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Venture capital deployed · 2026 YTD
Sector market cap
Largest raise · trailing 12mo
Catalysts ahead · next 12mo
Companies tracked
Nothing on the calendar yet.
Nothing on the calendar yet.
Median round size has climbed sharply. Series E–G rounds now regularly exceed $250M, with Cyera's $600M Series G and Wiz's $1B Series E dominating 2024–2026. Early-stage rounds ($25–100M) remain steady but dwarfed by late-stage momentum. Mega-rounds triple in frequency year-over-year.
Capital concentrates overwhelmingly in Series C and beyond. Cyera (six rounds, $2.24B total) and Wiz (five rounds, $1.65B) monopolize late-stage attention. Seed and Series A rounds are sparse (four total since 2020). Three exits in 18 months (Netskope IPO, Wiz acquisition, Splunk IPO) signal maturation.
Evolution Equity Partners leads four rounds 2024–2026, establishing dominance in late-stage. Accel and Lightspeed Venture Partners repeat across six and seven rounds respectively. Coatue, Sequoia, and Greenoaks lead multiple unicorn rounds. Traditional PE (Blackstone, KKR, Vista) enter selectively, signaling institutional capital influx.
Cybersecurity’s next regulatory reckoning isn’t in Washington—it’s in Beijing.
The cybersecurity talent gap is being outsourced to AI agents—and no one is measuring the risk.
AI-driven cybersecurity is racing ahead of itself—defenders are automating detection while attackers automate exploitation.
Cybersecurity’s platform race is leaving attackers room to exploit the seams.
As of 2026-08-01
Wiz did not fail; it was absorbed into a larger parent. In March 2025 Google agreed to buy the company for about $32 billion in cash, the largest acquisition in Google's history and the biggest-ever purchase of a venture-backed startup. The transaction went through a 12-month global regulatory review and was unconditionally cleared in the U.S., the EU and several other jurisdictions, then closed in March 2026. On closing, Wiz ceased to exist as an independent company and joined Google Cloud, where its agentless CNAPP technology was integrated into Google's security portfolio.
Lacework raised more than $1.8 billion and reached a peak valuation of about $8.3 billion in November 2021, but the cloud-security market reset and slowing growth forced layoffs and a steep markdown in its value over the following two years. After exploring a sale, in June 2024 Fortinet agreed to acquire the company for undisclosed terms widely reported as a small fraction of its peak valuation, a fire sale relative to the money invested. The deal closed on August 1, 2024, and Lacework's CNAPP technology was integrated into the Fortinet Security Fabric and rebranded FortiCNAPP, ending Lacework as an independent company.
Splunk did not fail; it was acquired and absorbed. In September 2023 Cisco agreed to buy the company for $157 per share in cash, roughly $28 billion in equity value, the largest acquisition in Cisco's history. The deal cleared antitrust review without conditions and closed on March 18, 2024. On closing Splunk ceased trading as an independent public company and was integrated into Cisco's security and observability portfolio, where its SIEM and machine-data platform became central to Cisco's strategy of unifying networking and security data.