of container-
response, and prevention controls to harden based security microservices that work across
container environments against new attacks cloud workloads Jan 2015 Seed Undisclosed Undisclosed

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


102
Awake Security Has Exited Stealth Mode With A Total Amount Raised Of $31.2M.

Company Overview Product Overview


Awake Security provides an advanced security analytics solution that improves security Awake Security offers a security analytics solution to automate painstaking analyses that expert investigators
operations productivity by delivering unprecedented visibility into enterprise perform, improving analyst productivity ten-fold
environments for breach detection, investigation and hunting. The company’s Security
Description Knowledge Graph data model uses machine learning and data analytics to automate
painstaking analyses expert investigators perform. The company is built on a foundation of
more than two years of research with hundreds of security professionals and a dozen
security teams, and it has just exited stealth mode.

Founders /
Management
Michael Callahan
Keith Amidon Debabrata Dash Gary Golomb Rudolph Araujo
Co-Founder &
Co-Founder & Co-Founder & Co-Founder & Chief VP, Marketing
CEO
VP, Networking VP, Analytics SOC Whisperer

Founded 2014 Security Knowledge Graph ActivityIQ EntityIQ


HQ Mountain View, CA ▪ Identifies and tracks real-world ▪ Analytics correlate network ▪ Algorithms surface notable
Amount Raised $31.2M in 2 Rounds entities like devices, users or traffic to entities in the data entities and behaviors within
domains from network traffic model, presenting summarized the data model and cluster
timeline view as a victim would similar entities for attack
The Awake Advantage ▪ Captures conclusions and
discoveries made by team
experience it and as a campaign analysis.
investigator would piece it
members, improving ▪ Predict questions analysts are
Empowered Analysts Better Investigations A More Secure Network together
collaboration likely to ask, pointing them to
next investigative path
▪ Eliminate need to operate on IP ▪ Simple behavioral query language ▪ Detect, investigate and hunt for threat
addresses
▪ Cut out cumbersome tasks
for real-time answers to powerful
questions
activity after initial compromise
▪ Lower threat dwell time
Funding Summary: $31.2M
Date Stage Amount Raised ($M) Selected Investors
Lower Costs Quick Time to Value Low Maintenance
Dec 2016 Series B 22.5
▪ Reduce operational costs through ▪ Monitor network quickly without ▪ Keep sensitive data on premise but
consolidation, improved SOC need for any integrations or tuning get SaaS benefits of hardware
efficiency, higher analyst tenure & other than a simple TAP/SPAN monitoring, maintenance, & regular 2014 Series A 8.7
lower hiring / training expenses software & intelligence upgrades

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


103
Raises $40.0M In Series C Financing.

Company Overview Product Overview


ZeroFOX protects modern organizations from dynamic security, brand and physical risks ZeroFOX SaaS platform protects businesses and employees from cyber, brand and physical threats on
across social, mobile, web and collaboration platforms. It is an innovator of social media social and digital channels. It is designed to give complete control, covering thousands of data sources and
and digital security and uses targeted data collection and artificial intelligence-based hundreds of use cases. Customers are able to catch threats faster before they make an impact, reduce their
Description analysis to protect organizations from targeted phishing attacks, credential compromise, risk exposure with AI-driven analytics, and utilize automated threat hunting and remediation tactics.
data exfiltration, brand hijacking, executive and location threats and more. The platform
Business Protection Employee Protection
processes and protects millions of posts, messages and accounts daily across the social and
Protect pages, brands & Safeguard employees &
digital landscape. executives from incoming and
enterprises from brand risks &
targeted security threats. outgoing risks.

Monitor Alert Eliminate


Founders / Targeted collection of mass social & Customizable, artificial intelligence- Automated content moderation and
Management digital data based analysis takedowns

James C. Foster Mike Price Tim Bender Jon Fraleigh Gabe Goldhirsh
CEO CTO CFO EVP, WW Field EVP, Global Data Sources Policies & Rules Integrations
Operations Services ▪ Social networks ▪ Spear phishing ▪ Security Operations Center
▪ Deep & dark web ▪ Spoofed accounts ▪ SIEM platforms
Founded 2013
▪ Mobile app stores ▪ Credential compromise ▪ IBM QRadar & ArcSight
HQ Baltimore, MD ▪ Collaboration & chat platforms ▪ Account takeover ▪ Analytics platforms
▪ Web domains ▪ Brand impersonations ▪ Threat intelligence platforms
Amount Raised $80.2M in 4 Rounds ▪ Facebook & Google ▪ Physical threats ▪ Firewall/IDS/IPS
Customer attacks Security platforms
ZeroFOX Platform ▪ ▪

