Funding raised by cybersecurity firms increased to $9.5 billion last year amid a decrease in funding volume, a new report from cybersecurity recruitment firm Pinpoint Search Group shows.

The company tracked 304 funding rounds in 2024, 16% fewer compared to the 346 tracked during the previous year, but the raised amount went up 9% year-over-year, from $8.7 billion in 2023.

While the number of early-stage funding rounds dominated the year, accounting for 59% of the total funding volume, late-stage rounds, which accounted for only 16% of the total, represented more than half of the raised funds.

Pinpoint tracked 77 funding rounds in the first quarter of the year, for a total of $2.3 billion. The most notable announcements for the period include Cyera ($300 million), Axonius ($200 million), Silverfort ($116 million), Bugcrowd ($102 million), Extrahop ($100 million), Claroty ($100 million), Nozomi ($100 million), and Coro ($100 million).

For the second quarter, Pinpoint tracked 98 funding rounds, for a total of $3.3 billion raised. Wiz dominated the three-month period with a $1 billion funding round at a $12 billion valuation.

Other notable announcements include Island ($175 million), Corelight ($150 million), Huntress ($150 million), Semperis ($125 million), ThreatLocker ($115 million), PortSwigger ($112 million), and Cyberhaven ($88 million).

A total of $2.15 billion in funding was raised during the third quarter of 2024 across 73 funding rounds, Pinpoint says. During the timeframe, the highest amounts were raised by Kiteworks ($456 million), Abnormal Security ($250 million), Vanta Security ($150 million), Chainguard ($140 million), and Pindrop ($100 million).

The total investment secured during the last three months of 2024 dropped to $1.7 billion, when Pinpoint tracked 56 funding rounds. Notable announcements came from Cyera ($300 million), Armis ($200 million), Halcyon ($100 million), and Upwind ($100 million).

In addition to the 304 funding rounds, Pinpoint tracked 79 merger and acquisition (M&A) transactions last year. However, their methodology differs from that of SecurityWeek, which tracked approximately 400 M&A deals in 2024.

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