Latest funding underscores the heightened priority to protect digital identities and the critical role of Attack Path Management in safeguarding organizations

SpecterOps Raises $75M Series B to Strengthen Identity Security in Round Led by Insight Partners

Media Contact:
Austin Williams
Voxus PR for SpecterOps
awilliams@voxuspr.com

SpecterOps, a provider of adversary-focused cybersecurity solutions with targeted insights of advanced threat actor tradecraft, today 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. The funding will support SpecterOps’ rapid scaling of BloodHound Enterprise (BHE), the industry’s first platform for comprehensively removing Identity-based Attack Paths.

“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,” said David McGuire, SpecterOps CEO. “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.”

SpecterOps launched BHE in 2021 to empower 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. More than 90% of companies rely on AD for identity and access management, making it a frequent target among threat actors. BHE has since experienced rapid customer adoption, with ARR growth increasing 100% YoY in 2024. New customer acquisition rose over 60% YoY in Q4 2024 to nearly 200 BHE customers in total. SpecterOps has also grown significantly since the launch of BHE.

“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,” said Thomas Krane, Managing Director at Insight Partners. “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.”

SpecterOps is renowned for its industry-leading research and open-source community contributions, and the Series B funding will also fuel 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 more than 1,500,000 times, is widely adopted by thousands of global organizations, and has become the industry standard to model attack paths in AD environments, earning recommendations from Microsoft and CISA. SpecterOps employees have made more than 400 security community contributions, created more than 90 open-source security tools, trained more than 7,000 students in adversary-focused training courses, and helped over 185 customers with adversary simulation and detection assessments.

“Reducing identity security risks at the enterprise level requires an understanding of the adversary’s perspective, which the SpecterOps team knows deeply,” said Kevin Mandia, Mandiant founder, chair of SpecterOps’ Board of Directors and General Partner at Ballistic Ventures. “Attack Path Management has become an essential approach to modern cybersecurity resilience and is an important solution for enterprises to strengthen Active Directory security.”

The funding news arrives after a busy 12 months for SpecterOps. 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 launched its channel partner program, bringing its Attack Path Management solution to the channel.

SpecterOps will present a webinar on “What's New in BloodHound: Latest Updates and A Look Ahead,” hosted by CEO David McGuire and executives Jared Atkinson and Justin Kohler, at 2 p.m. EDT on Thursday, March 20. Additionally, SpecterOps will host its annual cybersecurity conference SO-CON 2025, March 31-April 1 in Arlington, Virginia. To register for the event, visit https://specterops.io/so-con/.

About SpecterOps

SpecterOps is a leader in Identity risk reduction. Possessing deep knowledge of adversary tradecraft, the company enables global organizations to detect and remove critical attack paths before sophisticated attackers can take advantage of them – a practice called Attack Path Management. SpecterOps built and maintains widely used open-source security toolsets, including BloodHound, the company’s foundational tool that enables attack path management in Active Directory, Entra ID and hybrid environments. BloodHound has been recommended by the U.S. Department of Homeland Security, PricewaterhouseCoopers and many others. BloodHound Enterprise is the company's managed SaaS for identity and security teams, allowing for attack path prioritization, remediation guidance and reporting to show improvements over time. For more information on SpecterOps and BloodHound, visit https://specterops.io/.

About Insight Partners

Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of September 30, 2024, the firm has over $90B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

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