SaaS Deployment Instant Visibility Fine Tune Analysis


Funding Summary: $80.2M
▪ Instant protection Targeted data collection spans social, Customizable FoxScripts for AI-based
Date Stage Amount Raised ($M) Selected Investors
▪ Cloud-based deployment mobile, web, domain, deep/dark, machine learning analysis
▪ Zero set-up charges collaboration & digital sources Jul 2017 Series C 40.0

Dec 2015 Series B 27.0


Continuously Protect Extending New Intelligence Minimize Risk Exposure
Dedicated ThreatOps team and Complete Open REST APIs and 3rd Automated takedowns and content
Apr 2014 Series A 11.0 Enrique Salem
FoxThreats program constantly adds party integrations plug into your moderation via direct integrations to
new protections for new threats security infrastructure social & digital channels rapidly
eliminate threats Jul 2013 Seed 2.2

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


104
Raises $32.0M In Series B Financing.

Company Overview Product Overview


Deep Instinct provides real-time detection and prevention of zero-day threats and The Deep Instinct platform focuses on three areas for real-time cyber intelligence: data training,
advanced persistent threat attacks for mobile devices and endpoints, and its proactive deep learning and predictive capabilities to provide protection to mobile devices and endpoints
protection protects the organization’s entire assets from any known and unknown threat
Description Technology
on any infrastructure. The company approaches cybersecurity from a different angle:
from reactive to proactive defense, as well as from expecting the next unexpected attack Data Training Deep Learning Predictive Capabilities
Training on hundreds Proprietary, deep Lightweight, real-time cyber
to predicting and preventing it.
of millions of malicious learning algorithms; intelligence; Distributed across
and benign files Continuous learning the organization’s infrastructure

Founders / Infrastructure Agnostic Connectionless Coverage Easy Deployment


Management ▪ Breaks down data features ▪ Works even when the ▪ Constantly scans, predicts
into small parts to render device is not connected to and protects all activities
Guy Caspi Eli David Holly Whalen Stuart Fisher Efrat Turgeman
CEO CTO SVP, Sales SVP, APAC CFO the data source irrelevant the network without impacting the user
▪ Instinctively detects and ▪ On-device agent allows experience
Founded 2014 prevents any threat on any complete protection when ▪ Works in parallel to any
infrastructure personal and corporate previously installed security
HQ Tel Aviv, Israel
devices interact agents

Solution Components Real-Time Detection and Prevention Accurate Prediction Model

D-Brain D-Appliance D-Client ▪ Enables on-device, connectionless, lightweight, ▪ Continuously learns to deliver unprecedented
real-time cyber threat prevention accuracy to secure all assets
▪ Core component of deep ▪ Provides visualization and ▪ Enables on-device, ▪ Acts proactively and automatically according to ▪ Instantly detects zero-day threats before an
learning solution management tool to configure connectionless, lightweight, real- organization policies attack can take place
▪ Continuously learns on malware organization’s security policy time cyber threat prevention
datasets from diver sources ▪ Enables in-depth monitoring of ▪ Scans the device and acts Funding Summary
▪ Hosted at company headquarters cyber threats proactively and automatically
▪ Manages devices, security events, according to organization policies Date Stage Amount Raised ($M) Selected Investors
and security compliance policy in
the same place Jul 2017 Series B 32.0

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


105
Raises $28.0M In Series C Financing.

Company Overview Product Overview


Flashpoint delivers Business Risk Intelligence (BRI) to empower business units and Flashpoint Intelligence Platform Analyst and Advisory Services
functions across organizations to make better decisions and mitigate risk. Flashpoint’s Dual Threat Landscape Analysts
unique Deep & Dark Web data, expertise, and technology enable customers to glean “Onboarding wizard” allows for quick customization Leverage extensive intelligence experience to train
to industry, region, category and threat target access Deep & Dark Web collection and analytics engines
Description intelligence that informs risk and protects their ability to operate. Flashpoint’s services
include bolstering cybersecurity, confronting fraud, detecting insider threats, enhancing Intelligence-to-Data Pivoting Business Risk Intelligence Practice
physical security, and addressing vendor risk and supply chain integrity. Browse or query reports; assess emerging threats, Tailored solutions to organizations starting, rebuilding, or
vulnerabilities and potential impacts to make risk expanding intelligence function whether for a single
decisions function or broad enterprise support

