Hi there, 

There are 50+ cybersecurity unicorns (private companies valued at $1B+). You can see all of them on our unicorn market map here.

Cybereason just fell off the list.

The Boston-based company raised a $100M round from SoftBank in April 2023, reportedly at a 90%+ discount to its ~$3B valuation in 2021.

The company is reducing costs, too. While Cybereason announced layoffs totaling 300 workers, it's actually lost closer to 500 since its peak of 1,351, as we can see on its CBI profile below.

Employee headcount data is coming to the CB Insights platform this month. See what it can do for you here.

Cybereason, which competes in the endpoint detection & response (EDR) market, faces stiff competition.

Its public competitors like SentinelOne ($4.6B market cap) and CrowdStrike ($28B market cap) have, unlike Cybereason, been aggressively growing their teams as the comparison from the CB Insights platform below highlights.

In our conversations with software buyers about EDR, SentinelOne and CrowdStrike are most frequently considered, alongside solutions from incumbents like McAfee and Microsoft.

Here is the “voice of the customer” from Yardstiq on endpoint detection & response (EDR) vendors in the market.
 

Cybereason customer had unforeseen expenses

Price won this SentinelOne customer over

McAfee runner-up to CrowdStrike

User experience is key

Not all bad news for Cybereason — beat CrowdStrike on pricing

Stuffed

In total, Cybereason has raised $814M in equity funding — more even than its now-public competitors. 

With overall VC funding and valuations on the decline, the “overfeeding” of unprofitable unicorns is getting greater scrutiny. 

And Cybereason isn’t alone. Other unicorns are also feeling the pressure, as seen by significant down rounds from Stripe, Oda, and more.

CB Insights customers can see what overfunding looks like for today’s unicorns, as well as what it means for investors, in this brief.

I love you.

Anand

P.S. New transcripts on Yardstiq this week include: 

• Customer relationship management: Klaviyo (CSAT: 10/10)

• Finance: Finicity (CSAT: 7/10)

• Security: Cyolo (CSAT: 10/10)
• Finance: Alloy (CSAT: 10/10)