It is a perfect storm. The move to remote working makes network security more challenging for organisations. The growing threat from ransomware and the ongoing rise in network attacks combines to create a triple whammy resulting in a majority of business leaders acknowledging that cybersecurity is the top IT challenge this year.
According to GlobalData estimates, the global cybersecurity industry will grow from $125.5bn in 2020 to $198.0bn in 2025 at a compound annual growth rate (CAGR) of 9.5%. The strongest growth will be in software, which will record a CAGR of 13% between 2020 and 2025, rising from $52.1bn in 2020 to $96.5bn in 2025. Over the same period, hardware revenues will increase from $26.5n to $40.7bn, a CAGR of 10%. GlobalData estimates that services will rise by a CAGR of 5%, from $47.9bn in 2020n to $60.7bn in 2025.
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Meantime, the number of cybersecurity unicorns continues to rise sharply-indeed keeping abreast of all relevant players is far from easy as it is something of a moving target.
In the past 12 months alone, the number of cybersecurity firms with $1bn valuations has almost doubled to 59. And as the GlobalData report entitled Future Unicorns in Cybersecurity, published last August forecasts, the number of cybersecurity unicorns will hit three figures before long. A raft of innovative Cybersecurity startups with cutting-edge expertise in various sectors are predicted to become tomorrow’s unicorns.
Specifically, the report shortlisted some 126 cybersecurity startups globally with 50 of them predicted to become unicorns in the future. The report also revealed that regional investment activity in the second quarter of 2021 saw more than $8.1bn invested across 209 deals globally, with North America (primarily the US) accounting for more than 58% of the deals, valued at $6.1bn, followed by Europe at 17%. The Middle East and Africa region accounted for about 10% of the deals, primarily including cybersecurity start-ups based in Israel.
Notably, a number of the cyber unicorns with Israeli roots feature prominently in the unicorns ranking with Tanium, now valued at $9b and Snyk at a $8.5bn valuation. Other prominent Israeli-founded cyber unicorns headquartered in the US include Forter and Axonius.
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By GlobalDataIsrael’s cybersecurity industry had an outstanding 2021, setting new records in a number of fields, according to the Israel National Cyber Directorate. The sector raised a record $8.8bn in 2021, tripling the amount raised in 2020. The money was secured in 131 deals.
Cybersecurity unicorns as at 17 June 2022
1 Tanium estimated valuation $9bn
Unicorn since March 2015
Based Washington US
Tanium, founded in 2007, is an endpoint security management platform providing real-time visibility in enabling responses to threats. Its platform provides a single real-time view of all endpoint data. It is managed and delivered from the cloud and is compatible with end users, servers, and cloud endpoints. Tanium can identify and remediate Log4j vulnerabilities, which allow hackers to take complete control of endpoints with a single line of code. The platform can also strengthen zero-trust initiatives in organisations. Tanium has received $1bn in funding.
2 Snyk estimated valuation $8.6bn
Unicorn since January 2020
Based Massachusetts, US
Snyk is a cloud-based security provider helping developers build in a safe and secure environment. Snyk has different products, such as Container, Infrastructure as Code, and Developer Security Platform, all of which help find and fix vulnerabilities in a developer’s code, open-source dependencies, containers, or infrastructures. Snyk has received $1.4bn in funding and acquired five companies, the most recent being Cloudskiff in October 2021. Cloudskiff helped developers and engineers protect codified cloud infrastructures, so will further enhance the Snyk portfolio.
3 Lacework estimated valuation $8.3bn
Unicorn since January 2021
Based California US
The firm provides a cloud security platform. Its platform allows security teams to identify and safeguard the cloud and datacenter workloads without utilising the manual tagging, rules or policies. The company prepares datacenter polygraphs to detect users, workloads and applications and their interactions. Lacework’s time machine enables users in storing and identifying the behavioural changes in the datacenters and tracks all the activities to find data breaches. The company develops polygraphs offering auditing, forensics, breach detection and user attribution. By the end of 2021, the firm has raised nearly $1.9bn with a market capitalisation of $8.3 billion. It says that revenue tripled in 2021 on a 350% growth in new customers.
In February this year, Lacework secured funding from Google Ventures and agreed a partnership with Google Cloud. The two companies are working together for upcoming integrations with Google Cloud Security Command Center. As a result, Lacework customers can use the Google Cloud when looking for multi-cloud capabilities as part of their security operations deployments.
