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<p style="font-size: 9px; line-height: 125%; text-align: left;"><span style="font-family: Arial, sans-serif;">AI agent security.</span></p>
<p style="font-size: 9px; line-height: 125%; text-align: left;"><span style="font-family: Arial, sans-serif;">Insurtech 50.</span></p>
<p style="font-size: 9px; line-height: 125%; text-align: left;"><span style="font-family: Arial, sans-serif;">Security veterans.</span></p>
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<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 0px 40px"><div id="hs_cos_wrapper_module_177334591657621" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_177334591657621_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h1 style="margin:0; line-height:150%; font-family:Arial, sans-serif; font-size:24px">Trust issues</h1></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17449047009021" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17449047009021_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">Hi there,</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">This month, the pressure to secure enterprise AI agents has dialed up. A few notable moves from the last few weeks:</p>
<ul style="line-height:150%">
<li><strong>Companies are setting limits.</strong> <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3pFN5R65LGpBTg6N5c_jDghlfCyVcQ7zt7bC1F5W4R2X5D13FTvLW3zVR5W8xGrrvW935jw-2LTdBhW2HBKds6h_35fW2Tzyxx2Kvf-8W3vWbKj4t7tWyW9dd1wV69v9LXW4NbwPJ5WnkdFV7l-Nx3rv000W1kg5cc2Pr4qKW7bPrHM2qRnbxW50PjHm9j9QMzW1H_Qtr5xn1gQW6XJrjj8sFMSRW7-L2rx6CnqLrW95lfFQ3K5tdJW5FRSV23X0WRrW73HJQm7Xg3q2W5TJt2G1jqKT7W8JJkRr2n-gQ8V66ZpC2sKrgVVHzWCf4bmf2kW1Kd-Fs8f776xW6fBQL06zDddJVwR8l64Z1pv3W7d6xZr6GwhRRW51qHFJ5k8bthdwnC4s04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="peIcWXl7" target="_blank">JPMorgan</a> is restricting Claude's system access, while <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3lqW6sCrf98h9bc0W71TCSS9lpvWYV7JN4r4_CXBQW6g5ZJv5sppNwN3pKqy2sQ0pgW2ZRYQn5g_cf4N2BDcVbJf0M0W6QyZmr13C_D2Vd7GwL6mwg3PW5vFV6L6lSNcVW3822VS349832VM3Vc432pVs_W3ZPBQ94g1kjnMKr9lyp3jfMW5TWMVQ4npl4PW6r8-sN2Vn415W3VfQSP4Hrt-VW4sKHkr410C0dW7xd3c246wslJW636tw53KS1QLW89Dpvy5RPJX6W2rWDJ12z-X5DW5gDFNj2vhsFVW22G5vc3KprNtW8zzkVc3k5bfrW1jD0YY94FLY_W3WNc0v27zGDlW4zM5l04cvZRWf6h0Vjn04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="6GTzf1Rd" target="_blank">Okta</a> expanded its controls for governing AI agents.</li>
<li><strong>Startups are building controls.</strong> <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3pJW6kfpz36LXJ6pW6jD32M1ycTVgN3FXBkWR3qhmW2fb3GQ8zCD2zW1nZ58F2VbGqCW3WR2Wq9bttvxW69FKMK3ywz27W7WlCsD802KjDW1tHcPQ1JySrdW8bZJwh5rZd5gW616bXk2Svl64V3R2jM5PjjCFW6Bzwdp5jq7xDW330BvB6LQQtWVwjwg22BBgGHW1b5KG82_pbfxW5ZPC4K5zK5rdW3mggjY6XN3GfW2gPhFV5_y8v7W6-jsmx5HRC40W6C1ZS-1zmskrW7wL0NM4gVYQkW217q7B53s7-TW5SXkN64QsDW9W8tyrc72F9vSbW8ZZ9Lb3TQn8vW4cczPb93RmtNW985WS56lWq40N4svGC1q-nqRW9bkXYr6KCwWFf6K-P0s04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="dZ1hOZZ3" target="_blank">Outerlimit</a> launched this week to govern what agents can do, while <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3kJW3pjMkB42D6rDW7SZ8tJ5-lyjKN8W_yRp_vLK4W5-Vh836Qf2_yW3hnxyJ77cwRDW5K_TYf1J4qd5W1zjDlC8_5Cz8VmzbND97MDPBW3dM5tj4V6Bw8W4YCrxT3FpDS0W1Vx9ww4dDs7xW1j-YJ38B8PvRW9hmX9H8bLcvyW6yg4zG8cVFpCW88GyTB8y-5hqW1NVVLw2WLpFzW5wZmMd7Pl2SxN60XBhQmSGLXW9d2fs584_5h5W5k_WNL5nbb4-W7bSVqD6kDmFsW1hWNFL7VH03FW2XdRHx2ZYDr1VvLWpJ3JJbwmW3NtnMv1CcB8sW2dvnjL2MPMB3W1xJR-X3BbnDGW2KQ1Nq4gxhv6VzB0H35_pQ7JW3GdZQl6fJgf-f6-NsFx04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="j01+awO4" target="_blank">Eve Security</a> raised additional funding last week to stop dangerous actions during execution.</li>