Tagging & Content Classification Strategic Engagement Services


Features optimized intelligence and report tagging and Offerings include Rapid Risk Response, Deep & Dark
classification that improves report searching and Web Risk / Executive Risk Exposure Reports, Directed
Founders / discovery. Actor Engagement, and additional analyst service.
Management
Use Cases
Josh Lefkowitz Evan Kohlmann Josh Devon Chris Camacho Ben Donohue
CEO Chief Innovation Officer COO Chief Strategy Officer VP, Engineering Cybersecurity Physical Security
Third-Party
& Emergent & Executive Fraud Insider Threat
Founded 2010 Malware Protection
Vendor Risk

HQ New York, NY
Subject Matter Experts Combined with Expansive coverage of Combination of in- Combines intimate
Amount Raised $43.0M in 3 Rounds are embedded in illicit targeted Deep & Dark We provides a depth expertise with familiarity with
Deep & Dark Web Dark Web robust view into a complex techniques and insiders’ techniques
communities, monitoring, company’s ecosystem tactics to proactively with targeted
Flashpoint Features providing insights into Flashpoint’s expertise and rapidly assesses mitigate the most monitoring of Dark
malware development helps identify and risks complicated fraud Web to protect against
mitigate physical risk schemes insider threats

Funding Summary: $43.0M


Date Stage Amount Raised ($M) Selected Investors

Intelligence Reporting Curated Alerting Analyst Assistance API & Portal Jul 2017 Series C 28.0
Analysts most critical Comprehensive monitoring Directly access our analyst Tools to access and perform
Jul 2016 Series B 10.0
findings, hand-picked and relevant reporting, team for customized threat research on Deep & Dark
prioritized, and packaged in tailored to organization’s investigations Web data in order to
intra-daily reports needs discover valuable insights Apr 2015 Series A 5.0

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


106
Raises $75.0M In Series D Financing.

Company Overview Product Overview


Darktrace offers an Enterprise Immune System software platform that uses machine Darktrace’s Enterprise Immune System is the first non-consumer application of machine learning to work at scale,
learning and AI algorithms to automatically detect and take action against cyber-threats. It detecting stealthy cyber-attacks and insider threats that bypass traditional security tools. The framework includes
Darktrace Antigena, which delivers autonomous response, automatically taking action against in-progress attacks in real
is a self-configuring technology that works within enterprise and ICS networks including
Description time. Darktrace ICS is specialized for SCADA and other ICS networks.
virtual, cloud and IoT systems and does not require manual set up, identifying advanced
Enterprise Immune System Threat Visualizer Industrial Immune System Antigena
threats in real time, including zero-days, insiders and stealthy, silent attackers.
▪ Creates unique behavioral ▪ 3D threat notification ▪ Coverage of both IT and ▪ Quickly restrains or
Headquartered in San Francisco and Cambridge, UK, Darktrace has 24 offices worldwide. models for each user and interface OT environments contains threats to allow
device ▪ Graphical overview of day- ▪ Correlates actions over time humans to catch up
▪ Forms evolving to-day network activity to understand “normal” ▪ Automated action slow
understanding of “pattern ▪ Automatically alerts analysts behavior provides security teams
of life” to significant incidents and ▪ Full visibility into ICS with a vital time window
▪ Passively monitors raw threats within environments activity
Founders / network data
Management
Nicole Eagan Poppy Gustafsson Jack Stockdale Steve Chamberlain Gary Szukalski Data Capture & Integration Recursive Bayesian Estimation Threat Visualizer Integration
CEO CEO, EMEA Global CTO COO Chief Channel
Management Officer
Physical
Human Modeling
SIEM

Network
Data

Threat Classifier
350+ Dimensions
Darkflow
Founded 2013

Data Capture
Virtual
Device Modeling 3D Threat
HQ San Francisco, California & Cambridge, United Kingdom Cloud
Visualization Notifications
Amount Raised $179.5M in 4 Rounds SaaS Network Modeling
Enrichment Data API
Model Editor
Key Statistics Raw Packet Capture for Forensics

Funding Summary: $179.5M


48,000 Serious Cyber Deployed in 70
Incidents Reported Countries Date Stage Amount Raised ($M) Selected Investors

Jul 2017 Series D 75.0

Headcount: 500+ 3x Increase in U.S.


