Top 20 Cybersecurity Companies & Startups to Watch in 2024
The cybersecurity space has grown rapidly amid the pandemic with an increased focus on IT.
Revenue in the industry is expected to surpass $183.1 billion in 2024. This figure is projected to reach $273.6 billion by 2028, growing at a 10.56% CAGR.
The growth of the AI market is a key industry driver to keep an eye on.
According to Morgan Stanley, the global AI cybersecurity product market will grow from $15 billion in 2021 to $135 billion by 2030.
We’ve prepared a list of 20 fast-growing startups that focus on tackling cybersecurity issues.
1. Abnormal Security
5-year search growth: 809%
Search growth status: Exploding
Year founded: 2018
Location: San Francisco, CA
Funding: $534M (Series C)
What they do: Abnormal Security offers a cloud-based email security platform that protects against targeted attacks (their software operates within Office 365 and G Suite environments.) The main use case is helping to detect email account compromises, block phishing and malicious attacks, and providing automated incident response options.
In August 2024, the startup raised $250 million in Series D funding at a valuation of $5.1 billion.
2. Cyware
5-year search growth: 26%
Search growth status: Regular
Year founded: 2016
Location: Jersey City, NJ
Funding: $73M (Series C)
What they do: Cyware builds Virtual Cyber Fusion Centers enabling SOAR and threat intelligence automation for organizations. Cyware products include automated analysis of threats designed to help with proactive threat investigations.
3. Snyk
5-year search growth: 411%
Search growth status: Exploding
Year founded: 2015
Location: Boston, MA
Funding: $1.2B (Corporate Round)
What they do: Snyk is a software company that creates developer-first analysis tools to find and fix open-source vulnerabilities. Additionally, the product monitors loopholes in the application code. 2.2 million developers currently use the product.
4. Lacework
5-year search growth: 150%
Search growth status: Peaked
Year founded: 2015
Location: San Jose, CA
Funding: $1.9B (Series Unknown)
What they do: Lacework helps with cloud security automation. The platform covers configuration assessment, threat detection, host intrusion detection, and compliance checks within multi-cloud environments. The software integrates with environments built with AWS, Azure, Google Cloud, and Kubernetes. The company has a current valuation of $8.3 billion after one of the biggest funding rounds in the United States of 2021.
5. Axonius
5-year search growth: 382%
Search growth status: Exploding
Year founded: 2017
Location: New York, NY
Funding: $865M (Series E)
What they do: Axonius is a cybersecurity asset management platform for enterprise clients in industries including energy and retail. The platform has 317 pre-built integrations designed to automate inventory management. Specifically, the Axonius software identifies loopholes in asset security based on company cybersecurity policies and sends automated alerts to relevant team members when a potential loophole has been found.
In March 2024, the company raised $200 million in a Series E extension funding after exceeding $100 million in ARR in 2023.
6. Noname Security
5-year search growth: 4,200%
Search growth status: Regular
Year founded: 2020
Location: Palo Alto, California
Funding: $220M (Series C)
What they do: Noname Security is an enterprise API security company. Their security platform uses AI-based detection to find API vulnerabilities like data leakage and cyber attacks. Enterprise organizations use this platform to cover all four pillars of API security, including Discovery, Posture Management, Runtime Security, and API Security Testing. They currently work with 20% of the Fortune 500 companies and were recently named to CRN's Security 100 list.
7. HoxHunt
5-year search growth: 233%
Search growth status: Exploding
Year founded: 2016
Location: Espoo, Finland
Funding: $43.3M (Series B)
What they do: HoxHunt is a cybersecurity awareness platform. So instead of preventing or managing attacks, the platform simulates phishing, social engineering, and other attacks in order to raise awareness among staff. It also rewards users who report potential security issues. HoxHunt provides cybersecurity training created for individuals who fail to recognize the threats.
According to the startup, their solution helps companies reduce phishing attacks by 70%. The startup's revenue reached $4.2M in 2023, increasing 49% year over year.
8. Arctic Wolf Networks
5-year search growth: 19%
Search growth status: Regular
Year founded: 2012
Location: Eden Prairie, MN
Funding: $899.2M (Convertible Note)
What they do: Arctic Wolf Networks provides cloud security software and managed services that offer continuous monitoring and alerts. The platform uses APIs and machine learning to provide real-time analysis. And concierge security teams help fill the operational gap for personalized strategic guidance.
9. Tanium
5-year search growth: 28%
Search growth status: Exploding
Year founded: 2007
Location: Kirkland, WA
Funding: $1B (Secondary Market)
What they do: Tanium is an endpoint management and security tool. Customers can retrieve data on every endpoint and execute changes in seconds, which allows organizations to boost protection from cyber threats.