4 StarkWare estimated valuation $8bn
Unicorn since November 2021
Based Netanya, Israel
StarkWare said it has developed technology to make blockchain scalable for mass adoption and that its platform now handles more transactions than Bitcoin. Its current valuation of $8bn means that it has quadrupled in value since last a fund raising round last November, when the firm was worth $2bn. StarkWare cuts fees by reducing the amount of information written to the blockchain. It speeds up transactions by alleviating heavy blockchain congestion. And it provides a way for blockchain to scale without any dilution of its original vision – the math ensures it remains a network that runs with absolute integrity.
5 Netskope estimated valuation $7.5bn
Unicorn since November 2018
Based California, US
Netskope cloud security software delivers visibility into data usage and helps organisations understand online activities, stop threats, and avoid data leakage. The Netskope cloud security platform uses SASE architecture to protect user endpoints, so companies can have visibility and threat protection when accessing services from anywhere, on any device. SASE converges software-defined wide-area networking (SD-WAN) with security software such as Security Service Edge (SSE), delivered from a single cloud service. The company was founded in 2012 and has received $1bn in funding to date.
6 1Password estimated valuation $6.8bn
Unicorn since July 2021
Based Ontario, Canada
1Password is a secure, convenient password manager, providing businesses and consumers with a safe way to share passwords, credit cards, and documents. It keeps important information secure with AES 256-bit encryption. To date, 1Password has raised around $920m. Robert Downey Jr, Scarlett Johansson and Ryan Reynolds were among the angel investors backing cybersecurity unicorn 1Password’s $620m Series C round in January 2022. ICONIQ Growth led the funding round. Accel, Tiger Global, Lightspeed Venture Partners and Backbone Angels also participated in the raise. 1Password is now used by more than 100,000 businesses and customers include IBM, Slack and Shopify
7 Wiz estimated valuation $6bn
Unicorn since March 2021
Based Tel Aviv, Israel
Wiz is a cybersecurity company that allows companies to find security issues in public cloud infrastructure. It designed the first cloud-native visibility solution for enterprise security teams that analyses the entire cloud environment to deliver a 360° view of security risks across clouds, containers, and workloads. To date, Wiz has raised around $600m.
8 Socure
Estimated valuation $4.5bn
Unicorn since March 2021
Based New York, US
Socure is an identity management and predictive analytics platform for the digital identity verification of consumers. The company uses AI techniques to prevent fraud and verify identities in real-time. It can stop synthetic identities and verify government-issued ID documents. The company has received $647m in funding to date. Backers include Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial.
9 Arctic Wolf estimated valuation $4.3bn
Unicorn since October 2020
Based Minnesota, US
Arctic Wolf offers a security operations centre as a concierge service that helps companies end cyber risk. Solutions include Managed Detection and Response, Managed Risk and Managed Cloud Monitoring, each delivered through the industry’s original concierge security team. Its concierge security engineers act as an extension of a company’s internal team, providing tailored threat detection and response, as well as ongoing risk management to keep valuable business data safe. To date, the firm has raised around $500m.
10 Abnormal Security estimated valuation $4bn
Unicorn since May 2022
Based California, US
Abnormal Security is an email security company that protects enterprises from targeted email attacks. Specifically, its technology protects against business email compromise, phishing, malware, ransomware, social engineering, spam and graymail, supply chain compromise, and internal account compromise. The Abnormal Security platform takes a data science approach to provide everything needed for comprehensive email protection, detection, and response. To date, the firm has raised around $284m. It claims to protect over 5% of the Fortune 1000 firms.
11 Coalition estimated valuation $3.5bn
Unicorn since March 2021
Based California, US
Coalition offers cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risks. To date, the firm has raised around $520m.
12 Forter estimated valuation $3bn
Unicorn since November 2020
Based New York, US
Forter provides fraud prevention solutions for enterprise online retailers. The company’s Decision-As-a-Service fraud prevention platform employs various data points to analyse transactions and harnesses cyber intelligence, elastic identity, and behavioural analysis for evaluating a customer’s profile. Its fraud prevention platform enables its users to access and identify any fraudulent decisions for their transactions within their own system.
Forter provides access to its decision dashboard to the users. The company’s platform is a fully automated system that prevents credit card fraud, account takeover, identity theft, returns abuse, and eliminates rules, scores and manual reviews. It operates in Israel, the US, the UK, and Singapore.
13 Ilumio estimated valuation $2.75bn
Unicorn since April 2015
Based California, US
The firm specialises in zero-trust segmentation and ransomware containment. The company can map communications across apps, devices, and the cloud, giving clients visibility across their network. This exposes potential risks and weak points, allowing companies to lock down risky pathways. Illumio helps companies contain ransomware attacks, and pre-building policies to safely actively emergency protections. Illumio has received $558m in funding to date.