<li><strong>Acquirers are buying in.</strong> <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3nLW8ZRsnW8rVh6ZW8M4tZR7G2z3QW4y-6MG1cw0LbW4yCZkv3DRdL2N7WxLQKF0GgXVcpDgV1J0WhbW3dCYyD3ggd8cN7dgx5vBV-TtW571zFn5KfCWjW1yN1mb6RMFRgW6gjZ1x6BFFlMW6-4QDH61yfvxW6c-3Vx5mFXKrW1NDnt66k0J1vN8VNxRLLNswCW1qss5b95WhfMW9hzXxF6j0zHfW3XPw4P78b7j5W7rn-kk94GdVRTgvs-6LtF2zW35HYg390nxMRW5k4sFZ2Q2thSW7D2gk85W_BZdW1gjw2z2HsdTJW5q9lHJ8dQgdqW57PGn21smXdXN1tlPpKXB5SsW7sd2ST5C7HY5f136XkK04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="XoKZyJWL" target="_blank">Cyera</a> completed its $1B <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3kzN2QXCbYlk6XxW594fSv5582bgN7PCwnJNs51zW5hh5gr8g63vnW83n8207mqkJyW4b2Gny2n_V0KV4pwbw79hw71W4BWf_v7_nqwlW6b-j_97hkhKvW7PLSbK4KyHSzW1_jvZS4gGdymN7RpV7yqPJ1hW8P_n_b9lKcjjVyC7N41ZjgD0W3JS9VL21c8xbW8ttkMS2lPJkPW3Sk1Rl1Xmy5LW5VtrVr1s-J6wW8x8NNQ8_1qgVW8C1BtR4LxjdtN8D_Hd941G4HW95H30732VHQ0W3MtJc34ZsmTQW3dQC4w1XH_BbW4YhrYx1l9ZBkW81n5V_2nthTtW5QFmY31l89DmW8Q63lK1kdTLdN7QykK-9YGnBN5Zxrm61bvFYf4_M3WH04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="Owxac4Lb" target="_blank">Oasis</a> acquisition this month, adding identity controls for AI agents.</li>
</ul>
<p style="line-height:150%">As AI agents get permission to do more, controlling what they're allowed to do is becoming its own security market.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">So we dug into CB Insights data to see which emerging companies are getting traction, who’s behind them, and which could be approaching another funding round.</p></div></div></td></tr></tbody></table>
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<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17902856772092" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17902856772092_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h3 style="font-size:17px; margin:0; line-height:150%"><strong>But first, meet the hottest insurtech startups of 2026</strong></h3>
<p style="line-height:150%">We just launched <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCd-K5nR3bW50kH_H6lZ3mGW25FCZ157jpMRW2-198S6qLh2cW6Z_VK46nJVsdW3bwfT65nb-2FW34yLTL8gV50PW6btSvD63n_zjW7CH-Nf90-MmXW5tMWdV8KXNdFW4L3ZxS7Rcn7sW3KZYWf6tBdQ0N1g-75gYL80zW37kspW4Rj9hZW11mwV284XvW2W4tDcqs1KJSp9W1kpPPb7nh7wJW5J2nt04Fb2Y8W6Y99tP2RX-ShW1zrF4x4h5nllW6gnzNy5NSCrDN2_6SxnY-nq5W7BChRK7Cv4J0W3hGWmC6tSCrfVgVDDF3t54TbVc1Fzc85gTjqW6xnVd43K9pXkW5w40mQ3NxrZ5W4p7QpM33m5sYVK990v6h_QkSW6Qxtwj3dCYp7W3Q1-Dt8ZN9n2W8HVgxJ2vFYfjW1yXHrW3fYFbnf1s5nld04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="n7iEyjXB" target="_blank">Insurtech 50</a> in partnership with ITC Vegas, our fifth annual list of the most promising insurtech startups of 2026.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">Across this year’s cohort, we found:</p>
<ul style="line-height:150%">
<li style="color: #1d1c1d;"><strong><span style="color: #1d1c1d;">AI alone isn’t a moat:</span></strong><span style="color: #1d1c1d;"> Startups are standing out through proprietary tech, proven performance, and distribution advantages (<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3l-W2hrwgK3F-cjkVB1Lp78B4fsSW5H1hWP12qRLTMFKM_L17WnYW52kykV2JPcfHW6nN5TT5WSQPRW3dZQKN8fx17pN3_fS65b0x9QW3Z5YVZ3JBvnjVy8kNq6rj5qmVZXnnz58Vy2TW7hQLm57qKQFzW4tn3Vq5xwmdkM9RgPchxP47W4XjVGp8lLlTVW8f7l-44chnJrW3r6CDP277bL8W3Gv5DH4vwkBXW8l6wDw7rrRXjVRLBRn35vQmZW57kL7P1WwTbRW4Qn20H36HrbVW98gY5D904NktW2nj2dr3LWSvdW7sccyJ6TknzbW6fK2J66XthHfW56LfxH72jKsFW3q50sp2ytfxmW491Shw8zTDksW2Xj-Js5_Wmygf6L1fQl04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="kEEFgIKK" target="_blank">Delos</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3nkW9f5-3_3r8JxWW5WlQcz4XqdcWW2YR29587q0-3W8tNG0J7rQ6jrW5DF-0p231mZvW2RtZs15c2mvMW1QXhtZ6qdX72W1LYhBw5685kFW4SycW51TGfH3W2t_JSh3TdS0gW73Fchb4qWr_YN5Hsdf_z7KmcW36dvHH4RMXWpW8Rz6fM6HFK4sW6P53Jp6XGG3HW5wy47C7fQLsQV6MDY_6jwNqZW3pd3-73zrlCwW50ywCB5ZNLTzW3BCKC753mGcNVZXZ-v2jp91VVn7Qkt8hJPqWW44Cyw51TMXT1V9V4Gh6xbRGkW5_319c3RQwQbVBDNp-53PsyWW5zp2hw97jG-0W3RYtl58TrGcqf6vRc8404" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="JeShnJ6l" target="_blank">Sixfold</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3n_W606zMl5MCy5mN5Vbx4KRx9B0W6hGnQm3LYxsbW78n7qS3qHg_VW1hGGMY6WqPhQW2X8gsh2GWd99W8Spkb451YkgTW4P9tyQ3WRphSW4VL8sy1gGD-gN4sNqjPT_r7rW6cbPVy3cMTV_W6NY60b6PxM-cW1LZYs58pcBGkW6WbkFJ2jHB__W20tQnG6hD4tMW6t7K4M1jB66tW2nRS5y8rQ051W3KnB1B57FmW5W2wmZFy51p1wDW14HNJs8HQdglW3GX9gV7THLSdW3tglyM1NmKj3W5wtCDK6Hng5nW2qNnyW8NjlKMW8gyXTC6_Zq_CVc9mH85T0fWJN4ynXzGT9xyMW6XLtYc2R3VtVf4f1xdC04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="VluWQStk" target="_blank">WaniWani</a>).</span></li>
