Latest funding underscores the heightened priority to protect digital identities and the critical role of Attack Path Management in safeguarding organizations
SpecterOps, a leading provider of adversary-focused cybersecurity solutions, has secured $75 million in Series B funding to accelerate the expansion of BloodHound Enterprise (BHE), the industry’s first platform designed to eliminate Identity-based Attack Paths. The funding round was led by global software investor Insight Partners, with participation from Ansa Capital, M12, Ballistic Ventures, Decibel, and Cisco Investments.
“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.”
Launched in 2021, BloodHound Enterprise helps organizations secure Microsoft Active Directory (AD) and Azure Active Directory/Entra ID against Identity Attack Paths—a persistent yet often neglected security vulnerability. With over 90% of businesses relying on AD for identity and access management, it remains a prime target for cyber threats. Since its inception, BHE has gained significant traction, witnessing 100% year-over-year (YoY) annual recurring revenue (ARR) growth in 2024. The company’s customer base has also expanded rapidly, with new customer acquisition increasing by over 60% YoY in Q4 2024, bringing the total number of BHE customers to nearly 200.
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“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.”
Renowned for its pioneering research and contributions to the open-source security community, SpecterOps plans to use the Series B funding to expand its research, consulting, sales, and marketing teams. The company maintains BloodHound Community Edition, an open-source penetration testing tool that laid the foundation for BloodHound Enterprise. This widely adopted tool has been downloaded over 1.5 million times and is recognized as the industry standard for modeling attack paths in AD environments, earning endorsements from Microsoft and the Cybersecurity and Infrastructure Security Agency (CISA). SpecterOps employees have made over 400 contributions to the security community, developed more than 90 open-source security tools, trained over 7,000 professionals in adversary-focused cybersecurity courses, and assisted more than 185 organizations 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.”