Not all big funding rounds go to generative AI companies.

NinjaOne, which provides endpoint management, security and monitoring, raised a $231.5 million Series C led by Iconiq Growth. The minority investment values the Austin, Texas-based firm at $1.9 billion.

Monitoring and securing endpoints has been a main pillar of cybersecurity since the industry started. However, the need may be even bigger today, as many people work outside an office and with a variety of networks and devices.

“We are in the decade of the endpoint, fueled by a wave of workers pushed remote and hybrid during and since the pandemic,” said founder and CEO Sal Sferlazza. “Whether you are a (managed service provider) in charge of running and protecting other peoples’ businesses, or a CIO in charge of one, endpoints pose a significant risk and opportunity.”

NinjaOne automates endpoint management for over 17,000 customers in more than 80 countries and witnessed 70%-plus ARR growth last year,

Big money

The round is the fifth biggest raise by a U.S.-based startup this calendar year.

The round also is the second-biggest of the year for a company related to cybersecurity, behind only Broomfield, Colorado-based Quantinuum’s big $300 million equity fundraise at a pre-money valuation of $5 billion.

Venture funding to cybersecurity dropped to its lowest total since 2018 last year. Security companies raised $8.2 billion in 692 venture capital deals last year — per Crunchbase numbers — compared to $16.3 billion in 941 deals in 2022.

With some large rounds this year, funding has picked up a little through the first month-plus, with $1.2 billion being raised, per Crunchbase data.

Founded in 2013, the company has raised $261.5 million, per Crunchbase.

Related Crunchbase Pro query:

• Cybersecurity Funding

Related reading:

• Quantinuum Raises $300M At $5B Valuation
• Cybersecurity Startup Funding Hits 5-Year Low, Drops 50% From 2022

Illustration: Dom Guzman