<li style="color: #1d1c1d;"><strong><span style="color: #1d1c1d;">Specialists are winning:</span></strong><span style="color: #1d1c1d;"> Startups are targeting hard-to-serve markets or building products that incumbents can’t easily replicate (<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3mlW5k2bcT8sD2ZGN3WVhtmSwXW4W3lTpvY5Yq0zWW6XYrxk1D37z6W4Q-dnf52wJ7pW9bh2xT6Gbq1yW76qVdk6z6tqDW4qgrqR5jxQxyV2YkQD8nngV8W3LQRJG1rRsCdV5zjbY1VDtrZN7vCsQsh3JqBW6Z5P2m7vFGchW2JTprP796f4yVml_yW3c3wV4W288M3-4_G33gW51W4tq8LF34zW1D1DDj54MrLnN3KrHnw8qyrmN5spg84Wfk3HW33tPJN25BkYQW6_SwX21WG6xyW4s7nph4clm_dW1DLkPH3mKQ1rW2fSfcZ4r4pX1W6czk0s4G8YHpW3Mm-XJ8ktssZW1yC9R12dB_csW5xs8832-J1tgW81nnRM84xmSCf801kyK04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="Fk/D/HcU" target="_blank">Clearspeed</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3pjW5jcWRY7BwdFzW2TH1w23KQMHNW2wTN_788168DW1YY-QR8Xf62nVZn8Gr56hSZ4W8bfFZN3llL-FW943gnx5zr3TMW5tYvRW92fSk5W8VhQGJ92-cxKV9G6FH3hSz2zW9gsh-Q38m7vxW7cH9wx8hK7lYW8sy17Q53cGVYW4SFnnD20jPSQW1Nmjl95KTHC9VQRw9B5mN8XvW2F9ZPn5RMKL-W4PMppl5fXFhYW6yN60F1Fz86pW2KXLln2W-KWjW81YWdY3hFQFbW4z7wSM8WHCDCVSn8G05ymwF1N7BGj_Dcv482V9ldbH2_9WrpW974ySh70G7l1W6LnYFz4BMl3KW8_Q3LS4h3L9Tf3H8SbW04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="IREb53Hr" target="_blank">Odin Space</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3nJW3JtFpG4czP-wW4xybjz2lX8HDW5zgwHY4Lg6yLW7z9ztq1-S4Q1W1yhXxR323lG8N1P691w6jlPxW12Z_vR1h11wmMv6vJSftRYqW1NlW7R71w4sdW79Gs_b2YtDczW8SGdtx8GVN43N77_Q1fgDkb2W1D58qf7-yfJlW5M5HGD2PXSvZW6XjDLP958-D6M2Yl3N7mjB6W5CYktX2hgM85W3Vgmb997JsXVW36rz0k70BGTzVf_JDV66TNlyW2bgNHQ8xvlMjW4b52qW4JFvDjN2SsVRFH969bN6Hdd3LhnWcmW6zWrnB27hlNCW39LR095JnsrBN7CG7G3Jq1XBN7DHy-WvGy_jf6kM_Fj04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="D3dmcMUd" target="_blank">Summit</a>).</span></li>
<li style="color: #1d1c1d;"><strong><span style="color: #1d1c1d;">A small group of investors keeps showing up:</span></strong><span style="color: #1d1c1d;"> The top 6 venture investors have backed 36% of the Insurtech 50 (<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3kHW5hVLTD3BsQknW623b6p7vl5_5W2mlg-g910xhCVS5pMr8nlDj6VS1tmg2VKksgW65kjTn8xWQfFVT87Sb6vph4FW1LTZZw23cR_zW8w92f05njsV3V_H9Ph2B_xZ1W3VpqxP8h76l0W8GrP4f2YsXnXN3DZpKhPxJhPVhMSJq6gLGQFW9frlMF3B-rDBW1y-vy06WHTVXW6HfLGB5r-kxpW1KMPPn653JGsW2bG2vl7RQRckW2JJxjL8SCGJdW5y_CVr8mR7PQW62Y-Cp5Lzk7sW6nbGKZ3krKq_W4J6qNR4YbK_LW7Cr-904cZVL7W1b0DpB3c1swkW2XgDkD4z4VcbW921ZMZ3359ZxW3NrVzJ8BmGmSW4n-QLZ7JWlnLf2K_spv04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="tua3+4s3" target="_blank">General Catalyst</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3prW6t3MZ54BFB-2W1CS70H6GbnWCVtrJXh2jx5YXW39Y1LZ3VzNXKW4Kb1FZ1Z_D8JW17m6qV3ZC0dyW4zN3_g1RjW8SW4cDwzV5s71p4W4JGkGW34lT14VFJbX92lk7PBW4Nm1r26C1T09N2QK0b7Vz--_W8RFS8Q7H4m36W12R9v45XtFp7W1kXSJx6YK04WN3X26stRfpdBW3_LNB65brN_kW5_tkg_7G-RNcW1yYYS938qYQ6VgZrDk5PnHhhW1MkGk75J-y-ZW2lh7LF6L-TYHW46rlV74_yYmCW7x7bC-4gtH9mW2h5ssk3yc1hwW8DTvkH1fbxxWVm3jr836KrcHW2YsjJq2dVJ4GW1FsSKd6Yd52_W8N9-tl5xnls_f3Z8Vj-04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="iymJ2qG9" target="_blank">Greenlight Re Innovations</a>, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3mcW7xSHjq20DytKW1skfGn8J31sgW57sh_F4V7K0lW7qXB0F45k7fBW2xl3pz8hHz6WW3TmmnG9kVLZCW2JN9Rr9llgvRW5S2svr4_2BSJW21LnxT7RYMGTW1Qj1QC8ThQTLW4qq27445_5yVW7Pyzlc6GzM8nW8KF3rd97kL-YW3Sw6rv6tk5ppW4JdP_f6bPXvJW3Sx8_T6F1MQPW2QtbXB74z04gW3gl8xK8nmzmFW35FJ0p8jg6B9W7hy8qZ1l02KkW5znNJk538DvKW5ptZG27mYDxjW23NT6225GXrqVPYQBn1fyWw8VchVns4kt10hMx_LJZ9PtmFW6dSCFr6pHyqGW4-zx755z0fftW60yT5g1rV6xHW1kwVGW6HkCsxf5DWd4804" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="bqSHUoHe" target="_blank">Brewer Lane Ventures</a>).</span></li>
</ul>