14 Transmit Security estimated valuation $2.7bn
Unicorn since June 2021
Based Massachusetts, US
Transmit Security provides innovative authentication and risk management solutions to enable organisations to deliver advanced identity use cases that improve the user experience, enhance security, and meet compliance mandates at a fraction of the time and cost of traditional identity solutions. To date, the firm has raised around $583m.
15 Axonius estimated valuation $2.6bn
Unicorn since March 2021
Based New York, US
Axonius is a cybersecurity asset management platform that provides asset inventory, uncovers security solution coverage gaps, and validates and enforces security policies. It delivers a unified, extensible, and open system that integrates information from networked devices and existing device-specific standalone management service. To date the firm has raised about $665m.
16 Acronis estimated valuation $2.5bn
Unicorn since September 2019
Based Switzerland
Acronis offers data protection products and solutions. The company’s products include Acronis Backup Advanced, Acronis Cloud Storage, Acronis Backup, Acronis Access Advanced, Acronis Access Connect, and Acronis Snap Deploy, among others. It provides its products for sharepoint, windows PC, window server, SQL server, Mac and Linux server, among others. Acronis offers services such as disaster recovery services, cloud solutions, disk management, backup and storage management services, among others.
17 Cato Networks estimated valuation $2.5bn
Unicorn since November 2020
Based Tel Aviv, Israel
Cato Networks provides organisations with a cloud-based and secure global SD-WAN. Cato delivers an integrated networking and security platform that securely connects all enterprise locations, people, and data. To date, the firm has raised around $532m. Cato now has over 70 points of presence worldwide, servicing over 150 countries, connected by a global private backbone that uses built-in wide-area network optimisation to outperform legacy multiprotocol label switching services. Cato enjoyed a phenomenal rise in use of its services during the pandemic due to its ability to connect remote workers safely to the organisational network.
18 Aura estimated valuation $2.5bn
Unicorn since June 2021
Based Massachusetts, US
Aura was set up in 2019 to create a simple, all-in-one digital security solution that protects individuals from cybercrime. Aura claims to have resolved more than 150,000 fraud alerts for nearly two million customers. To date, the firm has raised around $500m.
19 Sysdig estimated valuation $2.5bn
Unicorn since April 2021
Based California, US
Sysdig is focused upon cloud and container security. The company pioneered cloud-native runtime threat detection and response by creating Falco and Sysdig as open-source standards and key building blocks of the Sysdig platform.
To date, the firm has raised around $730m.
20 Cybereason estimated valuation $2.4bn
Unicorn since August 2019
Based Massachusetts, US
Cybereason provides endpoint security protection software. Its Cybereason XDR platform provides different protection modules, including ransomware protection, next-generation antivirus (NGAV), endpoint controls, and digital forensic and incident response (DFIR). The company has received $714m in funding, following its last series F funding round in July 2021. Cybereason acquired Empow in July 2021, a cybersecurity startup based in Tel Aviv. The acquisition added predictive response technology, data integrations, and talent to Cybereason’s portfolio
21 Exabeam estimated valuation $2.4bn
Unicorn since June 2021
Based California, US
Exabeam claims to be reinventing the way security teams use analytics and automation to solve threat detection, investigation, and response (TDIR), from common security threats to the most critical that are difficult to
identify. Exabeam offers a comprehensive cloud-delivered solution that leverages machine learning and automation using a prescriptive, outcomes-based approach to TDIR. To date, the firm has raised $390m.
22 BitSight Technologies estimated valuation $2.4bn
Unicorn since March 2021
Based Massachusetts
BitSight transforms how firms manage information security risk. The BitSight Security Ratings Platform applies sophisticated algorithms, producing daily security to help manage third party risk, underwrite cyber insurance policies, benchmark performance, conduct M&A due diligence and assess risk. Clients include seven of the top 10 cyber insurers, one-in-five Fortune 500 companies, and three of the largest five investment banks.
23 Kaseya estimated valuation $2.0bn
Unicorn since March 2019
Based Florida, US
Kaseya provides IT automation software for IT service providers and public and private sector IT organisations. Kaseya’s IT automation platform allows IT professionals to proactively monitor, manage and maintain distributed IT infrastructures remotely, easily and efficiently with one integrated Web based platform. The firm has raised $540m to date.
