Insights

As cybersecurity specialist investors, we are continually mindful of the dynamic geopolitical landscape. This includes how countries with democratically elected governments (especially the Five Eyes intelligence community) collaborate to discover and share critical information.

Over the years, one major trendline we have focused on is the breakdown of the traditional security perimeter.

Modern API authentication relies on a 'bearer model' using static secrets that any machine can present, creating a critical blind spot since organizations lack visibility into which entities are actually using those credentials. With over 6 million secrets leaked in 2021 alone and manual secrets management costing billions annually, the bearer model is increasingly untenable — the industry needs MFA-style authentication for machine-to-machine API communication.

Across industries around the globe, CISOs and other security professionals have an incredible responsibility to manage risk, and they face growing pressure to support and prove their organization’s readiness for cyber threats.

One interesting dimension of the widely acknowledged adage that “software is eating the world” (originally voiced by Marc Andreessen of existing Eclypsium investor Andreessen-Horowitz in 2011) is how this has evolved to a current state of a componentized, interdependent, and continuously shipping...

Facing economic headwinds in 2022, early-stage cybersecurity startups began moderating their aggressive growth spending, extending runways and focusing on unit economics rather than top-line growth at all costs. The shift represents a maturation of the startup ecosystem as investors reassess valuations and founders prioritize path to profitability over hypergrowth in an uncertain funding environment.