PitchBook-2022年二季度信息安全报告（英）

EMERGINGTECHRESEARCH

InformationSecurity

Report

VCtrendsandemergingopportunities

Q2

2022

REPORTPREVIEW

Thefullreportisavailablethrough

thePitchBookPlatform.

Contents

Verticaloverview

Q22022timeline

Informationsecuritylandscape

InformationsecurityVCecosystemmarketmap

VCactivity

Emergingopportunities

Databaseprotection

Anti-phishingplatforms

Softwarebillofmaterials

Selectcompanyhighlights

Exabeam

Lacework

Snyk

Q22022InformationSecurityReport

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4

5

6

8

15

16

19

22

25

26

28

30

InstitutionalResearchGroup

Analysis

BrendanBurkeSeniorAnalyst,EmergingTechnologybrendan.burke@pbinstitutionalresearch@

Data

MatthewNacionalesDataAnalyst

Publishing

ReportdesignedbyJuliaMidkiff

PublishedonAugust5,2022

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VCdeal

M&A

News

Apr1

News

May1

VCdeal

Jun1

News

Jun30

June27,2022

Russia-affiliatedthreatactorKillnettakesdownseveralLithuaniangovernmentwebsiteswithadistributeddenialofserviceattackinresponsetosanctionsagainsttheRussiangovernment.

May9,2022

Anti-phishingplatformAbnormalraisesa$210.0millionSeriesC,thehighestdealvaluewehavetrackedinthecategory.Theroundachievesa6.3xvaluationstep-up,demonstratingthegrowthpotentialofemailsecurityevenduringeconomyvolatility.

June22,2022

MicrosoftpublishesresearchfindingthatRussian-affiliatedactorstargeted128organizations,includinggovernments,aswellas“thinktanks,humanitarianorganizations,ITcompanies,andenergyandothercriticalinfrastructuresuppliers.”Theseattackshavebeensuccessfulindataexfiltrationatleast29%ofthetime.1

April8,2022

UsingtheMiraiBotnet,attackersexploitavulnerabilityinthecommonJavalibrarycalledSpringFramework.ThevulnerabilityisreferredtoasSpring4ShellandaffectswebapplicationsbuiltwiththeSpringFramework,affectingrelativelyfeworganizations.Patcheshavebeenreleasedforthisvulnerability.

Q22022timeline

June7,2022

Attheindustry-leadingRSAconference,severalearly-stagestartupacquisitionsareannounced,includingvulnerabilityassessmentstartupRandori(acquiredbyIBM),managedsecurityservicesstartupCysiv(acquiredbyForeScout),andcloudsecurityservicesfirmTracerCloud(acquiredbyCyberCX).EachofthesestartupswasacquiredsoonaftertheirSeriesAorfounding.

June2,2022

Chainguardraisesa$50.0millionSeriesA,achievinga10.0xvaluationstep-upoveritsseedround,to$200.0millionpre-money.Thestartupcommercializesopen-sourcetoolsforopen-sourcesecurityverification,supportingtheNationalInstituteofStandardsandTechnology’srecentlyfinalizedSecureSoftwareDevelopmentFramework.

1:“DefendingUkraine:EarlyLessonsfromtheCyberWar,”Microsoft,BradSmith,June22,2022.

Q22022InformationSecurityReport

Q2VCdealactivity

161

totaldeals

$3.2B

totalVCraised

-44.6%

dealvaluegrowthQoQ

YTDVCdealactivity

374

totaldeals

$9.1B

totalVCraised

-16.0%

dealvaluegrowthYoY

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6

Cloud-basedwebapplicationsandservices

Corporate-ownedendpoints

Employee-ownedendpoints

Cloud-based

databases

7

IoTdevices/sensors

Industrialcontrolsystems

8

On-premisenetwork

On-premisedatabases

9

On-premisedatacenterservers

Identity&accessmanagement

Endpointsecurity

Threatsurfaces

1

3

4

5

Productsegments

NetworksecurityApplicationsecurity

Datasecurity

Informationsecuritylandscape

2

Q22022InformationSecurityReport

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VCactivity

InfosecVCinvestmentfeltthefulleffectofmarketvolatilityinQ2.Fundingslumped44.6%QoQto$3.2billion,revertingto2020’stypicallevelofquarterlydealactivity.Medianlate-stagevaluationremainedsteadyoverQ1,at$190.0million.Mega-dealvolumecontinuedtodecline,withonly11mega-dealsclosed,thelowesttotalsinceQ42020.Ofthosethatdidclose,allbuttwocamefromapplicationsecurity,identity&accessmanagement,andsecurityoperations,demonstratingtheshiftingboundaryofsecurityteamstowebapplicationsandaccesscontrolpolicies.Web3securitycontinuedtobeadrivingthemeforventurefundingeveninabearmarketforcryptocurrency.Early-stageinvestmentremainedrobust,withbothmediandealsizeandvaluationscontinuingtoincreaseYoY,ledbySequoiaCapital’sfiveearly-stageinvestments.Webelieveaslowdowninearly-stageinvestmentmaymaterializeasmarketconditionsremaindepressed.