24 CertiK estimated valuation $2.0bn
Unicorn since December 2021
Based New York, US
CertiK is a pioneer in blockchain security, leveraging best-in-class AI technology to protect and monitor blockchain protocols and smart contracts. Founded in 2018, CertiK’s mission is to secure the web3 world. CertiK applies cutting-edge innovations from academia to enterprise, enabling
mission-critical applications to scale with safety and correctness. The company doubled in value in the first four months of 2022 following four funding rounds inside nine months, worth a total of $230m. To date the firm has raised $300m. Investors include Goldman Sachs, Sequoia and Lightspeed Venture Partners.
25 Devo estimated valuation $2bn
Unicorn since June 2002
Based Massachusetts, US
Devo announced $100m in Series F funding at a valuation of $2bn in June 2022. To date, Devo has raised more than $500m. Devo Technology, is a cloud-native logging and security analytics company. In April this year, it acquired Kognos, the autonomous threat hunting pioneer. Devo is currently driving expansion in new verticals and geographies, particularly the public sector and the Asia-Pacific region. In February, Devo announced it was designated as Federal Risk and Authorisation Management Program’s (FedRAMP) “In-Process” and expects to reach full authorisation in the fall of 2022.
26 Orca Security estimated valuation $1.8m
Unicorn since March 2021
Based California, US
Orca’s cloud-native solution reads a company’s cloud configuration and can detect malware, misconfigurations, and other vulnerabilities. Services include Cloud Security, Cloud Compliance, Vulnerability Management, AWS Security, Microsoft Azure Security, Google Cloud Platform Security. To date, Orca has raised around $630m. After an instantaneous, read-only and impact-free integration to the cloud provider, Orca detects vulnerabilities, malware, misconfigurations, lateral movement risk, authentication risk, and insecure high-risk data— then prioritises risk based on the underlying issue, its accessibility, and blast radius – without deploying agents.
27 Trulioo estimated valuation $1.75bn
Unicorn since June 2021
Based British Columbia, Canada
The Canadian-headquartered firm sells its software to some 400 customers in 30 countries. Its clients include crypto exchanges, digital financial companies, or online marketplaces that must verify users’ identities before they can sign up for a service. Deploying stringent security and privacy standards combined with the latest innovations in AI, biometrics, and cloud computing, Trulioo’s GlobalGateway solution has access to information on more than 5 billion people and 250 million companies.
Trulioo acquired Denmark-based HelloFlow in February 2022. HelloFlow, which raised $1.3m in a seed round in July 2021, represents Trulioo’s second acquisition. HelloFlow offers a customisable signup process that clients can deploy with little or no additional coding. In February this year, the firm’s CEO Steve Munford told Canadian media how the local skills shortage was impacting the firm’s growth plans. In particular, he said that average time to hire new employees was in the range of 60 to 90 days.
28 Dragos estimated valuation $1.7bn
Unicorn since October 2021
Based Washington DC, US
Dragos is an industrial cybersecurity company on a mission to safeguard civilisation by protecting the world’s critical infrastructure. Dragos codifies the knowledge of its cybersecurity experts into an integrated software platform giving customers critical visibility into ICS and OT networks so that threats are identified and can be addressed before they become significant events. Dragos’ solutions protect organisations across a range of industries, including power and water utilities, energy, and manufacturing and are optimised for emerging applications like the Industrial Internet of Things. To date, Dragos has raised $364m.
29 Verkada estimated valuation $1.6bn
Unicorn since January 2020
Based California US
Verkada builds modern security solutions that help enterprises run safer, smarter buildings to modernise the world of enterprise building security. Verkada’s enterprise security solution combines easy to install security cameras, environmental sensors, alarms and access control with intelligent, cloud-based software. To date the company has raised $142m.
30 Nord Security estimated valuation $1.6bn
Unicorn since April 2022
Based Vilnius, Lithuania
Nord Security operates as an internet privacy and security provider for individuals and businesses. Its product portfolio includes its NordVPN offering and its Surfshark consumer line of solutions. There are around 700 start-ups operating in Lithuania-Nord is just the second unicorn from the country after the clothing resale platform, Vinted.
31 Vanta estimated valuation $1.6bn
Unicorn since June 2022
Based New York, US
Vanta secured $110m in a Series B fundraising round in June 2022 headed by Craft Ventures at a valuation of $1.6bn. Investors include Sequoia Capital and Y Combinator. Vanta offers technology that makes it easier to meet cybersecurity criteria. SOC 2 as well as ISO 27001. Vanta also claims to make it easier for clients to comply with industry-specific data protection rules and privacy requirements like GDPR. Moreover, Vanta restores trust in internet businesses by giving startups an easy-to-use set of tools to improve and prove their security.
