Raúl Amigorena Eguiluz
Global Information Security Director and CISO of Inditex
Former Head of Security, CaixaBank; Former CISO, Banca Civica; Former CISO, Caja de Burgos
Executives
A Year in Numbers
AUM
$1B+
Number of Financings by Forgepoint Companies
22
Capital Raised by Forgepoint Companies
$685M
Portfolio Company Revenue
$1.2B
New Team Members
4
New Advisory Council Members, now 108 total
13
Our commitment to global innovation
In 2025, we strengthened our global reach and impact, building on the launch of Forgepoint Capital International and our strategic alliance with Santander by backing six exciting international startups: Adaptive6, Capsule Security, Qevlar AI, Maisa, Multiverse Computing, and Tadaweb. These companies join international firms in our portfolio including Constella Intelligence, Lynx, and ReversingLabs, continuing our track record of global support that extends back to prior investments in AlienVault (acq. AT&T) and BehavioSec (acq. LexisNexis Risk Solutions).
We were also thrilled to welcome 13 new advisors to our Global Advisory Council in 2025, expanding our international community. In addition, our investors contributed perspectives to vibrant dialogue at events hosted by the EU Delegation to the US and INCIBE, continuing our close partnership with EU institutions in the US and globally. Forgepoint Capital International was named a member of the European Cyber Security Organisation (ECSO) as well- a recognition of our commitment to identifying and backing European cybersecurity innovation.
Today, Forgepoint Capital and Forgepoint Capital International operate as a unified global team alongside our partners at Santander and our community of supporters. Together, we are committed to helping innovative startups scale globally into new markets.
New Investments
DataBahn, $17M Series A
Databahn.ai, leaders in AI-enabled data pipeline optimization, announced $17M in Series A funding to deliver intelligent data routing and management.
GetReal Security, $17.5M Series A
GetReal Security, the leading authority on malicious synthetic content, announced $17.5M in Series A funding to shape the next generation of digital identity verification and fight advanced digital fraud.
Maisa, $25M Seed
Maisa, innovators in trustworthy agentic AI, announced $25M in Seed funding to transform business process automation (BPA) at enterprise scale.
Multiverse Computing, €189M ($215M) Series B
Multiverse Computing, global leaders in AI optimization making Large Language Models (LLMs) practical at scale, announced €189M ($215M) in Series B funding to optimize and shape the future of LLMs and AI.
Qevlar AI, $10M Funding
Qevlar AI, innovators of autonomous AI to enable proactive SOC operations, announced $10M in additional funding (bringing the company’s total funding to $14M) to redefine the Security Operations Center (SOC) with AI.
Tadaweb, $20M Funding
Tadaweb, creators of an operating system that collects and analyzes public data, announced $20M in funding to transform Publicly Available Information (PAI) and Open-Source Intelligence (OSINT) investigations with a human-centered, Small Data approach.
Tilde, $8M Funding
Tilde Research, developers of interpreter models to optimize AI deployments, secured an $8M seed round to advance the frontier of model intelligence.
Adaptive6, $29M Series A
Adaptive6, leaders in governing cloud and code costs, raised $29M in Series A funding to uncover shadow waste and accelerate fixes with automation and AI.
Arkenstone Defense
Arkenstone Defense is delivering a comprehensive suite of HR, security, and risk management solutions to help defense tech providers automate configuration, compliance, and attestation for federal contracts.
Capsule Security
Capsule Security is ensuring smarter, safer, and more secure collaboration between humans and AI agents.
WitnessAI
WitnessAI is the AI security platform trusted by leading enterprises to monitor AI usage, protect LLMs and chatbots, enforce policies, and ensure compliance across every AI interaction.
Follow-On Investments
1Kosmos, $57M Series B
1Kosmos, market leaders in digital identity security, announced $57M in Series B funding to continue innovation in biometric authentication and expand into federal and SLED markets.
Nudge Security, $22.5M Series A
Nudge Security, pioneers in Workforce AI and SaaS security and governance, secured $22.5M in Series A funding to expand product innovation and go-to-market efforts.
