2025年四季度网络安全风险投资趋势（英）

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 Quarterly analysis4 Dimitri Zabelin Senior Research Analyst, AI and Cybersecuritydimitri.zabelin@pitchbook.com Key takeaways pbinstitutionalresearch@pitchbook.com VC activity Published on March 5, 2026 AI themes Key deals Conclusions7 Cybersecurity VC deal summary23 Cybersecuritylandscape Application securitySecurity operationsData securityIdentity & access managementEndpoint securityNetwork security For the complete cybersecuritytaxonomy and company list,clickhereto see the market map on thePitchBook Platform. Quarterly analysis In Q4, deal value reached $5 billion, the highest quarterly figure since Q2 2022 and well above thelong-run quarterly median of $3.2 billion. Deal volume, however, declined to 200 transactions, makingit the weakest quarterly reading in the dataset dating back to 2018 and materially below the 248-dealmedian. The divergence between capital concentration and overall deal activity has persisted since2023 and appears structural rather than cyclical. Capital continues to flow toward a narrower cohort ofcompanies, while aggregate transaction volume remains compressed. Key takeaways •Cybersecurity VC deal value reached $16.5 billion in 2025, with Q4 deal value at $5 billion despitemultiyear-low deal counts, reinforcing capital concentration into late-stage rounds. •Security operations led 2025 funding, while endpoint security and application security drove triple-digit QoQ growth in Q4. On a trailing 12-month (TTM) basis, security operations continued to lead in both deal count and dealvalue. The segment sits at the center of real-time detection, response, and automation, where AI-driventhreats are most operationally visible and quantifiable. •AI-native startups captured 50.5% of global cybersecurity VC deals in 2025. Exit value reached$16.7 billion for the year, with M&A accounting for roughly 70% of transactions. Looking at the cybersecurity segments on an annual basis, security operations ranked first in2025, generating $4 billion across 229 transactions. Enterprise demand for integrated securityinformation and event management (SIEM) and security orchestration platforms continues to expandas organizations seek automated detection and response capabilities to manage escalating threatvolumes, supporting sustained investor interest in this segment. VC activity Cybersecurity VC funding closed 2025 at $16.5 billion across 868 deals. Total capital deployedmarked the strongest annual outturn since 2022, while deal count fell to its lowest level since 2017,underscoring continued contraction in transaction activity despite stable capital formation. Late-stagefinancings accounted for the largest share of capital formation in 2025, with Series C and D roundstotaling $6.9 billion. Venture growth followed at $4.3 billion, reinforcing continued investor preferencefor more mature assets with demonstrated revenue traction and clearer exit pathways. This capitalconcentration was also evident in Q4, when late-stage and venture-growth rounds represented most ofthe quarterly deal value. Endpoint security followed with $3.1 billion deployed over 130 deals. As a core control layer in modernsecurity architectures, endpoint protection, detection & response remains central to monitoringdistributed devices and consolidating telemetry, reinforcing its position as a durable area of capitalallocation. Identity & access management (IAM) recorded $3.1 billion across 131 transactions. Identity has increasingly become a focal point in security strategy. Credential-based attacks are targetingauthentication systems in cloud and software-as-a-service environments. That dynamic is sustainingdemand for governance and access enforcement platforms. Application security accumulated $2.7billion in funding across 186 deals. The segment reflects comparatively higher transaction density,albeit at smaller average round sizes. Continued emphasis on securing software throughout thedevelopment lifecycle and protecting deployed applications from vulnerabilities has kept this segmentstructurally relevant across enterprise budgets. Network security trailed at $1.1 billion across 60transactions, marking the segment’s lowest annual deal count since 2014. As networking andsecurity capabilities converge into cloud-delivered architectures, such as secure access service edgeframeworks, standalone network-focused startups face a narrower investment landscape relative tomore integrated platform approaches. Endpoint security posted the strongest sequential expansion in Q4, climbing 149.6% QoQ to $1.3 billionfrom $520.1 million in Q3, materially surpassing the $531 million historical median. Application securityalso accelerated meaningfully, rising 146.6% from $309.8 million to $764 mil