<p style="line-height:150%"><span style="color: #1d1c1d;"><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCd-K5nR3bW50kH_H6lZ3lzW6MlM5w3Sn0FRW1sDhdL24TMtTW3TRh2p1LZy3GW1TjTjj6DXQvXVrX3DR2zRbgWW7SL6Wz4B6BkmN2SFyxLl6-xfW4Sn-Kv7K6Z3lW6nTbS62zdzvTW1_kXrG7-Sg2kVyZQMf7wvp0dN8QMpJ97SJqYW5PLv1k1W75VRVMzGRc7V3s1tW5VdBfZ6t0N8sW6z3shK2XMQ9JW5Cp9hk8rv2FPVZyX3N7GT_qNW70kQlQ3_KY-4W4nGVJN48C4JJW7hn3Jx9cFsK-N3WJtsrNPrx7W1RGQSW7_KcgHW6-11386fKB0KW8MJkpy1mCYW9W3BZdw_1vVtc_W93FwMb5rR264W6Ll6rC5C4qkTW8CjHgM2QnqmrW5s03k23_sm84W58X9918tQ--PW6w9-tR4Lp072dpG27K04" style="color:#006699; text-decoration:none" data-hs-link-id="1" data-hs-link-id-v2="ljw/9bnr" target="_blank">Read the full brief here</a>. </span></p></div></div></td></tr></tbody></table>
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<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 0px 40px"><div id="hs_cos_wrapper_module_178102225999824" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_178102225999824_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h1 style="margin:0; font-family:Arial, sans-serif; font-size:20px; line-height:150%">Three emerging companies worth watching</h1></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_178102225999825" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_178102225999825_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">We looked at <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCd_05nR3bW5BWr2F6lZ3n2W8y8j2c1gY9xGVCf1Ts1th36mN8SkRZTW3Tp2W901xdj6nJq_tW88-ySb3CwnfwW8457H62-MxWdN5YRDGkdsX_0N7t7FZQ7__5_Vm5FQP8C-npcW3d6V5k7jPQS2W1CF5KR5PXf6HW55rJyZ2grfBYW8fC2G02ljh08N79gj3PBLC5RW5T2WmJ8WwCbNN29b18T88kcTW8y8xv-9kv5XlW1S1Fnq3_pLR_W5Rz3Bv1_3GkfW1Kz5W07JW_47Vrtxxm38YBDxW8K4WPR7zC-9SW1V-V274C95ZSW6C-glQ45nksTW36nSP46gj2s0W5m59_c1b_8m6N5P9C8dlbcjNW2gQPV54hSkpTW5d2X7_83pxSCW7yzWrb5mWGJ3W6JwC938hTQ1xW3F4TrG41KDjnW4KNTh62jP0VFVrHTZ57wpr-Ff6lfbjC04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="frlqh2kK" target="_blank">163 private companies</a> across 4 markets covering AI agent security and risk management. We zeroed in on the emerging players, rather than the more established names shaping the market today, and looked for signs of traction in 2026. Three caught our attention:</p>
<ul style="line-height:150%">
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3pvW49JnH75m2M0LW2sPC-z2p0hVvVK31Pr9kMh0mW5Gwv0r3DLfG3W7f6L8m2wjZ6nW717R41947Y7nW8s1wth2Svj_7W4CQXzt6HS6_XMcmQR7QFPRBW27J7RV3sdQcmW3PqMhj3s9bB-N17Spj0xvRZKW52zpqL8ZwDGqN130FqvtMcLRW2bx3Lk2Z3qMzVvjpvS7R0bdnW22KVvh6ymQfvW6MQLmM30jZP9W1QR2Bl7nSzlmVX1YKh6jSyT8W51JyJ-6KG-4gW34RR8F30JXBdW4nzH3T18WZsFW7sCL4h8dx_wqW3qmC3X5KwC__W5gmZmz4pqP0CW7FDDQR6TyssYW5cX5hp3WFZDtW2HHQx71Cg7dDW8Q-sNV6HGxtQf3w-9l004" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="ziyXnjrR" target="_blank"><strong>Hush Security</strong></a> is tackling access. It replaces static credentials with temporary, policy-based access for machines and AI agents. This year, Hush signed a reseller and deployment partnership with <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3p9W3B86-V24h2n4W5ZnC2q8LhR2YV2ppbn4Xr_XxW2FHqq48RqzfbW3pvZcT8gC0q7F484Y6SwrDWW6FT17b7TLxPTW60Dmqf2BGFt0N5DKkzp3tj_5W43pRbG4y5pKqW82vrPb91zw2KW9djBng2ch2Q_VwZsWB7-71MzW8Whl_v5fW-wZW3dc81q96v-LlW68jT-j7wm6XmW2xJf5F2r5YLjW6yzPzf5NglmXW5S9YDD5SpzgyVvMkrD3cb7KmW3yHwrk7kjlnbW6YQL3K3G0DXxVKX3Mx75BF2yW5C4BbS4PPd8mW7pV50m6QwH6wW5TK3jb9hPyQDW5Mv9GN5g4PQHVwVDxK3-f_hpf3rkSs-04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="uAwTHsHI" target="_blank">Kyndryl</a>, took a strategic Series A investment led by <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3mMVHFp_b991z99W62qfZH4DCQwxVfBGr81qxc9xW65Ns6P4FrY2LW8QwM4p5v8Zt6W5SH_8r1lhwrgN190hsxsmHnDW7KGwt38Pq8qDW4GYKC983KMDJW7vXGvm4jdm-_W7D8SZW5BQthfN5zvBWJKB3fcW8S3_GW3_RLcZW3yKSLS4_-JK-W952tqX8lqHkRW4bR-N47lzWkpVv3sDW1L9-PYN1k9DWF3cLvxW539pp397f4_tW22wdB77jX9qyW2p7yg12rVcX2W80nBb_3pMt4hW7Nm7TD2WLYTqW1Mq6tk7Drd8TW4FTPpV4Nb9C5V9Ll0K1dkNZWW2L6Hc_1GQVT8W4GcyYq3p3Z9wW8svdLn5Xq4FzW7wRHmR4w8d_9d3s6hg04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="ynLB+tF9" target="_blank">Akamai</a>, and joined the CrowdStrike, AWS, and NVIDIA startup accelerator.