PitchBook年第一季度网络安全风险投资趋势

EMERGING TECH RESEARCH CybersecurityVC Trends VC activity across the cybersecurity ecosystem REPORT PREVIEWThe full report is available through the PitchBook Platform. Contents Cybersecurity landscape3 Institutional Research Group Cybersecurity VC ecosystem market map4 Analysis Dimitri ZabelinSenior Research Analyst,AI & ML and Cybersecuritydimitri.zabelin@pitchbook.com VC activity5 Cybersecurity VC deal summary23 Data Matthew NacionalesSenior Data Analyst pbinstitutionalresearch@pitchbook.com Publishing Report designed byChloe Ladwig,Josie Doan, andMegan Woodard Published on July 22, 2025 Cybersecuritylandscape 34512Application securityData securityEndpoint securityIdentity & access managementNetwork securitySecurity operations Cybersecurity VC ecosystem market map VC activity Despite a modest pullback in Q1, the long-term outlook for cybersecurity remains strong, drivenby platform risk and evolving threat surfaces. Market consolidation and public sector tailwinds areexpected to create openings for new entrants and specialized solutions. Cybersecurity spending is projected to grow at a forward five-year CAGR of 12%. The broaderIT category is expected to grow at 9% over the same period. Growth is fueled by expandingenterprise attack surface and heightened demand for ever more advanced security protocols.Cloud environments introduce more access points that require tighter coordination across users,systems, and vendors. US federal government spending is also playing a key role. The US Cybersecurity and InfrastructureSecurity Agency is budgeted to receive $3 billion in fiscal year 2025—the agency’s highestallocation to date. This is up slightly from $2.9 billion in both 2024 and 2023, and up from $2.6billion in 2022.1While annual increases have moderated, funding levels remain elevated, signalingsustained federal commitment to cyber readiness. At the market level, consolidation is expected to accelerate as larger firms pursue acquisitionsto fill product gaps and extend platform coverage. Customers are increasingly shifting towardvendors that offer broad security suites rather than stitching together point solutions frommultiple providers. reflect investor interest in emerging threat surfaces tied to modern architectures such as APIs,containers, and distributed endpoints. These categories offer significant room for innovation andtend to reach product maturity and generate revenue faster than more infrastructure-heavy areassuch as network security. Deal summary Cybersecurity startups raised $3.3 billion across 182 deals in Q1 2025—flat from Q4 2024 despitea modest decline in deal volume from 189. YoY, deal value rose 6.5% from $3.1 billion in Q1 2024,while deal count fell sharply from 248 to 182. The average deal size from Q1 2018 to Q1 2025 standsat $3.7 billion, placing Q1 2025 slightly below trend. Deal count, however, came in well belowhistorical averages, with the quarterly mean over the same period at 257 deals. Overall, the late stage recorded the highest deal count at 60, slightly ahead of the early stage,which closed 58 deals, pre-seed/seed at 45, and venture growth, which closed only 19 deals. Bysegment, however, application security and endpoint security each saw the most deal activityat the early stage. Security operations also posted more early-stage deals at 13 compared with10 at the late stage, as significantly larger deals among fewer transactions continue to markthis segment. The security operations segment led in deal value, securing $922.2 million across 40 transactions.Identity & access management followed with $813.3 million across 29 deals. Application securitysaw elevated activity in Q1, with $555 million raised across 47 deals. The continued expansionof cloud-native architectures, containers, APIs, and third-party integrations has broadened theapplication layer attack surface, driving demand for scalable protection tools. On a trailing 12-month (TTM) basis, several segments showed notable divergence from theirQ1 2025 positions. Data security led all subsegments in deal value at $2.7 billion across 128transactions, a sharp increase compared with $273.9 million across 26 deals in Q1. This gap,combined with the broader cybersecurity vertical’s weak showing in the quarter, points to apotential pullback in near-term activity. Network security trailed significantly, pulling in just $174.7 million across 10 deals—the lowestsegment in both value and count. Investor interest in network security remains subdued ascore capabilities such as firewalls, virtual private networks (VPNs), and intrusion detection areincreasingly integrated into cloud platforms such as Amazon Web Services and Azure. Security operations followed with $2.5 billion across 183 deals, marking the highest transactioncount of any segment. Application security recorded 169 deals, the second highest segment byvolume, but ranked near the bottom in total value at $1.7 billion. Late-stage VC (Series C