Horizon3.ai Raises $100M to Revolutionize Security

Horizon3.ai Secures Funding for Cybersecurity Advancement

Horizon3.ai, a cybersecurity company specializing in tools such as automated penetration testing, is currently pursuing a $100 million funding round. An SEC filing this week indicated that the company has already secured at least $73 million in commitments.

Round Details and Valuation

NEA is leading the investment round, according to sources close to the deal. Estimates suggest the startup’s valuation may exceed $750 million, though verification of whether this figure represents a pre- or post-money valuation remains pending.

One source indicated a belief that the full $100 million target will be achieved. Furthermore, it's reported that Horizon3.ai is currently generating approximately $30 million in annual recurring revenue. Requests for confirmation from both Horizon3.ai and NEA went unanswered.

NEA's Continued Investment in Cybersecurity

This investment marks NEA’s second significant cybersecurity venture in under a month. Previously, they participated in Veza’s $108 million funding round, which valued the company at $800 million, as announced in April.

Previous Funding and Growth

In August 2023, Horizon3.ai completed a Series C funding round, raising $40 million. Craft Ventures led this round, with additional participation from SignalFire.

This earlier funding brought the startup’s total raised capital to $78.5 million. The funds were allocated to expanding research and development, strengthening channel partnerships, and growing the engineering team, as stated by co-founder and CEO Snehal Antani.

Company Background and Expertise

Established in 2019, Horizon3.ai is built upon the expertise of former U.S. Special Operations cyber professionals, seasoned entrepreneurs, and cybersecurity specialists.

Prior to founding the company, Snehal Antani held the position of CTO at Splunk and led teams within the U.S. Military’s Joint Special Operations Command.

Addressing the Rise of AI-Powered Attacks

As artificial intelligence becomes increasingly prevalent in the technology sector, the incidence of AI-driven automated attacks is also increasing. Horizon3.ai, based in San Francisco, provides solutions to mitigate these threats through its autonomous threat detection capabilities.

Recent Achievements and Growth Metrics

This month, Horizon3.ai achieved FedRAMP authorization, allowing it to offer its services to federal government agencies.

In February, the company reported a 101% year-over-year revenue increase, surpassing its Q4 pipeline targets by over 150%, although specific financial figures were not disclosed.