2025年二季度网络安全风险投资趋势（英）2025

EMERGING TECH RESEARCH CybersecurityVC Trends VC activity across the cybersecurity ecosystem REPORT PREVIEWThe full report is available through Contents Cybersecurity landscapeCybersecurity VC ecosystem market mapVC activityCybersecurity VC deal summary Institutional Research Group Analysis Dimitri ZabelinSenior Research Analyst,AI and Cybersecuritydimitri.zabelin@pitchbook.com Data Oscar AllawayData Analyst pbinstitutionalresearch@pitchbook.com Report designed byAdriana Hansen,Josie Doan, andMegan Woodard Published on August 29, 2025 Cybersecuritylandscape Cybersecurity VC ecosystem market map This market map is an overview of venture-backed or growth-stage companies that had received venture capital or other notable private investments as of Q2 2025.Click to view the latest interactive map on the PitchBookPlatform. VC activity Executive summary In Q2 2025, cybersecurity deal value surged to over $4 billion across 163 transactions, marking thestrongest quarter since Q2 2022. Capital continued to concentrate in venture-growth and late-stage VC rounds as investors favored mature platforms with scaling potential. Data security ledall segments with a nearly 420% QoQ jump in deal value, reflecting heightened demand for AI-driven protection against evolving threats. Network security rose more than 250% in deal value, VC activity Cybersecurity deal value in Q2 totaled just over $4 billion across 163 transactions. This markedthe strongest quarter since Q2 2022, when $5.4 billion was recorded across 306 deals. Venture- VC ACTIVITY Deal counts followed a similar pattern, with pre-seed/seed transactions representing theirsmallest share of total activity since 2017. The continued concentration of capital in late-stage and Endpoint security deal value fell nearly 55% QoQ, dropping from $802.5 million to $363.4 million,with the lowest deal count since Q4 2024. The decline likely reflects buyer caution toward a The IAM segment posted the weakest results in Q2, with only $47.6 million in deal value across 11transactions. This was the segment’s lowest quarterly total since 2018 and represented a roughly On a trailing 12-month (TTM) basis, data security led all segments in deal value with $3.6 billionacross 128 transactions. Security operations recorded the highest volume at 162 transactionswith a TTM deal value of $2.4 billion. Application security posted 159 transactions over the same In contrast, data security deal value rose nearly 420% from Q1 to Q2, jumping from $298.9 millionto $1.6 billion—its highest level since Q2 2021. This surge was driven by escalating cyberthreats, In contrast, endpoint security and IAM often require deeper enterprise integration, multiphaserollouts, and larger up-front commitments, extending sales timelines and reducing transaction Application security deal value nearly doubled from $450.9 million across 43 transactions in Q1 to$936.4 million across 35 transactions in Q2. Rising application vulnerabilities and the increasing Exit activity Network security deal value rose more than 250% in Q2 as capital flowed into fewer but largeracquisitions aimed at enhancing AI, cloud, and hybrid infrastructure defenses. This increase In Q2, exit activity fell to a record low of $260 million across just 19 exits. Weak public marketconditions kept IPO pathways narrow, and acquirers focused on a small set of high-priority targets.Many potential sellers delayed transactions to avoid depressed valuations, while well-funded VC ACTIVITY This trend aligns with the increasing concentration of capital deployment in late-stage andventure-growth rounds. Both stages now represent a larger share of total deal value and volume, recorded the largest increase in median VC pre-money valuation step-ups, rising from 1.1x to 1.5x.The median step-up for the cybersecurity sector increased from 1.6x in 2024 to 1.9x in 2025. Key deals and exits In the first half of the year, acquisitions accounted for 72.6% of total exit value at $895 million.Buyouts came in at $244 million and public listings at $94.2 million. Across segments, acquisitions Cyera had the largest cybersecurity deal of Q2 with a $540 million Series E at a $6 billionpost-money valuation in June. The deal was backed by Georgian, Greenoaks Capital Partners,and Lightspeed Venture Partners. Investors were drawn to Cyera’s AI-native data securityplatform, recognizing both the company’s strong execution and the accelerating demand for IPO activity could pick up in H2 if macroeconomic conditions improve, particularly with greaterclarity on tariffs and expectations for rate cuts from the Federal Reserve. Even in that scenario, Valuations and deal sizes Concluding thoughts Q2 2025 underscored a decisive shift in cybersecurity investing toward segments with scalableplatforms, rapid deployment potential, and clear AI-driven differentiation. The outsized gains indata and network security illustrate how buyers are prioritizing broad appl