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCd-K5nR3bW50kH_H6lZ3mGW33-G-g1XqZ9mW4xKB8j8wqYK7W4vPln875MGhpW2ld4H132cBWzW7GqvZ-8YRWPHW58xlY673L3whW4Lv2Y14f3qcnW1RGf1P1F3zqCN8d86DbwgrSjW87rBq39735vdW4HWtxr3hGCT0W3GyZg42XFzW3W5_XBTg4khHBdW4zr52D968mD9W5R3YKw7MQtF6W5lsNvG4d8JnJN6pVBb7xzQkpW8JlVNF73MVzlW5psqCH6NBTfkW4tHYB77gdy70W5jzRNC8dcWbrW5M-phz1dd_8JW5Zr2BG8CQNpbW5trTsD62Yqc9W37MYdg1-VT8yW4vJLWF2M__F1W65tFpq2gTGqDN89kScWLZg6kW8hKTW64cpKmKW5_h0_w7BHzRhW5SnrVf2x4BDGW8qYm0l3NJHZhf7cRj_F04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="DEaPJVZm" target="_blank"><strong>Geordie AI</strong></a> is focused on what agents actually do. Its software monitors agent activity across cloud, code, and endpoints to flag and remediate risky behavior. It reports deployments across roughly 30 customer environments, including <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3lFW4wmVyk5s261NW3V5FKW5vGF3YW4wbJ6Z8_9f9jN6Pcd_Vc8W_XN74YQxSDrSMbW9dZK5K77-lgPW1BZzzl99HXP-W56Vt2J8MM54ZW8GSP2z2S0ds8VpfQK17LL3CzVLd6TJ6m8SsFV6s4RP7hY3nrW8nF9Lq4m5Wn8VjlMxP8pt964W7VZLJs7T0jWTVFps_s17GpPlW5qMnmX1Z5RPcW6rFjFm4tpp-zW8yk4131HYdRwW45HRkT8D4Wp5W3KxHbs6Xr7l6W85VGTD8vG0V1W5Zh86W4Tb5D2V9dyw93yjN4lW8N9fPg6zK4nqW3VtTM36YrgbkW7qPSQ-3fg-H_W39qhbN1cr-BbN86v46qRb9fTW6Q4BL915Z9jkf4j4jr604" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="FEd8n6Ht" target="_blank">Owkin</a>, plus a channel partnership with <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3nxW1BTVW164sP5pW3Rk9Y074nGc9W7KYH2821TVf1W1McwyK1dGtXHF4PV2y93gQQW3flx1K87gXd4W2-h0Sz4C3C9HN10GvXdZfhY3W8plXFF3jr42zW2Vfr_S42XWdFW4GCDD-5WCqklW7z7XHZ2DYc4gN3dXGVWvBtlDW7pKJ797XP9YZN7gcDLdDYp97W9gw7sB14fYX6W2dXYXT5yC_r-N2wF33yVr40XW7qyVvG4ffYntW5MDfkV2K5G3nW7QP_zg2T4rQhVs-w722w8z9RW7QSn-y2KsKrKW92JhF_9kWYFwW19n8m837T4SXW7TQmh91F80SwN7HXRNCLF5nnW6pVlHM3YW_tdMJjZ4Yr-DWSW99hP404XTxFPf509jVz04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="S799y12s" target="_blank">GuidePoint Security</a>.</li>
<li><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCd-K5nR3bW50kH_H6lZ3m2W7Y2SzC6LVzwpW5qjYjd3QtSM8N5Spr_04hPtXW2zC65f9b6v1rV8CtLW5jR-TbW5fLm0z2fLZJ7W5_YzTv1tf15qVXjgbm3Zp0HPW4WKkVD1GJNtfW7VJnRK881Yb3W2Z_1457MlkP1W4qMHNd7vt5P4W4B_Vc06dlRKbN71M-nj7W3HHW1MJVCK8dmFQxW2bZDCw6c_x3dW3CQJ592v7KwKW22Vkrw3l3-SQW6MCbM23QxJzDW7GMpgj4BvRPnW6XNwxt1fwnFWW2lPQSf2Vd66pW2p7sCb2DskF6W7mTmrd4_hm2wW6NvDhq3b97SxW4_kDdk8mHRtPW791kB28Tn_9gW2DxbQn83Qdx1W3WV1mP6YG7-rW6H2LHt1wr_dZVcHSZQ4mPjN2W3tP8Jw5gKrhwf6-9PFn04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="PPLasIoB" target="_blank"><strong>Keycard</strong></a> is building identity and access infrastructure specifically for AI agents. This year, it joined the Agentic AI Foundation as a Gold Member alongside Anthropic, Google, OpenAI, Microsoft, and AWS. It has also contributed to emerging standards for agent identity and authorization, including MCP and OAuth.</li>
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<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 0px 40px"><div id="hs_cos_wrapper_module_17872404969331" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17872404969331_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h1 style="margin:0; font-family:Arial, sans-serif; font-size:20px; line-height:150%">Security veterans are coming for AI agents</h1></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17824215141601" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17824215141601_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">A lot of the people building agent security have already spent years securing identities, applications, networks, and data. Different threat, same playbook.</p>
<p style="line-height:150%"> </p>
<p style="line-height:150%">Hush Security CEO Micha Rave previously co-founded <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3mxN7-70lPNcPP3N7xXc62L-cB2W7ntGtP1cFq07W8js9gs8W9r6PW7lTJDz4RR45vW5NLKMl8wb6sRW1J3tz858k-BzW6gNNZq5p8tDPW5kcTsM9hHDFgW3gkMLQ7XzlP8W7tns1F8VlFs7W6fbb_f1-PMYfN5M7k8v-1tkGW2TtbRY58dl_rW8-cshj4vRmpKW5gjdw097W7x9V_ZQdP2NfzbCW732kCq5jd4BcW4VsSPm63pS5QW2LSnww4fSzHMN1jPb3zKMHdGVyMJ631ylkX_W4ynWcx13GdzqW2NBcdT1YGXW7W72grzT68mLPvN6XwhYHngN57W3kb20b4c9MZTW2zCWBc41R9XPW5PKMM053RGFrW3PRHwf81pVl_f5Trxbd04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="5fUIzOtY" target="_blank">Meta Networks</a>, a zero-trust network access company