Customers 2016-2017 Jul 2016 Series C 64.0

Jul 2015 Series B 22.5


$200M Total
3,000 Deployments
Contract Value Mar 2015 Series A 18.0

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


107
Raises $36.0M In Series E Financing.

Company Overview Product Overview


Description HyTrust aims to make private, public and hybrid cloud infrastructure more trustworthy for
HyTrust Workload Security solutions protect private and public cloud workloads by providing automated
enterprises, service providers and government agencies. It provides solutions that compliance and enabling policy driven security across multiple cloud environments.
automate security controls for software-defined computing, networking and storage
workloads to achieve the highest levels of visibility, granular policy control and data CloudControl DataControl KeyControl
protection. HyTrust customers benefit from accelerating cloud and virtualization cost ▪ Complete cloud & virtualization
▪ Role Based Access Control:
savings while also improving their security posture in real time. Control which functions have encryption solution ▪ Simplifies process of key
access to what resources ▪ Strong encryption with integrated management for enterprise
key management to secure applications
▪ Policy Control with Two Man
Rule: reduce define and enforce machines & their data throughout ▪ Unlimited encryption key
policy with secondary approval their lifecycle usage
Founders / ▪ Uniquely able to encrypt or re- ▪ Multi-cloud support including:
▪ Access Control with Two Factor
Management key data without taking
Authentication: Enhance overall
John De Santis Eric Chiu Mercedes Caprara Hemma Prafullchandra Fred Kost security posture applications offline
Chairman & CEO Co-Founder & CFO CTO & SVP, Marketing ▪ Forensic grade logs: provides in- ▪ Encryption travels with the VM
President EVP,Products
depth perspective on what has and runs in any virtualized
Founded 2007 happened in the virtual environment
environment
HQ Mountain View, CA
Amount Raised $108.5M in 7 Rounds Funding Summary: $108.5M
Date Stage Amount Raised ($M) Selected Investors
DataControl Cloud Encryption Jul 2017 Series E 36.0
HyTrust Data Control offers powerful, military grade encryption with easy to use, scalable key management to secure the Jun 2016 Debt Financing 5.0
workload throughout its lifecycle from deployment and migration to sanctioned decommission.
KeyControl: key manager that ensures Apr 2015 Debt Financing 8.0
enforcement of policy via key issuance &
revocation Apr 2015 Series D 25.0
Policy Engine: ensure appropriate controls with Orchestration Workload Workload
Aug 2013 Series C 18.5
context; enforces right admins for creating HyTrust Key
encryption policies Control & Hypervisor
Admins Feb 2010 Series B 10.5
Policy Engine
Policy Agent: ties policy to workload and executes Hardware
encryption and decryption Apr 2009 Series A 5.5

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


108
Raises $28.5M In Series C Financing.

Company Overview Product Overview


Description Lastline provides malware protection platform to detect and stop advanced persistent Collect Detect Respond
treats, zero-day exploits and evasive malware. Its solution rapidly detects advanced
malware that other security solutions miss, eliminating data breaches, therefore saving
money and time for customers, while protecting valuable data and brand reputation.
Lastline provides high-resolution and real-time malware analysis of network, email, web,
file and mobile vectors.

Deploy sensors wherever you need Detect evasive malware, regardless Respond Faster to new threats
unmatched malware visibility of how advanced more accurately
Founders / Collect malicious content in Unmatched accuracy: 100% threat Respond Smarter against latest
Management emails, web content, and network detection in NSS Detection Test malware
Christopher Kruegel Giovanni Vigna Engin Kirda Brian Laing George Chitouras traffic, including the cloud
Co-Founder & CEO Co-Founder & CTO Co-Founder & VP, Business Dev. VP, Engineering Global Threat Intelligence Respond Better and create new
Chief Architect & Products Collect from existing devices, Network: Malware is analyzed and workflows to automatically block
expanding your visibility shared with all Lastline customers new threats
Founded 2011
HQ Redwood City, CA Lastline Enterprise detects and defeats advanced malware that easily evades other security products to
Amount Raised $52.2M in 6 Rounds infiltrate your network

Lastline Partnerships Funding Summary: $52.2M


Date Stage Amount Raised ($M) Selected Investors
Strategic Partners
Jul 2017 Series C 28.5

Aug 2014 Venture 10.0

Technology Partners Jan 2014 Series B Undisclosed

Jun 2013 Series B 10.0

Apr 2013 Venture 2.8

Apr 2013 Series A 0.9 Undisclosed

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


109
Advice. Capital. Access.
Momentum Partners
Momentum Capital Markets
340 Brannan Street | Suite 501
San Francisco, California 94107

Michael Tedesco Eric McAlpine Keith Skirbe Dino Boukouris


Executive Chairman Managing Partner Director Director
michael@wellspring.partners eric@momentum.partners keith@momentum.partners dino@momentum.partners

*Momentum Partners, LLC. Securities offered through Financial Telesis Inc. Member FINRA/SIPC .

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