Cyburgerz

Cyber. M&A. Investments. Trends. Product. Nonsense.

Also in Hebrew @Cyburgerim

[Cyburgerz @Cyburgerzz]

Happy Cyber New Year! 🥳

Time for a fresh look at Israel's top cybersecurity VC scene - breakdowns by categories, portfolio overlap, unicorns & acquisitions!

@GlilotP @ylventures @TLV_Partners @team8group @giliraanan

Full analysis below (new entries in pink)👇

[Cyburger @Cyburgerim]

IPO incoming! 🚨

Netskope | $NTSK

2021: $7.5B valuation (raised $300M)
2023: $400M debt

Current ARR: $707M (33% YoY)
H1'25 rev: $328M (31% YoY) ; $170M net loss (-18% YoY)
Customers: 4,317 (30% of F100)
ARR range: 1,372 with +$100K, 111 with +$1M
Employees: 2,910

This could be:
👉 The second pure-play cybersecurity IPO for 2025 (SailPoint)
👉 The second pure-play SASE pubic company (Zscaler)

More details 👇

[Cyburger @Cyburgerim]

ICYMI: $PANW is the first pure-play cybersecurity company to report $10B+ revenue run rate 🎉

(Reminder: ARR ≠ rev run rate; recurring vs last Q * 4)

[Cyburger @Cyburgerim]

💥 RECORD BREAKING 💥
For the first time ever, $CRWD closed above $500!

Last 12 months (pre-outage): +30%
Last 11 months (post-outage): +131%

People sometimes forget how BIG CrowdStrike really is, so here's a reminder 👇

At $126B, $CRWD is second only to $PANW in market cap (needs just +8.2% to lead), but that's the crazy part:
It's worth more than these 10 tickers, *combined*:
$CHKP ($24B), $CYBR ($20B), $OKTA ($17B), $FFIV ($17B), $SAIL ($13B), $AKAM ($11B), $S ($6B), $VRNS ($6B), $QLYS ($5B), $TENB ($4B)

Let that sink in.

[Cyburger @Cyburgerim]

Vibe coding? Vibe 0daying!

A researcher found a Linux kernel 0day, prompted o3 accordingly, only for the AI to find another 0day (total run cost: ~$116).

Crazy! 🤯

[Cyburger @Cyburgerim]

Proofpoint · Hornetsecurity · $1B (CNBC) 🤯🤯🤯

Hornetsecurity:
ARR: $160m
Growth: 20% YoY
Rule of: 60 🤩
Customers: 125K SMBs
HC: 700

Proofpoint to IPO in 2026?

רכישה של השחקנית "הכי למטה" בגרטנר בפאקינג מיליארד דולר! 🫣

ואחזור על כחכוחי בפומבי 👇

[Cyburger @Cyburgerim]

“AI Security is dead! Now that Palo Alto Networks acquired Protect AI, 'RIP' all those AI Security startups.”

I heard this a few times last week at RSA. My answer:

When @PaloAltoNtwks acquires a company, it usually accelerates the entire market, definitely not killing it. Just a quick look at history 👇

Endpoint Security
2018: Secdo ($80-100M)
2025: @CrowdStrike $110B, @SentinelOne $6B
(fun fact: both were private in 2018)

Cloud Security
2018-2023: evident io ($300M), RedLock ($173M), Twistlock + PureSec ($450M), Bridgecrew ($150-200M), Dig ($350M)
2025: @wiz_io ($32B)

Attack Surface Management / Threat Intelligence
2020: Expanse ($800M)
2024: @RecordedFuture ($2.65B)

SASE/SD-WAN
2020: CloudGenix ($420M)
2025: @CatoNetworks ($3-4.5B*)

Supply Chain Security
2022: Cider ($195M)
2025: @chainguard_dev ($3.5B*)

Browser Security
2023: Talon ($625M)
2025: @island_io ($4.8B*)

AI Security
2025: @ProtectAICorp ($500-800M?)
202?: ????? ????????
(* 𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘰𝘯)

⚠️ I'm not stating that $PANW did a poor job in acquisitions (quite the contrary), nor stating the competitors are better/worse.

PANW, as a top acquirer, with almost every acquisition, has:
👉 Grown their acquired businesses
👉 Shaped the industry landscape and accelerated market adoption (not just their product adoption)
👉 Helped with market education

💡 Did you catch their last week's "Browser Bravely" campaign? That's a massive vote of confidence in the browser security category, likely to give it a solid market boost.