TheVCexitmarketgroundtoahaltinQ2,aswetrackedonly$162.0millionindisclosedexitvalueacrossapaltry13exits.WehavenottrackedfewerexitssinceQ22018.Inlinewiththelowdiscloseddealvalues,weexpectthatundiscloseddealvalueswerelowduetomarketconditions.InfosecincumbentsbackedoutofM&A,leavingtuck-inacquisitionstocash-richchallengersincludingCloudflare,Lookout,andNetskope.Thesechallengersseizedopportunitiestohorizontallyintegrateintoadjacentsegments.Adownmarketshouldyieldconsolidationopportunities,particularlyforprivateplatformcompaniesthatseektobuildproductsuitessimilartothoseofincumbents.TheIPOpipelineweidentifiedinInternetofThings/operationaltechnology(IoT/OT)securitymaynotreopenuntilnextyear.

Q22022InformationSecurityReport

InfosecVCdealactivity

825

660

580

464

345

278

$2.9

$24.8

$4.0

$4.3

$6.7

$9.9

$8.1

$1.9

$5.1

$2.1

$9.1

685

374

441

441

621

20122013201420152016201720182019202020212022*

Dealvalue($B)Dealcount

Source:PitchBook|Geography:NorthAmerica&Europe|*AsofJune30,2022

InfosecVCexitvalue($B)bytype

$30

$25

$20

$15

$10

$5

$0

2016

2012

2022*

2015

2017

20132014

2019

2020

2021

2018

Buyout

PubliclistingAcquisition

Source:PitchBook|Geography:NorthAmerica&Europe|*AsofJune30,2022

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VCACTIVITY

Keyinfosecearly-stageVCdealsbydealvalue($M)*

CompanyClosedateSubsegmentStageDealvalue($M)Leadinvestor(s)Valuationstep-up

NormalyzeSecurityJune28,2022Databasemonitoring&losspreventionSeriesA$22.2BatteryVentures,LightspeedVenturePartnersN/A

incident.ioJune23,2022Logingestion&SIEMEarly-stageVC$33.2IndexVentures9.0x

JitJune15,2022DevOpssecurityplatformsSeed$38.5BoldstartVenturesN/A

ChainguardJune2,2022DevOpssecurityplatformsSeriesA$50.0SequoiaCapital10.0x

ZamaMay3,2022Dataprivacy&complianceSeed$40.4N/A7.7x

StriderTechnologiesApril27,2022Networkdetection&responseSeriesB$45.0ValorEquityPartners5.0x

DoControlApril14,2022SecurenetworkingSeriesB$29.6InsightPartners1.7x

DataGrailApril8,2022Dataprivacy&complianceEarly-stageVC$40.0ThirdPointVentures1.8x

WingSecurityMarch30,2022DevOpssecurityplatformsSeriesA$20.0GGVCapital3.2x

NucleusSecurity

March23,2022Securityriskassessment&managementSeriesB$20.0LeadEdgeCapital8.0x

Source:PitchBook|Geography:Global|*AsofJune30,2022

Q22022InformationSecurityReport

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VCACTIVITY

KeyinformationsecurityVCexitsbyexitvalue($M)*

CompanyClosedateSubsegmentExitvalue($M)ExittypeAcquirer(s)/indexMOIC

CyberObserverJune27,2022Logingestion&SIEMN/AAcquisitionXMCyberN/A

TemperedJune23,2022SecurenetworkingN/AAcquisitionJohnsonControlsInternationalN/A

SaferPassJune1,2022Identitygovernance&administrationN/AAcquisitionLookoutN/A

WootcloudJune1,2022IoT/OTsecurityN/AAcquisitionNetskopeN/A

BehavioSecMay3,2022Identitygovernance&administrationN/AAcquisitionLexisNexisRiskSolutionsN/A

SOC.OSCyberSecurityApril22,2022Logingestion&SIEMN/ABuyoutSophos,ThomaBravoN/A

Area1SecurityApril1,2022Endpointprotection,detection&response$162.0AcquisitionCloudflare2.0x

HysolateMarch30,2022Endpointprotection,detection&responseN/AAcquisitionPerceptionPointN/A

AttivoNetworks

March5,2022Securenetworking$616.5AcquisitionSentinelOne9.6x

Source:PitchBook|Geography:Global|*AsofJune30,2022

Q22022InformationSecurityReport

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Q22022InformationSecurityReport

Founded

2015

1,300employees

in8officesglobally

Totalraised:

$1.1B

Lastfinancingvaluation:

$8.6B

Lastfinancing:

Raised$605.0M

inaSeriesF

April2022

ChallengerinGartnerMagicQuadrantforApplicationSecurityTesting

Q32021

StrongperformerinForresterWaveforSoftwareCompositionAnalysis

Leadinvestors:

SandsCapital,Accel,TigerGlobalManagement,Addition,Stripes,BoldstartVentures,CanaanPartners

SELECT

COMPANY

HIGHLIGHTS

Overview

SnykisadevelopersecuritycompanywithafullsuiteofsecureDevOpstooling,includingSCA,applicationsecuritytesting,andapplicationmonitoring.Snyk’sproductissoldtodeveloperteamsviaanopen-sourcebusinessmodelandhasahighlystarredSCAprojectonGitHub.Thecompany’sproductsuitehasachievedhightractioninthedevelopercommunity.SCAiscommonlyexecutedearlyinthesoftwaredevelopmentlifecycle(SDLC),andSnykisusingitstractionattheleftmostpartoftheSDLCtoshiftrightintocloudapplicationmonitoring.

