SpecterOps, a provider of adversary-focused cybersecurity solutions with targeted insights of advanced threat actor tradecraft, announced it has raised a $75 million Series B funding round led by global software investor Insight Partners, with participation from additional investors including Ansa Capital, M12, Ballistic Ventures, Decibel, and Cisco Investments.
This funding round will support SpecterOps’ scaling of BloodHound Enterprise (BHE), the industry’s first platform for comprehensively removing Identity-based Attack Paths.
SpecterOps launched BHE in 2021 to enable organizations to fortify their Microsoft Active Directory (AD) and Azure Active Directory/Entra ID platforms against Identity Attack Paths, an often-overlooked and pervasive security issue.
Most companies rely on AD for identity and access management, making it a frequent target among threat actors. BHE has also experienced rapid customer adoption, with ARR growth increasing 100% year-over-year in 2024. New customer acquisition increased over 60% year-over-year in Q4 2024 to nearly 200 BHE customers. SpecterOps has also grown significantly since the launch of BHE.
SpecterOps is known for its industry-leading research and open-source community contributions, and the Series B funding round will also advance growth in its research, consulting, sales, and marketing divisions. The company maintains BloodHound Community Edition, an open-source pen-testing tool that inspired BloodHound Enterprise. It has been downloaded over 1.5 million times and is widely adopted by thousands of global organizations. It has become the industry standard for modeling attack paths in AD environments, earning recommendations from Microsoft and CISA.
SpecterOps employees have made 400+ security community contributions, created over 90 open-source security tools, trained over 7,000 students in adversary-focused training courses, and helped over 185 customers with adversary simulation and detection assessments.
This funding news arrives after a busy 12 months for SpecterOps. And the company received FedRAMP High Authorization for BloodHound Enterprise in December 2024 and earned CREST accreditation for penetration testing services the following month. Within the last year, Kevin Mandia joined the company as chair of its Board of Directors and SpecterOps has launched its channel partner program, bringing its Attack Path Management solution to the channel.
KEY QUOTES:
“Identity-based threats are growing, often due to the growing complexity of enterprise identity architectures, and enterprises need a proactive, dynamic approach to stay ahead. Our Attack Path Management methodology helps organizations manage identity risk by treating the identity ecosystem as a living, interconnected graph, continuously detecting and addressing attack paths. This round of investor support will allow us to drive our next phase of expansion and help organizations defend themselves against the devastating effects of modern identity security attacks.”
– David McGuire, SpecterOps CEO
“Identities serve as the gateway to modern digital ecosystems, with bad actors constantly looking to exploit them. To outpace these threats, we must adopt a mindset that mirrors the complex techniques that adversaries adopt. The SpecterOps team’s exceptional expertise — rooted in real-world attacker strategies and cutting-edge open-source innovation — is driving a transformative leap in identity-focused security. We’re delighted to support their bold vision as they set a new standard for helping enterprises protect what matters most.”
– Thomas Krane, Managing Director at Insight Partners
“Reducing identity security risks at the enterprise level requires an understanding of the adversary’s perspective, which the SpecterOps team knows deeply. Attack Path Management has become an essential approach to modern cybersecurity resilience and is an important solution for enterprises to strengthen Active Directory security.”
– Kevin Mandia, Mandiant founder, chair of SpecterOps’ Board of Directors and General Partner at Ballistic Ventures
