The Bay Area has seen its fair share of high-profile security breaches, including a recent incident at 23andMe, but there are also quite a few well-funded cybersecurity startups in San Francisco that are tackling threats with a eye towards prevention.
However, Cybersecurity hasn't been immune to the venture capital downturn. Globally, the industry raised 60% fewer dollars in the first half of 2023 compared to the same period in 2022, according to Crunchbase.
Mergers and acquisitions have also slowed down for cybersecurity companies this year. There have only been 34 cybersecurity deals this year through July, according to Crunchbase, compared to 82 deals made in all of 2022 and 123 deals made in 2021.
In September, Cisco announced it would buy San Francisco data and security company Splunk for a staggering $28 billion in what could be one of the largest deals for any software company.
Despite the slowdown, several cybersecurity startups based in San Francisco have closed megarounds this year, including Resilience Cyber Insurance Solutions which raised $100 million in a Series D round announced in August.
Here are the top 10 venture-backed cybersecurity startups in San Francisco based on total funding as of mid-October, according to Crunchbase.
Coalition — Total funding: $770 million including $250 million in a Series F round announced last year.
Sysdig — Total funding: $730 million including a $350 million Series G round announced last year.
Lookout — Total funding: $432 million.
Abnormal Security — Total funding: $284 million. Most of that came from a single round. The company raised $210 million in a Series C round ast year.
Persona Identities — Total funding: $218 million.
Resilience Cyber Insurance Solutions — Total funding: $217 million.
Vanta — Total funding: $203 million.
Nozomi Networks — Total funding: $166 million.
Corelight — Total funding: $159 million.
Panther Labs — Total funding: $140 million.