32 ID Me estimated valuation $1.5bn
Unicorn since March 2021
Based Virginia, US
For businesses and government, ID.me offers identity proofing, authentication and group affiliation verification. The firm has raised around $160m to date. A series C funding round in March 2021 raised $100m million, led by Viking Global Investors and included Counterpoint Global (Morgan Stanley), PSP Growth, Lead Edge Capital, CapitalG, WndrCo, Willoughby Capital, BoxGroup and Moonshots Capital. The round was raised on a valuation of $1.5bn. Customers include the US Department of Veterans Affairs, USAA and LinkedIn. ID.me says its system has stopped billions of dollars in unemployment fraud and expedited benefits for applicants mistakenly flagged as high-risk.
33 Persona estimated valuation $1.5bn
Unicorn since September 2021
Based California, US
Persona is focused on creating a personalised identity verification experience for any use case aims to differentiate itself by helping businesses customise the identity verification process via its no-code platform. Business clients can access Persona’s platform by way of an API, which lets them use a variety of documents, from government-issued IDs through to biometrics, to verify that customers are who they say they are. It offers a comprehensive suite of automated identity verification components with worldwide coverage. These can be configured, branded, and themed to create custom-tailored flows and handle complex collecting, verifying and managing sensitive personal information to stay focused on building products. The firm has raised around $217m to date.
34 Aleo estimated valuation $1.45bn
Unicorn since February 2022
Based California, US
Aleo aims build the foundations for the next generation of decentralised web applications. Specifically, it wants to use technologies, such as zero-knowledge proofs and blockchains, to create an ecosystem for developers that enriches and empowers users’ capabilities on the web.
Aleo says that it uses a cutting-edge technology called zero-knowledge cryptography to enable developers to build decentralised applications that offer users personalised Web3 services without sacrificing control of their personal data.
Unlike other blockchains like Ethereum, Aleo transactions are processed off-chain, and only verified (rather than executed and re-executed) by the network nodes. This allows the platform to support a higher volume of transactions and empowers developers to create decentralised applications capable of addressing complex real-world use cases that currently require centralised servers, all while complying with applicable laws.
The firm raised $200m in a Series B funding round led by Kora Management LP and SoftBank Vision Fund 2, with participation from Tiger Global, Sea Capital, Samsung Next, Slow Ventures, and Andreessen Horowitz (a16z), culminating in a valuation of at $1.45bn in February 2022. Following the company’s $28m Series A, which was led by a16z in April 2021, Aleo’s Series B represents the largest fundraising round ever in the zero-knowledge industry.
35 Panther Labs estimated valuation $1.4bn
Unicorn since December 2021
Based California, US
Panther Labs is a cloud-scale security analytics platform. Panther grew its customer base by 300% in 2021; notable clients include Dropbox, Zapier and Snyk. Panther says that it provides a fast, flexible and scalable platform for threat detection and incident response, capable of analysing terabytes of data per day in real time. By adopting a serverless architecture and detection-as-code, Panther frees security teams from the slow performance, heavy operational overhead, and high cost of traditional SIEM.
Panther raised $120m in Series B funding in December 2021 at a $1.4bn valuation. The round was led by Coatue Management, with new participation from ICONIQ Growth and Snowflake Ventures along with continued support from Lightspeed Venture Partners, S28 Capital, and Innovation Endeavors.
36 Salt Security estimated valuation $1.4bn
Unicorn since February 2022
Based California, US
Founded in 2016, Salt Security is an API security company. Salt provides an API protection platform to prevent attacks, using machine learning and AI to automatically and continuously identify and protect APIs. Salt said that its revenue grew by 500% in 2021 while its customer base increased by 300%. Salt acquired unicorn status in February 2022 following a $140m funding based on a $1.4bn valuation led by Alphabet’s late-stage venture unit. This is more than double the firm’s valuation in its last funding round in May 2021 and up from a valuation of $150m in December 2020. In addition to CapitalG, investors include Sequoia Capital, Y Combinator, Tenaya Capital, S Capital VC, Advent International, Alkeon Capital and DFJ Growth.
37 Tongdun Technology estimated valuation $1.3bn
Unicorn since April 2019
Based Hangzhou, China
Tongdun specialises in risk control services and develops online software solutions for anti-theft and fraud management applications in financial, insurance, payment, online shopping and social networking companies. The firm has raised around $250m to date. By integrating artificial intelligence into business scenarios, Tongdun Technology offers solutions in intelligent risk management, intelligent anti-fraud, and intelligent operation to clients.
