Fueling the Fight Against Identity Attacks

When we founded SpecterOps, one of our core principles was to build a company which brought unique insight into high-capability adversary tradecraft, constantly innovating in research and tooling. We aspired to set the cadence of the cyber security industry through a commitment to benefit our entire security community. Today, I am thrilled to announce that SpecterOps has raised $75 million in Series B funding to further our mission and strengthen our work in solving the complex problems posed by Identity Attack Paths.

We look forward to expanding the reach of BloodHound, our platform for comprehensively identifying and removing Identity Attack Paths and accelerating our contributions to the community through open-source tools and research. As we look to the future, we are growing product engineering and research teams to continue to build out attack path coverage and features in the BloodHound platform, in addition to sales and marketing teams to better serve our customers and the broader security community.

The Series B round was led by global software investor Insight Partners, with participation from Ansa Capital, M12, Ballistic Ventures, Decibel, and Cisco Investments. We are privileged to work with partners that bring strong cybersecurity expertise and, most importantly, they understand the complexity of the problem we are trying to solve. Their support will be invaluable as we continue our growth trajectory.

As corporate systems become more distributed and complex due to cloud adoption and organizational change, Identity Risk becomes increasingly prevalent. Identity services, like Microsoft Active Directory and Entra ID, become pathways into enterprise networks. These environments become extremely challenging to secure against attacks as their complexity enables exponential growth in lateral movement and escalation opportunities which are difficult to detect. Tens of thousands of user accounts and devices across multiple technology stacks, coupled with decades of built-up technical debt and misconfigurations, create Identity Attack Paths that attackers can exploit to turn initial access into complete enterprise takeover.

Strong Identity security, centered through Attack Path Management, significantly constrains attackers’ options as they gain initial footholds into the enterprise, preventing them from attaining their objectives and causing devastating business impacts. Our approach focuses on identifying the Attack Paths that matter most — the “choke points” that lead to high-value assets. Attack Path Management identifies the least disruptive configuration changes that will reduce the most risk. On average, our customers see a 40% reduction in Identity Risk in the first 30 days of implementation.

Since launching BloodHound Enterprise in 2021, SpecterOps has experienced significant growth in company headcount, new customers, and revenue. We received FedRAMP® High Authorization for BloodHound Enterprise in December 2024 and earned CREST accreditation for penetration testing services this January. Within the last year, Kevin Mandia joined us as chair of our Board of Directors, and we launched our fast-growing channel partner program to accelerate adoption of Attack Path Management to combat complex Identity Risk.

Our team exists as a collection of aspirations made real by hard work, but we also exist within the constraints of the society in which we operate. We believe that security is a fundamental right in our increasingly digital world, and our mission is to help organizations protect their most critical assets from sophisticated attackers.

I invite you to join me, along with fellow executives Jared Atkinson and Justin Kohler, for a webinar on “What’s New in BloodHound: Latest Updates and A Look Ahead” at 2 p.m. EDT on Thursday, March 20. Additionally, SpecterOps will host our annual cybersecurity conference SO-CON 2025 March 31-April 1 in Arlington, Virginia. To register for the event, visit https://specterops.io/so-con/.

We feel incredibly grateful for the partners, customers, and friends we have gained throughout our company journey, and we are excited for the next stage in our growth as we continue our work to strengthen Identity security and help organizations better protect themselves in an increasingly complex threat landscape.

Fueling the Fight Against Identity Attacks was originally published in Posts By SpecterOps Team Members on Medium, where people are continuing the conversation by highlighting and responding to this story.