Rafay's Year of Innovation, Strategic Partnerships, and Market Leadership
Rafay is dramatically accelerating its sovereign GPU-powered Platform-as-a-Service (PaaS) offerings globally, driven by new governance and automation capabilities, a newly launched global partner program, and key partnerships with global cloud service providers, data centers, and system integrators including Firmus Technologies, Data Vault Pakistan, Moro Hub, and Netris– in addition to integrations with major enterprise AI technologies from Nvidia and Cisco. Here’s to team Rafay’s continued success!
Huntress's Upward March
In 2025, Huntress celebrated 10 years innovation and democratizing cybersecurity and achieved remarkable 543% three-year revenue growth, garnering a spot as the 149th fastest-growing company in North America according to the Deloitte Fast 500– along with numerous other recognitions. Congratulations, Huntress!
Sifted EU Top 100 Startups
Fortune Cyber 60
Forbes America’s Best Startup Employers
Inc’s Best Workplaces of 2025
Forgepoint Recognized as One of America’s Top Venture Capital Firms
We were honored to be named one of America’s Top Venture Capital Firms for 2025 by TIME, based on fundraising strength, investment capacity, and the volume and efficiency of exits.
Advisory Council
Our 100+ person Global Advisory Council continued to grow in 2025 and includes leading cybersecurity, AI, and technology practitioners, seasoned operators, and key decision-makers across private and public sectors. We are grateful for our advisors’ continued expertise, insights, and drive to help our portfolio entrepreneurs succeed.
Read our blog post for a recap of our recent Advisory Council annual meeting and dinner.
New Advisory Council Members
13 more industry leaders joined our Global Advisory Council to help foster critical innovation.
Hazel Diez Castaño
Global CISO, Santander
Former Global CISO, Dufry Group; Head of Security Consultancy, Architecture and Design, Aviva; Senior Consultant, Deloitte
Executives
Rob Harrison
Senior Vice President – Product Management, Sophos
Former CPO and Executive: Capsule8, BAE Systems, Detica
Executives
Daniel Largacha
Global Security Operation Center Director, MAPFRE
Executives
Tanya Loh
Investor, Advisor, & Brand and Company Builder
Former CMO, Forgepoint Capital; former Head of Market Development, M12 - Microsoft
Executives
Vivek S. Menon
CISO and Head of Data, Digital Turbine
Former Executive Director, Cybersecurity, JPMorgan Chase
Executives
Dr. Leila Nova
CISO, IberoLatam, Allianz
Former Enterprise Risk Partner, Swift
Executives
Matthew Olsen
Co-Chair, Defense, National Security Practice, WilmerHale
Former Assistant Attorney General, US Department of Justice
Executives
Constantine Polychronopoulos
VP Head of R&D, NM Applications, Nokia
Former Group VP, 5G & Telco, Juniper Networks; former VP & CTO, Telco/NFV, VMware
Executives
Andrea Rigoni
CEO and Founder, Altirium
Former Managing Director, Accenture
Executives
Haiyan Song
Board member, CSG Systems International and Kodiak Solutions
Former EVP, Cloud Ops Business, NetApp
Executives
Spencer Wilcox
Head of Cybersecurity, NextEra Energy
Former Executive Director of Technology and Chief Security Officer, PNM Resources
Executives
Tobias Yergin
Chairman, EAIGG: Ethical AI Governance Group
Former Head of Product, Strategic Exploration, Fortune 50 Retailer
Executives
Promotions
Jimmy Park
Vice President
New Senior Advisors
Ken Miyauchi
Senior Advisor
Satoshi "Andy" Okada
Senior Advisor
New Hires
Nikki Bassi
Executive Assistant
Jasmine Lau
Office Coordinator
Forgepoint Capital Co-Founder Don Dixon Retires
At the end of 2025, Forgepoint Capital Co-Founder Don Dixon retired from his role as Managing Director- a bittersweet moment for the entire Forgepoint team and community.
Don was one of the earliest investors in cybersecurity and began investing in the nascent industry in 1988. A technology investor for 30+ years, he founded and led Trident Capital for over 20 years prior before co-founding Forgepoint Capital with Alberto Yépez in 2015. Over the course of his career, he has overseen over 35 successful exits.