10. Nozomi Networks
Search growth status: Regular
Year founded: 2013
Location: San Francisco, CA
Funding: $266M (Series E)
What they do: Nozomi Networks is a cybersecurity platform specializing in OT and IoT protection. The company toolset provides real-time ICS monitoring, hybrid threat detection, asset inventory, and vulnerability assessment. Nozomi Networks recently raised $100 Million in Series E funding to scale product development.
11. Perimeter 81
5-year search growth: 140%
Search growth status: Regular
Year founded: 2018
Location: Tel Aviv, Israel
Funding: $165M (Series C)
What they do: Perimeter 81 is a cybersecurity company that offers a cloud-based secure network solution for businesses. Its network as a service (NaaS) platform provides secure access to company resources and protects against network threats. Perimeter 81 offers businesses a simplified and secure way to manage their network, allowing employees to securely access company resources from anywhere.
12. Claroty
5-year search growth: 8,800%
Search growth status: Regular
Year founded: 2015
Location: New York, NY
Funding: $740M (Series Unknown)
What they do: Claroty is a cybersecurity toolset designed for industrial enterprise clients. Features include threat detection, remote access, and a management console solution. Specifically, the Claroty platform helps enterprise clients reveal, protect, and manage OT, IoT, and IIoT assets.
In March 2024, the startup raised $100 million in strategic growth financing after the company crossed $100 million in ARR during 2023.
13. Deep Instinct
5-year search growth: 135%
Search growth status: Regular
Year founded: 2015
Location: New York, NY
Funding: $321.6M (Series Unknown)
What they do: Deep Instinct is a cybersecurity platform specialized in malware protection. Their product applies deep learning technology to proactively prevent attacks from happening. Deep Instinct’s solution supports more than 100 file types across all endpoints among the most common operating systems.
14. 1Password
5-year search growth: 69%
Search growth status: Regular
Year founded: 2005
Location: Toronto, Canada
Funding: $920.1M (Series C)
What they do: 1Password is a password management and digital security startup. Users can easily create, store, and manage passwords in one location. Beyond passwords, 1Password provides encrypted digital vaults to store credit card details, notes, documents, etc. Today, 1Password has more than 150,000 enterprise clients and 15 million users.
15. Orca Security
5-year search growth: 444%
Search growth status: Exploding
Year founded: 2019
Location: Portland, OR
Funding: $632M (Series C)
What they do: Orca Security develops a security product for cloud infrastructure. It supports AWS, Azure, and Google Cloud. Orca Security’s software focuses on identifying system risks, including vulnerabilities and malware. Then, prioritizes each risk based on level of importance. With Orca's most recent series C funding round, the company is now valued at $1.8 billion which is a 50% increase from their previous valuation.
16. GitGuardian
5-year search growth: 5,000%
Search growth status: Regular
Year founded: 2017
Location: Paris, France
Funding: $56M (Series B)
What they do: GitGuardian is a system that scans all GitHub public activity. The monitoring software helps prevent data leakage of API secret tokens, database credentials and certificates. And sends automated alerts when any of these threats are detected.
17. Immuta
5-year search growth: 86%
Search growth status: Exploding
Year founded: 2015
Location: Boston, Massachusetts
Funding: $258.2M (Series E)
What they do: Immuta is a cloud-based data governance platform. The unified product interface includes sensitive data discovery, data access control, and data usage audit features that allow rapid access for relevant teams.
18. Red Canary
5-year search growth: 39%
Search growth status: Exploding
Year founded: 2014
Location: Denver, CO
Funding: $129.9M (Series C)
What they do: Red Canary is a multi-dimensional endpoint threat detection system. Their platform combines automated software with human analysis to detect and respond to malicious events.
19. Privacera
Search growth status: Peaked
Year founded: 2016
Location: San Francisco, CA
Funding: $67.3M (Series B)
What they do: Privacera is enterprise software that combines data discovery, classification, centralized access management, and data de-identification in its platform. Their data security and governance platform helps with sharing information without compromising regulatory compliance requirements.
20. Menlo Security
5-year search growth: 28%
Search growth status: Exploding
Year founded: 2012
Location: Mountain View, CA
Funding: $250.8M (Series E)
What they do: Menlo Security is a cybersecurity company that develops tools against malware and phishing. The company’s technology mirrors content from a remote browser in the cloud in order to enable secure web access.
Conclusion
That concludes our list of 20 growing startups in the cybersecurity space.
From endpoint protection to email security, the products that these startups are creating tackle a wide range of cybersecurity business needs. With ongoing digital transformation, we can expect further growth in the cybersecurity space in 2024 and beyond.
