Netskope follows Rubrik as a rare cybersecurity IPO, both backed Lightspeed | TechCrunch

Cybersecurity is a huge sector, but startups in this category are more likely to acquire than openly. Even Wiz, the title of the fastest growing startup for a while, gave up its IPO ambition Sell ​​to Google Earlier this year.

There have been few obvious cybersecurity debuts in the past few years, e.g. sentinel In 2021 Rubrick last year.

Next week, the industry is expected to add a listed company: cloud network security platform Netskope. The 13-year-old startup also shares its earliest, largest investor with Rubrik: Lightspeed Venture Partners.

The large Silicon Valley company, which last year, has 23.9% ownership. Updates based on updates S1 Archive.

Lightspeed first supported Netskope in 2013, leading the company’s $21 million Series B.

The company sets its IPO price between $15 and $17 per share, and at the upper end of the range, it is worth $6.5 billion, and Lightspeed’s windfall is about $1.1 billion in terms of the value of its shares.

Other major investors in NetSkope include ICONIQ Growth, which accounts for 19.2% of the company’s shares, followed by Accelerated Shares, which continued by nearly 9%.

Netskope is known as the Secure Access Service Edge (SASE) provider. It provides network security for the enterprise’s cloud infrastructure and provides products such as secure web gateways and firewalls. The company’s main competitors are Zscaler and Palo Alto networks.

The company was last valued at $7.5 billion when it raised a $300 million Series H led by ICONIQ Growth in 2021 (the peak of the ZIRP era). It also accepted $401 million 2023 convertible comments.

However, these capital infusions are not enough to make Netskope profitable. In the first half of this year, Netskope’s revenue grew from $251.3 million a year ago to $328.5 million. The filing shows that its net loss shrank from $206.7 million to $165 million during the period.

If Netskope is publicly valued at $6.5 billion, the company will be one of the companies with VC support in the near future Make your debut below Their final private market valuation.

Other companies below their latest private valuations include bell and Hinge health. However, not all new lists are cautious. Some recent IPOs, such as Fig and Circlesoared on the first day of the deal.