that <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3l0W6pJ7TS8t267CW5W60273xnpvgVcRVQn8vMx-1W5nz6b76vmM9yW6_VCJX4RtLx4W4FTqQd66xNl0W5dfn0N8PC_ZWW97w3YH4NGd5yW4-23QV5mFGrjW8Rw1XR2dcl1bN4MFyml2CvSsN10z4Gx3zY0_W8Zj06J2B9m0yVslZ3Y9gVyWGW4XBQJL4px8vPW5W562K2TXh-bW1rxQzq3Y0bKjW7NS0S75tqt5-W6WH6vF8C9Dd4VB3j3Z8k6B9DW1xZgdr8kbq5hW25pWf72Wbbp-W1NVzbb2ZsZkLW7bHk2m4t2nWBW6gwHgt6rHZrbW4dqZhn1KRWWTW12SPcx2jQGRrW9jcMXq3-R1xnf3Tm2M004" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="ppPg1mZK" target="_blank">Proofpoint</a> acquired in 2019. Geordie AI founder Henry Comfort spent over 5 years at AI cybersecurity giant <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3mTW3Q2-8K8P2w_VW14Z1YD3Pdnm0V25GFn3lqzqWW8q3J1F71P-zYVDnxbH1mZl9nW3MGhJJ1J0Bc3W6NQBGM789L72W3KNrkp71HVBmV-Dv4t175R66W5GTLtf5ybjzjW1b__5C6yfHrtN8hsyH3gz3s0W6Cg9pN5fcrFyW6JrgBB3zMwPKW3l93fS5ZK-skW76CQDh41MX9JW1n_st912fVxGW2xR_6x8y3-qtW7Zj1b53zYD90W4dWFp07NXQ5hW7qnfd64d-nc3W8_h2XX7xs7vKW4DQsXZ35vXv7N3Tw10HFMR11W8V2TmD30gnhSW7wXwf02Z3hhgW3SMBqw3Y6NrLW1ksfKp1dmH4_MJL2m5kCYCzW218kYf5-yfRpf6DVFPH04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="TzAHUpv1" target="_blank">Darktrace</a>. And Keycard co-founder Jared Hanson created Passport.js and was chief architect at <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3pkW9dFbFy3N2_7PW1Zv3B46QGv6CMJGYKLJgGtcW26bC4c20J01CW7p9th23PFncDVf2gGZ8WpXG_W24TDMQ5xFjzfw8pZbxpvCzW2wgxYz66wVCvW4GQ28j3-9DQNW67rtsk98cxnDW64Qcl676ZMSFW3LwS4J7H_sp5MpH5V9txnFjW5KQTNb30QjtFN1B20HsXbCYqW3LmV3g4R4pw7VTsz7_5jK6LlW86Xc5f42hqWvW6Q_GNB7CdHzyVQSXj685Vsl_W2mtCcg6T5qLCW6Gzyxz83Kb0RW8tZJJS6Mjd0bW8ZWQby1c6hp2W7r-F4W3N7fG_W69ZPtY643pjbW1hnbby5xqs6xf3KFZnR04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="C8Ezd3v7" target="_blank">Auth0</a> before joining Okta.</p></div></div></td></tr></tbody></table>
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<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17902858563574" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17902858563574_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">The same pattern pops up elsewhere across the space:</p>
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<li><strong>Omri Iluz, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3lzW1rkKgL963qwnW1Z8zQk5dSh8yW4D7q445rZx77W6r582B3T90v8W3HH18L6ZkZfxW5Yst5z8NrwpwN66HC64CkrVWV1Rf8q2xpykVN1kZS6lbpzvYW8KFRVf1Xt7YLW2Wjb5X4gqhR_W4DBhwm5qTbMKW67N6D069Y3j3W7qRhYW1HhyMDW6-YY-r8-8xTrW2LrNjR19McgmMy2YTqZbYZZW3PJ2RX2by4k7V5htnF4HWXZXVL0gqW3Fn86zW436DYH42GXB4W5CR8Fl7LnTjbW4mzxSG75t42mW6dVCKC3M5XZzW7_6y571zCccBW32YJYB3ttXjrW8HDc-178ks2NW1QhXyr16X3cDW3NWsZ45YcPb5Mmb-2wjd5pvd1bKW804" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="5zQQQ88m" target="_blank">Lumia Security</a>:</strong> Previously founded bot-security company <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3n5W27ms5S7JhnMTW4nFFpQ4LZJxcW99vSSf8kGxTLW8rXHVN60kZ_JW2RzqfP1wmQhkW4KdMpW35K8h2W351_5t80-w6RW52kmSK8kZmy3W8qj52r2HcRC9W36_8m86C6w2pVGVSr22DDtzBN86c8Fc_nTvmN8-VsYhpnH4FW8L35MJ2QC_YnW6kzZTm38vFSMW82bGZJ5vTk_kW8cc17R2Ytc_vW1qhgvw6FbWp5W2W3NMx4xfhyCW1n10tF20sfBNVZNmnt1yzFWCW3ny1Jw594CmXW4vrKKK7qNFVDVxrxzY4k0twLW1szhyQ5Wd_0hW71VGMX4DXKgDW8kP5Tp4j8kc0W29XmVT8KyZ4nf3gJL1q04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="4w28ALad" target="_blank">PerimeterX</a>, which was acquired in 2022.</li>
<li><strong>Fred Kneip, <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3lHW8mkjsB561tL3W6zln6g41p_31W7TGjh_4fnw8DW4bMFd18VmZmDW85pH_N8DGLv0W82drgw3pZFBzW6xrTlG852S77W5yJR7W5CzMqkW1Tdrhk7mv4YZW4nDywj5qk-znW5pWVXy4TV-PLW4Qn8BG6K39RvN7PlSN7H2969W8kv1V_4hK7g4N8CG-vYm2JMkW88tjGT6B4yhTW3vRs-77MB6t2W6Gp67j2lwLg1W5CP3y75bkpV9W31q2pm8066_DVxLRxd5-w3nWW66ngW45F6W2dW1RRkQ73mjcl8W8nSLfT94xxgHW144kbm28W2-1W1ZwZ4V4wD1P8N7bQHF4T8xFgW61yVjH76sb9ZW3kTvKQ1z7BNMW6qkShr7ScVzdf1Hf8K404" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="iTKepMGj" target="_blank">Helmet Security</a>:</strong> Previously founded cyber-risk company <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3mnW55Xkk45JjV-xW4HzfsK77MnZKVNwPXJ1RSn2LW4PdRWB2qRmnTW5BDV4499DQcXW28zGjP5tjjN8W8yG_kz3hJmHRW7xX0cW3NyC2wW69ZSqc6xxsjrW5B9ncF1kWn_5W8M8c295szSGxW6WGh5S1TwMs2W31GcfX5JV8pkW33WK787_jVmxW6mZYFh7hPpKrW45QGZr3V-zJ7W7RfhFr2SD884W3wshbS8_RgkjW6Sxmgw3ZfKMwW54kk4r61yFvRW8GL8l77TFwbgW7q5x3r4M9Kk-N8KMVRzG9-J3W7nF7vC27yQL5W39qjnG70217cW5vshbS8p3T0PN19jtqdzwLy8W6cJn_S8hQJW3dxHqt204" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="pslCwScu" target="_blank">CyberGRX</a>, which was acquired in 2023.</li>
