Pinpoint Search Group, a leading cybersecurity recruitment firm, has unveiled its Q3 2023 cybersecurity funding report. The quarter saw a 21 percent rise in funds raised compared to Q3 2022, painting an optimistic picture of the industry’s growth trajectory, characterized by strategic advancements and heightened interest.

In Q3 2023, Pinpoint Search Group’s research team recorded 113 combined funding and M&A transactions within the cybersecurity space. The total funding reached an impressive $2.3 billion, signaling a stark rise from the previous year’s Q3 figure. Interestingly, the 89 funding rounds documented in Q3 2023 marked a significant surge from the 56 rounds observed during the same timeframe in 2022. Moreover, the quarter witnessed 24 crucial M&A activities, including Cisco’s massive $28 billion acquisition of Splunk in September 2023.