Paladin Capital Group Announces Close of $372 Million Cyber Fund II

Latest Fund to Target Cybersecurity Startups Across Sectors Bringing Innovative Technologies to Market


WASHINGTON–(BUSINESS WIRE)–Paladin Capital Group, a leading cyber and advanced technology investor, today announced the closing of its Cyber Fund II (“the Fund”), a $372 million multi-stage fund that invests in cybersecurity startups bringing innovative technologies to market. The Fund surpassed its initial target of $250 million.

Cyber Fund II will look to deploy capital across a number of high-priority cybersecurity and online safety sectors, including innovative technologies that protect critical infrastructure from cyberattacks and networks from ransomware. Paladin’s unique thesis-driven approach to investing and focus on dual-use technologies enabled the fund to attract a broad group of new and repeat limited partners across the globe.

“At a time when cybersecurity could not be more important, Cyber Fund II is investing in digital solutions of absolute need to advance, sustain, and defend critical infrastructure and modern society,” said Michael Steed, Founder and Managing Partner of Paladin Capital Group. “The fact that the fund was able to exceed its initial target speaks to the trust our investors have in our ability to identify some of the world’s most promising and innovative companies. Paladin’s national security experience lends its partners an information advantage that can benefit the public and private sectors through transformative technologies, and this fund demonstrates that core power of our firm.”

Founded in 2001 shortly after the 9/11 attacks, Paladin was one of the first investors to recognize the need for coordination between international private and public sectors to support technologies with a security-by-design mindset. Since 2008, Paladin has invested in more than 60 companies across North America, Australia, Europe and the Middle East, including promising cybersecurity and deep technology companies such as CalypsoAI, the first monitoring suite to validate, explain and secure artificial intelligence and machine learning systems used by the U.S. Air Force and Navy; Hack The Box, the fastest growing hacking playground and cybersecurity community in the world; and Expel, a managed detection and response (MDR) provider that defends against ransomware, phishing and other emerging threats.

“Paladin invests with a security-first mindset that builds digital resilience and facilitates innovation,” said Christopher Steed, Chief Investment Officer and Managing Director at Paladin Capital Group. “With each of our cyber funds, we continue to strengthen our track record and expand our ability to identify cyber technologies of the future. By playing an active role at the Board level, we are able to help founders and management teams introduce and scale much-needed security technologies in both the public and private sectors.”

Paladin has already begun investing out of the Fund in companies such as: Corellium, a scalable testing framework for any ARM chip-based IoT device; Nisos, a leading managed intelligence provider with a world-class capability to counter disinformation and advanced threats; and, Virtuoso, a London-based company leading the quality-first revolution with its game-changing AI-powered testing automation platform.

“We want to thank all of our new and long-standing limited partners for their support of this fund and commitment to Paladin,” said Brenda Chia, Director of Capital Development at Paladin Capital Group. “We are honored to have such great partners who share Paladin’s mission, and we look forward to continuing to help our entrepreneurs and investors maximize returns.”


Paladin Capital Group was founded in 2001 and has offices in Washington DC, New York, London, Luxembourg, and Silicon Valley. As a multi-stage investor, Paladin’s core strength is identifying, supporting and investing in innovative companies that develop promising, early-stage technologies to address the critical cyber and advanced technological needs of both commercial and government customers. Combining proven investment experience with deep expertise in global security, cyber technology and cutting-edge research, Paladin has invested in more than 60 companies since 2008 and has been a trusted partner to investors, entrepreneurs and governments for over two decades.

For more on Paladin Capital Group, follow us on Twitter at @Paladincap and on LinkedIn at or visit us at



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