38 Big ID estimated valuation $1.25bn
Unicorn since December 2020
Based New York, US
Founded in 2016, BigID develops software that helps companies secure customer data and satisfy privacy regulations. It uses advanced machine learning and identity intelligence to help enterprises better protect their customer and employee data at a petabyte-scale. The company helps firms to manage and protect their customer data while meeting data protection regulations. The firm’s machine learning based data discovery foundation helps organisations know their data across their entire data landscape (from mainframe to cloud to on-prem), and its app framework lets clients action that data. It features apps for privacy, security, and governance that range from a data risk app to a data retention app to a data remediation app and more. To date, the firm has raised $216m.
39 Incode Technologies estimated valuation $1.25bn
Unicorn since December 2021
Based California, US
The digital identity company builds biometric identity products for banking, payment, hospitality, and retail experiences. Incode Omni is Incode’s end-to-end identity platform that offers a customer experience at every point of contact with security across multiple channels. According to Incode, the firm benefits from the developing its technology in-house and does not use secondary suppliers. It also has a direct relationship with its clients and works according to their specific needs. Incode acquired unicorn status last December following a $220m Series B financing round on a $1.25bn valuation, led by General Atlantic and SoftBank Latin America Fund. Coinbase Ventures, JP Morgan Technology and Capital One Ventures also participated.
40 Venafi estimated valuation $1.15bn
Unicorn since December 2020
Based Utah, US
Venafi offers solutions for orchestrating digital certificates and crypto keys for SSL/TLS, code signing, SSH, IoT and mobile systems.
Venafi says that it established the machine identity protection market and its solutions protect the largest, most sensitive networks in the world. Global 5000 clients rely on Venafi to secure the cryptographic keys and digital certificates on which every business and government depends to deliver safe machine-to-machine connections and communications. Venafi acquired unicorn status in December 2020 following a $100m investment from private equity firm Thoma Bravo on a $1.15bn valuation.
41 eSentire estimated valuation $1.1bn
Unicorn since February 2022
Based Ontario, Canada
eSentire says that it has established itself as the leading provider of Managed Detection and Response cybersecurity services, protecting the reputations and operations of more than 1,200 organisations in over 75 countries from business disruption, with a Mean Time to Contain (MTTC) active cybersecurity threats of less than 15 minutes.
The firm closed a $325m funding round at a valuation of $1.1bn through an agreement with Georgian and Caisse de dépot et placement du Québec in February 2022. eSentire has surpassed $100m in annual recurring revenue and plans to scale go-to-market operations across Europe and APAC. It now plans to invest significantly in research and development as it expands its patented Atlas XDR software as a service offering and will hire more than 400 team members globally bringing total headcount to over 1,000.
42 Beyond Identity estimated valuation $1.1bn
Unicorn since February 2022
Based New York, US
Beyond Identity offers what it terms an invisible multi-factor authentication (MFA) platform. By cryptographically binding user identities to their devices and eliminating passwords, the company says its solution can help organisations prevent attacks that leverage compromised credentials. The platform is also designed to ensure that user devices meet security policy requirements. Beyond Identity acquired unicorn status in February 2022 following a $100m Series C fundraising on a $1.1bn valuation. To date the firm has raised $205m.
43 Teleport estimated valuation $1.1bn
Unicorn since May 2022
Based California, US
Cloud infrastructure access management outfit Teleport has created an open-source Access Plane technology that helps organisations get a better understanding on the complexity of running applications and services in multiple clouds. It works by giving every single user, device, application and service an identity and consolidates connectivity, authentication, authorisation and audit to ensure access can be granted only to authorised users.
By enabling identity-based access for both humans and machines, Teleport says it eliminates all issues around network perimeter security while also reducing the attack surface area customers are exposed to. Its service also reduces operational overheads and helps to enforce security and compliance. The firm acquired unicorn status in May 2022 following a series C round that raised $110m on a $1.1bn valuation. To date, the firm has raised $169m.
44 Material Security estimated valuation $1.1bn
Unicorn since May 2022
Based California, US
The firm protects email accounts even after they have been compromised. Founded by former Dropbox staffers in the wake of the 2016 Election Hack, Material Security pioneers “zero trust” security techniques to protect email. Its patented security technology is trusted by government agencies, media and manufacturing conglomerates and leading financial institutions. Material Security acquired unicorn status in May 2022 following a $100m Series C founding round at a valuation of $1.1bn.
