Private Money Raised, Trailing Four Quarters: Cybersecurity (Palanor Emerging Spaces)

## What this measures

The money U.S. private companies in Palanor's Cybersecurity theme report raising over the four quarters to the date shown, in millions of U.S. dollars. Software and services that protect networks, identities, devices and data.

## Why it matters

The size of each theme on the Emerging Spaces map: a year of raising, so one round does not swing it.

## How it is made

Palanor's Emerging Spaces taxonomy has 44 themes, fixed in a committed file before any total was computed (docs/emerging-spaces/PREREGISTRATION.md). Each company that raised venture-like money on Form D since 2016 gets one theme or none: from Palanor's one-line description of the company where it holds one (companies that raised about $30 million or more), otherwise from its name, by whole-word rules; companies with $50 million or more since 2016 are checked by a model given the description and the theme list, and that answer is final. Venture-like means equity sold under Rule 506 by a U.S. private operating company (funds, deal vehicles, banks, real estate, oil and gas and SEC reporting companies left out). A hand check of 60 companies drawn at random (seeded) under these rules found the assigned theme right for 49 of 60 (82%): 17 of 20 model-checked companies, 14 of 20 ruled from a description and 18 of 20 ruled from the name. Weighted by where the money is, about 84% of the money sits in correctly themed companies.

## How to read it

The series starts in Q4 2016 at $634.7 million. The latest reading, for Q3 2026, is $2,401.2 million. The high is $3,782.2 million (Q4 2021) and the low $610.6 million (Q3 2025).

## What it does not say

Coverage is partial: a company with a plain name and no description is in no theme, so the totals are lower bounds. One theme per company. Form D money is what companies report selling, not round sizes from the press, and late or missing filings are not counted.

## Source

Palanor calculation (Palanor Emerging Spaces) from SEC Form D data sets (U.S. Securities and Exchange Commission; public domain).