Cisco-Backed Cybersecurity Startup SpecterOps Raises $75M In Series B Funding

Cisco Investments is among the investors in the cybersecurity upstart’s Series B funding round totaling $75 million.

Cybersecurity startup SpecterOps on Wednesday revealed it has raised $75 million in a Series B financing round that will go towards scaling its flagship platform for detecting and removing identity-based attack paths.

The SpecterOps BloodHound Enterprise platform is the industry’s first platform for comprehensively removing identity-based attack paths, according to the Alexandria, Va.-based upstart.

SpecterOps, founded in 2017, also has developed open-source tools, including BloodHound Community Edition, which maps Active Directory attack paths.

The latest funding round, which was led by Insight Partners, also included Cisco Investments.

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San Jose, Calif.-based Cisco, for its part, has been hard at work raising its security profile in recent years as the company seeks to be known as a security leader, similar to its reputation in the networking space.

Soo Jin Park, Cisco Investments and corporate development leader, called SpecterOps a “pioneer” in adversary-focused cybersecurity solutions.

“Recognizing the critical need for security solutions that address these challenges, Cisco Investments is proud to announce our investment in SpecterOps. By supporting SpecterOps’ innovative approach to identity security and attack path mapping, we aim to enhance our own capabilities and better serve enterprises seeking comprehensive protection against sophisticated cyber threats,” Park said in a blog post published on Wednesday.

The company’s “groundbreaking” Bloodhound platform redefines identity security, Park said.

“This innovative tool continuously maps and quantifies identity attack paths across IT infrastructures, providing organizations with a comprehensive view of potential vulnerabilities, measuring their overall risk, and giving practical guidance on how to reduce that risk,” Park said. “Founded by a team of experts deeply entrenched in understanding and simulating nation-state level attacks, SpecterOps has made it their mission to illuminate the opaque world of adversary tactics. Their unique approach empowers organizations to anticipate and counteract the strategies employed by advanced threat actors.”

During Cisco’s most recent fiscal quarter, the company’s security segment rose a whopping 117 percent year over year with revenue of $2.11 billion.

Other investors in SpecterOps’ most recent funding round include Ansa Capital, M12, Ballistic Ventures and Decibel.

“Identity-based threats are growing, often due to the growing complexity of enterprise identity architectures, and enterprises need a proactive, dynamic approach to stay ahead. Our Attack Path Management methodology helps organizations manage identity risk by treating the identity ecosystem as a living, interconnected graph, continuously detecting and addressing attack paths,” said SpecterOps CEO David McGuire in a statement. “This round of investor support will allow us to drive our next phase of expansion and help organizations defend themselves against the devastating effects of modern identity security attacks.”

In addition to bolstering the platform, SpecterOps said that the Series B funding will also go towards research, consulting, sales and marketing efforts.

The company’s Series A funding round in 2023 was extended and closed with an $8.5 million investment from Ballistic Ventures, which grew the round’s funding total to $33.5 million.