<li><strong>David Goldschlag, </strong><a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3nmW506Jxj6FGt98W5-Vprd6m9NS6W6GdFP98gTN3jW4XnrCz8Cf42cVy9B8t7RT13JW4fzlbJ6KHrhwN1fN2-CnxF16W4fcHKr1s0t6dVfS_WL90pWRJW6XvnKM7XZDfkW5mdbnV3LRRdwVT97ym2F71wQW3rfw2041W-R-W320tPF2Q6_M1W2mh_Qv6RHl8-W1QcyVb7WvtwLW3HkXgL79_bVGW19-1yY93kWbtW5LzsKh2cNM-XN2CgJ6fPXd4vW11-Zz_1N_1m_W6Ctb6d7wm1MpW7TtPWK26PLMzN2BvNDWm3qJxN3djc99McrxVW6BkDTQ5BZlR0W3Npb0P6nfpSMW3kWRPR6BxBw1W7HxVQ83z2jdXVN9JnF4--t5Yf5h1cH-04" style="color:#006699; text-decoration:none; font-weight:normal" rel="noopener" data-hs-link-id="0" data-hs-link-id-v2="/EFJwx6d" target="_blank">Aembit</a>: Previously co-founded zero-trust security company <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3pyW3YLzSW6MtyzDW2z5sFV4mxGsZW1ls7c9158K8MVJfrLn8fXYL6W5Pyxf45j4d4WW4-VG592LBRVQW37Cy_n5PVGxFW2pB8S73P92nWW2yZd342FzhcjW3q4Lgk8xpx3rW37ktVS8yv914VmYpd06vjRjKW12XYGD2sJz3cVGLWmP3X79dtW7rM_Fr2s68FXW7SMGsk7r0sbcW5nNJZP7-8fwTW4kV-kW87Dyg-W6tW8Md2gyVV5W7bHTcM4fL1nvW4TgcG4293QzzW3LHmZY4VGjHvVD_z6g4sFfMRVKcpr03fc6xfVtLp2G5-yNCbW87qMt43QNn4ZW4FB3WR2qwTD1W67JtyV7D0lGfN7PXn74zrKX1N9k4ct0jrwK2f3WDHw604" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="vTaOg7p7" target="_blank">New Edge Labs</a>, which Netskope acquired in 2019.</li>
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<img alt="v2teal-3_banner" src="https://research.cbinsights.com/hs-fs/hubfs/v2teal-3_banner.png?width=1050&upscale=true&name=v2teal-3_banner.png" style="outline:none; text-decoration:none; max-width:100%; font-size:16px" width="525" align="middle">
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<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:0px 20px 0px 40px"><div id="hs_cos_wrapper_module_178102271055436" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_178102271055436_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><h1 style="margin:0; font-family:Arial, sans-serif; font-size:20px; line-height:150%"><strong>Who’s raising next?</strong></h1></div></div></td></tr></tbody></table>
<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17830257002304" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17830257002304_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">Keycard is the one to watch now. It raised its Series A in October 2025 and is already in its predicted funding window. Since then, it has gone shopping, acquiring <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3nQW53qN-w8-rc1PW2kK4-18MVh5VW4mxhKM8JCG4dW26WdKh6PzJkyW2FmJZf1vz4FNW33vfF07Qr_kBW3j3zrx2Fs5QSW38Y_Zn6vyJbPW317zqq99HWVKW4mZBCZ3GPTZ3W6HVN_Y8TZgxpW6v_CkL1Kw32lW4wLtf05dk-YyW4xTV4V4Dy2KvW11VP_54r-fYNW69dbTl6YhXz0V1CqhT84VtbsN5c7tCf-g9H6W72tvcX4--k2jN8Tnk1L_TyjkW6r30B81f7FBFW8sFj9F8HxStrW2S9jxV1bqpykN7RLMlWBxWKpW7DlS0y8k_LQFVz-Bhb7fx7C3W83dp_67kpjpzW1kHTtq98lBmKW7JWp9G99WZw0W4tBF_N8_Sj8zf8T5-nC04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="5u2vhMal" target="_blank">Runebook</a> for MCP-powered agents and <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3nPW2PQYg-9g7yh1W2T_zRK3KT9HYW2fXd-V105W4PW2XmJ8z51LJ7sW6rk_Zg812Hk7W5C538m396L3WW1xXz0P4xcXvZVvZM9W3ybR0DVt6Nbw363TkDN4X76jw9lG9CW4MxQ6g1QLgP5W6wsxwn99M5ZjW4Fzkg_3N96k3W6zwZHm6_V6YPW2TjQz05nmJtwN3Y3zqQJ8hC6W91_c4q5WSHgzW8cBmDf7c44qbW4Dn0Rx7Vcb0DW5_59F-7xhjFnW47yPrV2l2hpBW2HQShF9gK7L5W7XDy323cB5p5W1dHKds6RfT-GW6_9VXk46tyyrW4J2Wwg33lXS0W7-tD6_5lSjG1N7R0jN7C1fjqN46LwMvXcJCcW1PCt1g6sNBwnf38LTkP04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="0+pC53fB" target="_blank">Anchor.dev</a> for autonomous coding agents</p></div></div></td></tr></tbody></table>
