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Cybersecurity Startup Abnormal Security Locks Up $250M At $5.1B Valuation

Aug 07, 2024 - news.bensbites.com
San Francisco-based cybersecurity startup, Abnormal Security, has raised $250 million in a Series D funding round, increasing its valuation to $5.1 billion. The round was led by Wellington Management and included participation from existing investors such as Greylock Partners, Menlo Ventures, Insight Partners, and the Falcon Fund. This marks a 28% increase from the company's $4 billion valuation in May 2022 when it raised $210 million in a Series C round. The funds will be used to invest in the company's human behavior AI platform, which uses machine learning and AI to detect attacks and compromised accounts across email and connected applications.

The cybersecurity sector is experiencing a resurgence in investment, with cyber startups receiving $4.4 billion in the second quarter of 2024, a 63% increase from Q1. This is the highest funding level since Q1 2022 and a 144% increase from Q2 2023. Abnormal Security recently surpassed $200 million in annual recurring revenue and has raised a total of nearly $546 million since its founding in 2018.

Key takeaways:

  • Abnormal Security has raised $250 million in a Series D funding round, increasing its valuation to $5.1 billion, a 28% increase from its previous valuation of $4 billion.
  • The funding round was led by Wellington Management and included participation from Greylock Partners, Menlo Ventures, Insight Partners, and the Falcon Fund.
  • Abnormal Security, a cybersecurity startup, uses machine learning and AI to detect attacks and compromised accounts across email and connected applications.
  • Cybersecurity startups are seeing an increase in funding, with $4.4 billion invested in the second quarter of 2024, a 63% increase from Q1 and a 144% increase from Q2 2023.
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