TLDR:
- Dallas-based enterprise browser developer Island raised a $175 million Series D at a $3 billion valuation.
- San Francisco-based open-network detection and response startup Corelight secured a $150 million Series E investment.
Summary:
Cybersecurity venture funding saw a slight rebound in the first quarter of the year, with two significant raises indicating a positive trend. Island, a Texas-based enterprise browser developer, raised $175 million in a Series D round at a valuation of $3 billion. The funding was led by Coatue and Sequoia Capital. This comes after Island raised $100 million in a Series C round in October and $115 million in a Series B round in March 2022. On the other hand, Corelight, a San Francisco-based startup specializing in open-network detection and response, secured a $150 million Series E investment, led by Accel and with additional strategic investment from Cisco Investments and the CrowdStrike Falcon Fund. Founded in 2013, Corelight has raised nearly $310 million in total according to Crunchbase data.
The increase in funding for these cybersecurity startups reflects a larger trend in the industry. Cybersecurity startups raised nearly $2.7 billion in 154 deals in Q1, representing a 69% increase from the previous quarter. This suggests that investors are becoming more optimistic about cybersecurity ventures. The funding rounds for Island and Corelight are further evidence of this renewed interest in the sector, following a period of decline in venture funding for cybersecurity startups last year.