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<a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCd-K5nR3bW50kH_H6lZ3nXW1Sj1f19gtNStW6BKM9N7CPC1zW5pMB18747fwVN3QbcyKfnLkRW8Qc4pp4NmWrtW4wBG851qckR6W6lK8Vt3PDPKSW93mYp94Mp0-rW6XdH-M13MXrbW3jLmG24828spW91nmdd3VFvgfN3Xqg8FjNywCW30BLy04Wm2LKW86Q0Fm3XXdp-W1zvqzh2bvp4vW7HKYDH5Rgd9wW42G46C4Mr9zCVJLgYg7CmPNxVpMDmv2S39mJW2lgV222sJc14W25X6Cg3FgKd-W8BYhc_3Srx3cW5Wy-3f695D97W3jT5dQ2fkHs4W6r7zQB1knXwvW6C1tg977vC2tMp9D7lmzbwnW1jBfRZ5w3NcRW2MwzJr4177GlW4gtN3m1F23WJW2Gj1x1765gBKW87464F3Zw00rf6y4Z3204" target="_blank" style="color:#00a4bd" data-hs-link-id="0" data-hs-link-id-v2="y5/YNUVg">
<img alt="image2-Sep-24-2026-09-38-13-3603-PM" src="https://research.cbinsights.com/hs-fs/hubfs/image2-Sep-24-2026-09-38-13-3603-PM.png?width=1120&upscale=true&name=image2-Sep-24-2026-09-38-13-3603-PM.png" style="outline:none; text-decoration:none; border:none; max-width:100%; font-size:16px" width="560" align="middle">
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<table role="presentation" cellpadding="0" cellspacing="0" width="100%" class="" style=""><tbody><tr><td class="hs_padded" style="font-family:Arial, sans-serif; font-size:15px; color:#000000; word-break:break-word; padding:10px 40px"><div id="hs_cos_wrapper_module_17902858992575" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_module" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="module"><div id="hs_cos_wrapper_module_17902858992575_" class="hs_cos_wrapper hs_cos_wrapper_widget hs_cos_wrapper_type_rich_text" style="color: inherit; font-size: inherit; line-height: inherit;" data-hs-cos-general-type="widget" data-hs-cos-type="rich_text"><p style="line-height:150%">And it may soon have company: <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0P3qgz0W95jsWP6lZ3pSW3t7xh-2L8-vNW5JYs_33Y5lnRW4ddGcQ7tSg-DVpzy_c7xr3NsW7Yv3Ww1w_wZ_W99H7_-87tzG9W64_qgF5hx8SwW7gmwrj99cfWRW5X0j2v39tnJyW2cRjhr1Kb0P4W1hxxjB4SV3HqVH9k8Q7HgQvTW7Fwsm32XPfPBW2F2MYN3sW-byW3yTcnl2ZY5zNW7wNnrR4bFl7QW4SfQ7x5ky6cRW7KD2zV6GytZbW53K9q82FPRGkW509S5r8PdvFJW5-vV715W2F5kW7MljmL563dV7W8RpHPN6wn_qgW8fp1z79hsdsDW1XkX_21H1yR4W4NFtNP6364wDW7DFWXw7SgnFRW3fx7-m73jWzgW8TT5-M717VNxW97g6dm8hQSw0f2SdVrv04" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="ZpCnIFiX" target="_blank">Certiv</a> and <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCf0v3qgz0W8wLKSR6lZ3mQW1m7b1y8N9C-bW1dWNtQ27Z998W1Md90V2NMqxfW1VDljz6Nd0j7W5tp2mr2WkB0gW8r0jXp9f0P4mW7gJmct8dkkX_W6wTg2F8xxpPQW63TCLZ3DP72DW77VZLj6CBFdVW8lx8l08K0kvXW6MH6cq1cRQgSW2mzNK98zQQ2SW2FZw0v69B6sCW33Bgrr5BtKLZW7fcz_V7CHRN_W8s-d1994zXqCW3v4Ptc7B8LB3VRWLbW3zm0FyW1G-FWr5SvLqSW88fZnv4wGfdPW1NQ7YP6v7rjxW5MvV_Q4C0NP-N4bQl8nkZj1tW47QZQl6vgz4dW5-m7v65f-G_kW4MkmPS40sFF1W2z4-gc8TvFXhdX0c3204" rel="noopener" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="orypKBdf" target="_blank">Tynapse</a>, two other emerging, pure-play agent-security startups, are expected to enter their predicted funding windows within the next 3 months.</p></div></div></td></tr></tbody></table>
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<p style="line-height:150%"><span style="font-weight: normal;">The CB Insights Team</span></p>
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<p style="line-height:150%">P.S. Investors are moving earlier in cybersecurity, and analyst Ahad Ali explained why in yesterday’s Wall Street Journal. See the agentic AI security startups worth watching in our <a href="https://research.cbinsights.com/e3t/Ctc/T5+113/c4SYk04/MWJg2Gglw-XW8p3w9L2dM6VsV9TLwZ5Vljd2N7lCd_j5nR3bW69t95C6lZ3pRW5Z0rd16zZDdnVSB-qk75qwQgW7MT1FG9252kCW31v4zb67XqcQW3ZPq565W-FkrW5j4wks50Lv81W1xhwlW3CSLY6W4XvGnB5gRqXsW8ZymbD15frsDVpYpY32T02FGW8FHpgc2x1wkrN5XJ63NWXGrQW7BmBqX1B0hqBW1wt9Py16FdqRW4MLCNf7P0_8jVbvHGS1HRgYLW6QDv266TT87bW2T-fYm1pYqVnMJ4V9LZgYgmW2-vn-2249t29W5xr2RQ4SSYvJN5sVdb2Qz659W5ddRfW7QCjprN7jwvh9s8vv0W2_MqMm2flkwbW7kMydH6VpZ2FW2fdHrt2LJJJwW1KnL5y7LmMP1W6FCdp51py-p_W7FltXq8VHRk_W5NZ3DT3G8hgvW5GgjJf45cY1jW8qYJ_G4dXjsjN6cYHBtscBFRW1ph2zX2CJ8XtN1gH8651xmyFf9g00HM04" style="color:#006699; text-decoration:none" data-hs-link-id="0" data-hs-link-id-v2="kYatunEm" target="_blank">Early Stage Trends Report</a>.</p></div></div></td></tr></tbody></table>
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