ThecompanyisusingM&Atohorizontallyintegrateacrossdevelopersecurity.InQ1,SnykboughtFuguetoshiftrightintocloudsecurity.FugueoffersCSPM;thisabilityintegratesDevOpssecuritywithcloudsecurity,enablingSnyktoputforwardanalternativetocloudsecurityproducts,suchasRapid7orPaloAltoNetworks.ThisalsogivesSnykaccesstoafaster-growingmarketthanDevOpssecurity,enablingincreasedwalletsharefromsecurityteamsaswellasdeveloperteams.Snyk

hasaclaimtobecomeafulllifecycleCNAPPplatform,positioningthecompanyasaleaderintheemerging$9.7billioncategory.Furthercapabilitiesincloudworkloadprotectionmaybenecessarytocompletethisvision.

Leadership

GuyPodjarny,formerCTOofAkamai,foundedSnyk.Thefounderisstillwiththecompanyaspresident.TheCEOisPeterMcKay,aformerVMwaresalesexecutiveandco-CEOofVeeamSoftware.InQ2,thecompanyhiredformergeneralmanageratAWSSabinaJosephasGlobalVPofCloudPartnershipsandAlliances.Theboardiscomposedprimarilyofventureinvestors,alongwiththechiefproductofficerofSlackandchieffinancialofficerofSnowflake.TheinvolvementofDevOps-focusedVCfirmBoldstartVentureshasbeenanassettothecompany.Webelievethecombinationofpubliccompanyexpertiseandinvolvementofthefounderpresentsanopportunitytogopublicwhileremaininginnovative.

Q22022InformationSecurityReport

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SELECTCOMPANYHIGHLIGHTS

Competitors

Snykcompeteswithapplicationsecuritytestingincumbents,cloudsecurityvendors,andopen-sourceprojects.SCAisofferedbyGitHub,Sontaype,andSynopsysviaitsacquisitionofBlackDuck,amongothers.Legacyapplicationsecurityandcloudsecuritysolutionsarenottargetedatdevelopers,leavingSnyktocompetewithemergingplayerssuchasWhiteSourcefordevelopermindshare.Further,developershavenumerousopen-sourceprojectsfromwhichtoselectforsoftwarecomposition,includingSemmle’sLGTM.com,whichwasacquiredbyGitHubandisofferedforfree,aswellasRenovateBot.Thecompanydifferentiatespartlybecauseofthequalityofitsdatabaseofopen-sourcevulnerabilities,withRedHatintegratingthedatabasewithitsOpenShiftplatform.

Snykfinancinghistory

Outlook

Snykisdisruptingtheapplicationsecuritymarket.Late-stageinvestorshavebackedthecompanytobecomeawinner-take-allincloudapplicationsecuritytesting,providingthecompanywithampleresourcesformarketingandacquisitions.Webelievethatalargecompanycanbecreatedindevelopersecurity,buoyedbyOkta’srecentacquisitionofAuth0for$6.5billion.Thecompany’svaluationgrowthmakesitrichlyvaluedrelativetootherDevOpstoolingvendors,includingrecentlylistedJFrog.WeviewtheshifttosecureDevOpsasonethatwilllikelyrequirethird-partyvendorstoimplement,giventhelackofexperiencemostdevelopershavewritingsecurecode.Forthisreason,webelievethatSnykcangrowtothescaleofhigh-growthsecurityvendorsinothersegments,suchasCrowdStrike,ZScaler,andOkta.Thecompanyplanstobecomefree-cash-flow-positivein2024,positioningittoachieveapremiumvaluationmultipleatthattime.

SeriesE

June21,2021

Totalraised:

$199.1M

Pre-moneyvaluation:

$4,475M

Leadinvestor(s):

TigerGlobalManagement,Accel

SeriesC

January21,2020

Totalraised:

$150.0M

Pre-moneyvaluation:

N/A

Leadinvestor(s):

Stripes

SeriesD

September15,2020

Totalraised:

$155.5M

Pre-moneyvaluation:

N/A

Leadinvestor(s):

Addition

SeriesB

August23,2019

Totalraised:

$69.5M

Pre-moneyvaluation:

$220.0M

Leadinvestor(s):

Accel

SeriesB

March18,2015

Totalraised:

$25.0M

Pre-moneyvaluation:

$73.0M

Leadinvestor(s):

ThirdPointVentures

SeriesF

September8,2021

Totalraised:

$605.0M

Pre-moneyvaluation:

$8,000.0M

Leadinvestor(s):

TigerGlobalManagement,SandsCapitalManagement

AboutPitchBookEmergingTechResearch

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