45 Lookout estimated valuation $1.0bn
Unicorn since October 2013
Based California US
Lookout is an integrated endpoint-to-cloud security company. Its mission is to secure and empower the digital future in a privacy-focused world where mobility and cloud are essential to work and play. It enables consumers and employees to protect their data, and to securely stay connected without violating their privacy and trust. Lookout clients include the largest enterprises and government agencies, and partners such as AT&T, Verizon, VMware, Vodafone, Microsoft, Google, and Apple. To date, the firm has raised $280m.
46 Perimeter 81 estimated valuation $1.0bn
Unicorn since June 2022
Based Tel Aviv, Israel
Perimeter 81 offers secure network solutions for the hybrid workforce on its cloud-based platform, including Zero Trust Network Access, Firewall as a Service, and VPN as a Service. Perimeter 81 acquired unicorn status in June 2022 after it raised $100m in a funding round led by B Capital. The firm was valued at $200m in its previous capital raise in August 2020. The fresh capital is being invested in product development to help achieve the company’s goal to build a platform that offers one-stop solutions for corporate network security.
47 Aqua Security estimated valuation $1.0bn
Unicorn since March 2021
Based Ramat Gan, Israel
The Aqua Security platform provides companies complete visibility over their container activity, in addition to identifying and preventing malicious activity. This way, the platform helps enterprises securely transfer applications to production. The firm became a unicorn in March following a Series E funding round that raised $135m.
48 Claroty estimated valuation $1.0bn
Unicorn since June 2021
Based New York, US
Founded in 2015, Claroty develops a comprehensive platform that provides visibility, management, and security of industrial controls. The company’s system focuses on securing all assets and processes on site. The firm protects infrastructures across multiple industry verticals including electricity, gas and oil, chemicals, water, food and drinks manufacturing, mining and real estate. The firm became a unicorn in June 2021, following a $140m Series D funding round.
49 Drata estimated valuation $1.0bn
Unicorn since November 2021
Based California, US
Drata claims to be the world’s most advanced security and compliance automation platform with the mission to help businesses earn and keep the trust of their users, customers, partners, and prospects. With Drata, companies streamline SOC 2, ISO 27001, and HIPAA compliance through continuous, automated control monitoring and evidence collection, resulting in a strong security posture, lower costs, and less time spent preparing for annual audits. The company is backed by ICONIQ Growth, Alkeon Capital, Salesforce Ventures, GGV Capital, Cowboy Ventures, Leaders Fund, Okta Ventures, SVCI and SV Angel. Drata’s public launch in January 2021 was followed by the firm acquiring unicorn status in November 2021 after a Series B funding round worth $100m.
50 Contrast Security estimated valuation $1.0bn
Unicorn since November 2021
Based California, US
Founded in 2014, Contrast Security offers self-protecting software designed to protect enterprise software applications from the inside. The firm says that it achieves this by enabling enterprise developers to build in security functions using an embedded module. This solution is pitched as a modernised approach to app security. The company’s platform claims to offer security tools that disrupt traditional app security solutions. Contrast focuses on DevOps, agile and cloud-native apps, claiming that its modules can be set up and installed in a minute to start securing an app’s internal components using what the firm refers to as ‘deep security instrumentation.’
The firm has raised around $269m to date. It became a unicorn following a Series E funding round in November 2021 worth $150m led by Liberty Strategic Capital and supported by Acero Capital, AXA Venture Partners, Microsoft’s M-12 Fund, General Catalyst, Battery Ventures, and Warburg Pincus.
51 Stytch estimated valuation $1.0bn
Unicorn since November 2021
Based California, US
Stytch is building a developer platform with the tools and infrastructure to enable companies to incorporate passwordless authentication options into apps and websites. Their APIs and SDKs can improve user onboarding and retention by removing passwords from their applications and replacing them with more secure and low-friction authentication options including email magic links, one-click user invitations, biometrics, and SMS and WhatsApp passcodes. The firm acquired unicorn status in November 2021 following a $90m Series B round of funding valuing the company at $1bn. The round was led by Coatue Management LLC, with participation from existing investors Benchmark Capital, Thrive Capital, and Index Ventures.
52 Expel estimated valuation $1.0bn
Unicorn since November 2021
Based Virginia, US
Expel offers an MDR solution that gives customers 24/7 coverage encompassing cloud applications and infrastructure to networks and endpoints. Offered on a security operations center-as-a-service basis, the platform uses security signals its customers already own to get improved value from their existing security investments.