So no, PANW doesn't kill markets. If anything, it often pours fuel on them.🔥

Food for thought:
You know which markets are at greater risk of dying? Perhaps the ones PANW hasn't built or bought into yet... 😎

(Below: met at an RSA cocktail event, can't resist answering a friend why AI Security is SO no dead!)

[Cyburger @Cyburgerim]

The show continues! (first two secures the browser 🌐)

🎉 Push Security · $30m (total $49m)
🎉 SquareX · $20m
🎉 Augur Security · $7m
🎉 Amplifier Security · $5.6m (total $9m)

...

[Cyburger @Cyburgerim]

24 hours in cyber 🎉

SignalFire | $1bn | AUM ~$3bn*
Tailscale | $160m | total $275m | ZT Network Access**
Portnox | $37.5m | total $60m | ZT Network Access**
RSAC Innovation Sandbox | $50m for 10 startups
Anecdotes | $30m | total $85m | GRC
Qevlar AI | $10m | total $14m | Autonomous SOC

* Not just cyber
** More to come... 🫣

[Cyburger @Cyburgerim]

72 hours:
🤝 Turn/River + SolarWinds ($4.4bn)
🤝 CyberArk + Zilla Security ($175m)
🤝 Drata + SafeBase
☯️ Harness + Traceable
💙 Wiz + Check Point
💙 Wiz + Cisco
🦄 Tines + $125m (total $272m; val $1.125bn)
🚀 Andesite + $23m (total $38m)
🗣️ Trend Micro (rumored PE interest)

🤯

[Cyburger @Cyburgerim]

The 2nd cybersecurity company to ever cross a $100 billion market cap:
@CrowdStrike 🎉

[Cyburger @Cyburgerim]

The last 30 minutes in Israeli cyber 🤯

🎉 Oligo $50m (total $80m)
🎉 Clutch Security $20m (total $28.5m)
🎉 Tenable 🤝 Vulcan
🎉 CYE 🤝 Solvo

ברכות לכולם!! 🎉

[Cyburger @Cyburgerim]

Today's Israeli cyber recap:

📈 Semperis (Identity) announced >$100m ARR!

🎉 Seraphic (Browser Sec) | $29.5m (total $36.5m)
🎉 Confires AI (AI SOC) | $25m
🎉 Backline AI (AI Remediation) | $9m

🤖 Check Point establishes an AI research center!

Links 👇

[Cyburger @Cyburgerim]

2025 AI/Cyber FOMO round dynamics

[Cyburger @Cyburgerim]

CrowdStrike CEO:
“The change that is taking place with AI, it's equivalent to what we've seen in other areas. We first secured networks... then we moved to the cloud... and now really the next greenfield area will be all of the technologies and companies created to secure AI” 👇

[Cyburger @Cyburgerim]

📊 ARR: +$200m (YoY +70%)
🧑‍💻 Customers: +50% YoY (43/F100, 130/F500)
🌟 50 new Cribl Lake customers (launched 04-2024)

יש עוד לא מעט פעילות בסטלת' באיזור..

[Cyburger @Cyburgerim]

Based on Robust Intelligence's acquisition, Cisco announces: Cisco AI Defense 🤖🛡️

A reminder of Palo's Precision AI announcement 👇

It's getting 🔥

[Cyburger @Cyburgerim]

First acquisition since:
Darktrace 🤝 Cado Security (CIRA) | $50-100m* 🎉

* According to AFR

[Cyburger @Cyburgerim]

🌟 Cloud Security 2025 🌟

Existing Cloud Security vendors and new startups alike will most likely double down their 2025 innovation focus on three core pillars:

🕰️ Preemptive: Eliminating risks before they materialize
⚡ Proactive: Fixing risks before they are utilized
🛡️ Preventative: Blocking attacks as they strike

The full post 👇

[Cyburger @Cyburgerim]

Another Fortinet acquisition! 🎉

12-2024: Perception Point (Email Security)
08-2024: Next DLP (Data Security)
06-2024: Lacework (Cloud Security)

What's next?

[Cyburger @Cyburgerim]

Coining a new term 🔥
Eoncorn: a startup valued at +$1bn before its 1st anniversary 🚀👶

Eon | $70m (total $200m) | Valuation $1.4bn 🤯