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Cybersecurity funding has experienced a significant decrease after reaching record levels in previous years. According to Crunchbase, venture capital financing for security dropped by 63% to just over .6 billion in Q2 2023, compared to nearly .3 billion in the same quarter last year.

Despite the decline in overall funding, deals in the cybersecurity industry are still happening. One such deal involves Horizon3, a startup that offers a platform to enhance the effectiveness of organizations’ cybersecurity solutions. Horizon3 recently announced that it raised million in a Series C round led by Craft Ventures, with participation from Signal Fire. This funding brings the company’s total raised to .5 million and will be used for research and development, expanding Horizon3’s channel presence, and growing its team of engineers, according to CEO Snehal Antani.

Horizon3 was founded in 2019 by a team of former U.S. Special Ops cyber operators, entrepreneurs, and cybersecurity practitioners, including Antani. The team’s goal was to address the security challenges faced by enterprise organizations, such as ineffective security tools and long lead times for security assessments and manual testing.

The platform developed by Horizon3 aims to continuously identify, fix, and verify exploitable attack surfaces by revealing attack paths and prioritizing fixes. It offers a wide range of exploit modules that can identify weaknesses and help IT teams proactively fix security issues within their infrastructure. The platform requires no additional hardware or software to maintain.

Horizon3 competes in the penetration testing tool market, which is projected to be worth .7 billion by 2027, according to Markets and Markets. Antani states that Horizon3 has already gained traction with over 300 organizations, including government agencies, and expects further growth as more regulatory actions and security guidelines support autonomous penetration testing approaches.

As the cyber threat landscape continues to expand, Horizon3 anticipates an increase in revenue and customer base due to organizations adopting autonomous penetration testing at a considerable rate.

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