The platform connects to customer technology remotely through application programming interfaces so its SOC can detect and respond to threats within minutes. The platform incorporates detection, which includes an additional layer of security with custom rules; investigation and response to find out exactly what happened and what to do about it; remediation with the automatic fixing of issues when they arise; and hunting for threats through proactive screening on-premises and the cloud.
Following a Series E funding round worth $140m in November 2021 the firm acquired unicorn status. Alphabet Inc.’s CapitalG and Paladin Capital led the round with Cisco Investments, March Capital, Index Ventures, Scale Venture Partners and Greycroft also participating.
53 ReliaQuest estimated valuation $1.0bn
Unicorn since December 2021
Based Florida, US
ReliaQuest works with hundreds of Fortune 1000 organisations that use ReliaQuest’s GreyMatter platform to operationalise security investments. The firm says that by blending a cloud-native Open XDR platform with engineering, threat detection, threat analysis and incident response capabilities, it can operationalise clients’ tools and empower their customers’ security teams. ReliaQuest achieved unicorn status in December 2021 following a funding round led by KKR.
54 Noname Security estimated valuation $1.0bn
Unicorn since December 2021
Based California, US
Noname’s API security programme uses machine learning to discover attackers, suspicious behaviours and other things that might be wrong, then remediates APIs through integrations with current security software and can block attacks in real time without deploying agents or making it mandatory to have network modifications. Since its launch in December 2020, Noname has partnered with technology, resale and channel partners. The firm became the first API security unicorn in December 2021 following a Series C fundraising round worth $135m on a $1bn valuation, taking the total raised to date to $220m.
55 Pentera estimated valuation $1.0bn
Unicorn since January 2022
Based Petah Tikva, Israel
The firm develops an automated penetration-testing platform that assesses and reduces corporate cybersecurity risks. The Pentera automated penetration-testing platform assesses and reduces corporate cybersecurity risk by identifying, analysing, and remedying breachable vulnerabilities. The firm says that its uniqueness lies in its use of ethical hacking techniques rather than the more commonly used simulation method.
The firm says that its platform eliminates the need for human intrusion testers and physical access to customer facilities, allowing it instead to focus on remedying exploitable vulnerabilities. Pentera acquired unicorn status in January 2022 following a $150m Series C funding round at a $1bn valuation. The Series C round was led by K1 Investment Management, with support from Evolution Equity Partners and Insight Partners.
56 CHEQ estimated valuation $1.0bn
Unicorn since February 2022
Based New York, US
CHEQ develops a cybersecurity service that utilises artificial intelligence and natural language processing to protect companies from various forms of ad fraud. CHEQ’s technology helps advertisers and companies make sure their ads are being seen by human users and not by bots, and avoid placing their ads in unsafe or otherwise inappropriate environments. The firm acquired unicorn status in February 2022 following a Series C fundraising round worth $150m on a $1bn valuation. The firm has now raised a total of $183m.
57 Blue Voyant estimated valuation $1.0bn
Unicorn since February 2022
Based New York, US
Founded in 2017, BlueVoyant aims to protect the global economy from the rising threat of cyberattacks—giving private sector organisations more than just a fighting chance to withstand deliberate attack by malicious actors. Shortly after launching, the firm established strategic partnerships with Aboitiz Equity Ventures, Bank of the Philippine Islands, and Unionbank of the Philippines. To date, BlueVoyant has raised about $525m.
58 Electric estimated valuation $1.0bn
Unicorn since March 2022
Based New York, US
Electric, is a cybersecurity startup that caters to small and medium-sized businesses and aims to roll out a self-service version of the Electric platform — a marketplace that makes it easier for small to medium-sized businesses to purchase and manage their software in one place — and more proactive IT insights to help customers make informed decisions about their cybersecurity, hardware and software products. Electric has doubled its users and revenue since 2020. This has led to an annual recurring revenue increase of about 120%, from $17m in 2020 to $38m in 2021.
59 Jupiter One estimated valuation $1.0bn
Unicorn since June 2022
Based North Carolina, US
JupiterOne says that it is the first cloud-native cyber asset attack surface management (CAASM) platform built on a graph data model… uniquely positioned to lead this growing market. The firm promises to help clients easily identify, map, analyse, and secure cyber assets. Its list of clients includes cloud-native enterprises such as Cisco, Databricks, Indeed and Robinhood. A $70m Series C funding round in June 2022 resulted in Jupiter One acquiring unicorn status. To date, Jupiter One has raised more than $119m.
This article originally appeared in Retail Banker International.
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Top ten global FDI locations for cybersecurity
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Africa faces huge cybercrime threat as the pace of digitalisation increases