We are thrilled that Don will remain an integral part of Forgepoint’s work, serving as a Senior Advisor. Thank you for your many years of leadership and vision, Don!
Forgepoint Venture Consultant and Advisor Andres Andreu Named CEO of Constella Intelligence
Congratulations to Andres Andreu, Forgepoint Capital Advisor and Venture Consultant, for his appointment as CEO of Constella Intelligence!
Andres previously served as Constella’s Chief Operating Officer and Chief Information Security Officer, where he played a pivotal role in shaping the company’s strategy and advancing its position as a trusted provider of identity-centric digital risk protection and intelligence solutions.
Announcing the Forgepoint TIPS Book
We’re excited to share the Forgepoint Threat Intelligence Portfolio Spotlight (TIPS) book, a free resource for cybersecurity, AI, and infrastructure software practitioners and entrepreneurs that addresses the need for contextualized threat intelligence.
In mid-November 2025, we shared a limited print run of the book with our community during our Fall 2025 Advisory Council Meeting and Dinner. Now, we’re thrilled to share the free e-book with the public.
Margin of Safety
View all PerspectivesForgepoint Vice President Jimmy Park and Venture Consultant Kathryn Shih launched Margin of Safety, a new blog series that researches the practical sides of security and AI so you don’t have to.
Margin of Safety #9: MCP, USB for AI or Trojan Horse for Security?
Jimmy Park, Kathryn Shih
April 9, 2025
- Blog Post
Margin of Safety #19: So You Want to Do an AI-Enabled PE Roll-Up?
Jimmy Park, Kathryn Shih
June 25, 2025
- Blog Post
Margin of Safety #37: Asymmetric Impact of AI on Cyber Offense and Defense
Jimmy Park, Kathryn Shih
November 18, 2025
- Blog Post
Forgepoint Forward
View all PerspectivesWe released the final three editions of Forgepoint Forward, our quarterly series capturing critical categories for innovation and investment.
Forgepoint Forward Q1 2025: What’s Ahead in Application Security Posture Management (ASPM)
Preisha Agarwal, Rey Kirton
February 17, 2025
- Blog Post
Forgepoint Forward Q2 2025: What’s Ahead in Security Data Management
Preisha Agarwal, Rey Kirton
July 16, 2025
- Blog Post
Forgepoint Forward Q3 2025: What’s Ahead in AI at the Edge
Preisha Agarwal, Rey Kirton
October 28, 2025
- Blog Post
TIPS: Threat Intelligence Portfolio Spotlight
View all PerspectivesWe released ten editions of TIPS, our monthly series examining the latest cybersecurity threats and providing actionable insights for industry decision-makers.
News
Reporter’s Notebook: Optimism Runs Wild At RSA Cybersecurity Confab
Crunchbase News
May 6, 2025
- News
RSAC2025 interview with Alberto Yepez, Co-Founder & Managing Director at Forgepoint Capital
As experts gather for RSA, here are cybersecurity’s 10 most active VC investors
AI, Geopolitics and Cybersecurity Collide
22 cybersecurity startups to watch, according to VCs
NSI Experts Weigh In: Cybersecurity Awareness Month — Part 4: Urgency and Solutions
Event and podcast appearances
Beyond the Hype: Candid Insights from Greg Clark and Alberto Yepez
Mass Technology Leadership Council
April 2, 2025
- News
Recap – Offensive Cyber Operations: Charting a Legal and Strategic Path Forward
AI vs Hackers: Ernie Bio on Cybersecurity Trends & the Future of Secure AI at TechCon SoCal 2025
Ernie Bio, Forgepoint MD on Cybersecurity, Defense Tech & AI
CI Press, Episode 37: Shane Shook, His Journey from USAF Reconnaissance to Industry Security Leader
Why Identity is the New Cyber Battleground With Shane Shook
Shifting Detection Left In the Kill Chain. How AI Can Reduce False Negatives ft. Shane Shook @Forgepoint Capital
How to Raise VC Funding for a Cybersecurity Startup – The CyberVault with Casilda Angulo
2025 Highlights and Memories
