Enterprise Weekly #393
Enterprise Weekly Moves to Substack! Better Content & New Formatting
🎉 Welcome to our very first edition of Enterprise Weekly on Substack!
After writing almost 400 editions of the Enterprise Weekly, it was time for a refresh! While our formatting may look a little different, our commitment to deliver the top enterprise tech news, tactical resources, job openings, and fundings to your inbox every Friday remains unchanged.
Our loyal subscribers are the heart and soul of our operation, so if you love reading our newsletter, please share it with a friend!
📰 Now let’s get into the news:
In today’s economy, the priority gap between must-have and nice-to-have software is widening.
Cybersecurity has been a top priority across the enterprise during this recent economic turndown and this week we saw that continue to prove out in earnings - CrowdStrike reported revenue up 58% YoY and Palo Alto Networks reported a profit for the first time in a decade. With ransomware on the prowl (even LA schools aren’t safe), enterprises see cybersecurity as a necessary defense.
Yet VC investment in cybersecurity startups is in freefall (much like other industries) - deal count is on track to be halved in Q3 compared to the first two quarters, while funding also plummeted according to Pitchbook and Crunchbase data. Why? While cybersecurity spending is typically viewed as “somewhat recession proof,” we could be entering a period of vendor consolidation as opposed to corporations favoring best of breed solutions as they rationalize and prove the value of their security investments. Like most cycles, this too shall pass, but our advice for young and scaling security startups is to make sure your customer prospects truly need what you’re selling and to have clear differentiation from the rest of their existing platform investments.
If you’re looking to uplevel your own cybersecurity efforts, check out some recent thoughts we published on security for startups and dashboards.
📚 More news:
The Economist: Why Economists Are Flocking to Silicon Valley
TechCrunch: How Box Is Balancing Growth & Profit as It Nears $1B ARR
TechCrunch: Have You Marked Down Your Portfolio Yet?
TechCrunch: The Biggest Moonshots in YC’s S22 Batch
MarketWatch: UiPath Stock Drops 16% After Outlook Cut
The Information: CEOs Want AI, But Deals Are Getting Stuck
WSJ: Netflix Cost Cuts From Cloud Computing to Corporate Swag
Have a great weekend!
Kira Colburn
📚 More to follow:
Company: Pronto
Role: Account Executive
Technology: Partner Ecosystem Management
Funding: $4M from Work-Bench, Vertex Ventures, Firebolt Ventures, and others
Looking for a new job? Send us your LinkedIn!
⭐ Company of the Week ⭐
Pace raises $5M led by Work-Bench
Sales / Marketing • Seed • New York, NY
Founders: Justin Dignelli (CEO) & Rez Khan (CPO)
Userpilot raises $4.6M led by Silicon Badia
Sales / Marketing • Seed • San Francisco, CA
Raftt raises $5M led by Aleph VC and Cardumen Capital
Infrastructure / Dev Tools • Seed • Tel Aviv, Israel
Lucidity raises $5.3M led by AlphaWave Investments
Infrastructure / Dev Tools • Seed • San Francisco, CA
Velaris raises $5.4M led by Octopus Ventures
Future of Work • Seed • London, UK
Complete raises $4M led by Accel
HR Tech • Seed • San Francisco, CA
Zeet raises $4.3M led by Sequoia Capital
Infrastructure / Dev Tools • Seed • San Francisco, CA
ModernLoop raises $9M led by Accel
HR Tech • Series A • San Francisco, CA
Chargezoom raises $10M led by Panoramic Ventures and Softbank Opportunity Fund
Future of Work • Series A • Irvine, CA
ELISE raises $14.8M led by Spark Capital
Infrastructure / Dev Tools • Series A • Bremen, Germany
Uiflow raises $15M led by Addition and Transpose Platform
Infrastructure/ Dev Tools • Series A • San Francisco, CA
Open Raven raises $20M led by Pelion Ventures
Risk / Security • Series B • Los Angeles, CA
QA Wolf raises $20M led by Inspired Capital
Infrastructure/ Dev Tools • Venture • Seattle, WA
SteelEye raises $21M led by Ten Coves Capital
Risk / Security • Series B • London, UK
SaaS Alerts raises $22M led by Insight Partners
Risk / Security • Venture • Wilmington, NC
Lily AI raises $25M led by Canaan Partners, NEA and Others
Sales / Marketing • Series B • Mountain View, CA
ZineOne raises $28M led by SignalFire
Sales / Marketing • Series C • Milpitas, CA
Gravitee.io raises $30M led by Riverside Acceleration Capital
Infrastructure / Dev Tools • Series B • Boulder, CO
Hebbia raises $30M led by Index Ventures
Data / AI / Machine Learning • Series A • New York, NY
TigerEye raises $30M led by Initialized Capital and Next47
Sales / Marketing • Series A • San Francisco, CA
Localyze raises $35M led by General Catalyst
HR Tech • Series B • Hamburg, Germany
Arize AI raises $38M led by TCV
Data / AI / Machine Learning • Series B • Berkeley, CA
Regal raises $38.5M led by Emergence Capital Partners
Sales / Marketing • Series A • New York, NY
Isovalent raises $40M led by Thomvest Ventures
Infrastructure / Dev Tools • Series B • Mountain View, CA
PolyAI raises $40M led by Georgian
Future of Work • Series B • New York, NY
Mesh Payments raises $60M led by Alpha Wave
Future of Work • Series C • New York, NY
Cymulate raises $70M led by One Peak
Risk / Security • Series D • Tel Aviv, Israel
Anyscale raises $99M led by Addition and Intel Capital
Data / AI / Machine Learning • Series C • San Francisco, CA
Bitwarden raises $100M led by PSG
Risk / Security • Venture • Santa Barbara, CA
PrismHR and VES acquire Namely for an Undisclosed Amount
HR Tech • Acquisition • New York, NY