SpecterOps Valuation, Funding & Investors

SpecterOps is valued at $435M as of November 2025.

Last SpecterOps valuation

$435M

Undisclosed stage · Nov 2025

Last SpecterOps funding round

$30M

Undisclosed stage · Nov 2025

Cumulative funding SpecterOps raised

$142M

across 4 funding rounds

Key investors in SpecterOps

  • Ballistic Ventures
  • Decibel Partners
  • Insight Partners
  • M12
  • Cisco Investments
  • Ansa Capital

SpecterOps Overview

About SpecterOps

SpecterOps is a Seattle-based cybersecurity firm offering adversary emulation training and red team services using BloodHound for Active Directory attacks. SpecterOps delivers workshops on MITRE ATT&CK tactics to enterprises like Microsoft and DoD contractors, authoring the foundational BloodHound tool for pathfinding in networks. The team consults on detection engineering, sponsoring Black Hills Infosec conferences.


Founded

2017

HQ

United StatesWashington, DC

Status

Privately held

Customer focus

B2B

Revenue model

Services, Subscription

Valuation

$435M (Nov 2025)

SpecterOps Valuation

SpecterOps is currently valued at $435M, based on its undisclosed-stage round in November 2025.

SpecterOps valuation by funding round

SpecterOps valuation by funding round
DateStageValuation
Nov 2025Undisclosed stage$435M

SpecterOps Funding History

SpecterOps has raised a total of $142M across 4 funding rounds.

SpecterOps' first fundraising round was a $29M Series A in April 2023. The most recent completed round was a $30M undisclosed-stage round in November 2025.

SpecterOps funding rounds

SpecterOps funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2025Undisclosed stage-$30M$435MSpecterOps is a cybersecurity company specializing in adversary-focused solutions, particularly for detecting and removing identity-based attack paths in Active Directory environments. Its flagship product, BloodHound Enterprise (BHE), is the industry's first platform for comprehensively managing these risks by treating the identity ecosystem as a living graph. The company also maintains the open-source BloodHound Community Edition, downloaded over 1.5 million times and recommended by Microsoft and CISA, which originated as a pen-testing tool. In March 2025, SpecterOps raised $75 million in a Series B funding round led by Insight Partners, with participation from Ansa Capital, M12 (Microsoft's venture fund), Ballistic Ventures, Decibel, and Cisco Investments. This followed an extended Series A in 2023 totaling $33.5 million, bringing cumulative funding to around $138.5 million by late 2025. The Series B funds are earmarked for scaling BHE, expanding research, consulting, sales, and marketing, and growing its channel partner program. Post-money valuation reached $435 million as of November 23, 2025, with a secondary source listing $412.06 million for a Series B-2 in Nov 2025. SpecterOps, founded in 2016 by CEO David McGuire (a University of Washington alum and U.S. Marine veteran), is headquartered in Alexandria, VA, with a Seattle office and about 200 employees. Key milestones include FedRAMP High Authorization for BHE in December 2024, CREST accreditation for penetration testing in January 2025, and appointing Kevin Mandia (Mandiant founder) as board chair. The company has gained traction amid rising identity-based threats due to complex enterprise architectures. SpecterOps positions itself as a pioneer in attack path management, enhancing enterprise defenses against sophisticated threats, with investors like Cisco highlighting its innovative approach to identity security.
Mar 2025Series BInsight Partners (lead); Decibel Partners; Cisco Investments; Ballistic Ventures; M12; Ansa Capital$75M-SpecterOps is a cybersecurity company specializing in adversary-focused solutions, particularly its BloodHound Enterprise (BHE) platform, which detects and removes identity-based attack paths in Active Directory and Entra ID environments by modeling identity ecosystems as dynamic graphs. The company announced a $75 million Series B funding round on March 5, 2025, led by Insight Partners, with participation from Ansa Capital, M12 (Microsoft's venture fund), Ballistic Ventures, Decibel Partners, and Cisco Investments. Proceeds are earmarked for scaling BHE, expanding research, consulting, sales, marketing, and channel partnerships. This round follows an extended Series A in 2023 that totaled $33.5 million after an $8.5 million addition from Ballistic Ventures. SpecterOps reported strong traction prior to the Series B, including 100% year-over-year ARR growth in 2024, over 60% increase in new customer acquisition in Q4 2024, FedRAMP High Authorization for BHE in December 2024, CREST accreditation for penetration testing, and the launch of a channel partner program. The open-source BloodHound Community Edition remains a standard tool for Active Directory attack path modeling, endorsed by Microsoft and CISA, with the company contributing over 400 security tools and training 7,000+ students. Post-Series B developments include a $30 million raise in December 2025 and secondary market valuations around $412-435 million as of November 2025, with total funding reaching approximately $138.5 million. SpecterOps positions itself against growing identity threats in complex enterprise environments, with investors highlighting its pioneering approach to proactive attack path management. Kevin Mandia joined as board chair, bolstering its leadership.
Jul 2023Series ABallistic Ventures (lead)$9M-SpecterOps is a cybersecurity company providing adversary-focused solutions to help organizations defend against identity-based attacks. The company's flagship product, BloodHound Enterprise, is designed to comprehensively remove identity attack paths in Microsoft Active Directory and Azure AD environments. BloodHound Community Edition, the open-source version, has been downloaded over 1.5 million times and is the industry standard for modeling attack paths in AD. In July 2023, SpecterOps announced a $8.5 million Series A extension from Ballistic Ventures, bringing the total Series A funding to $33.5 million (following the initial $25 million Series A led by Decibel in April 2023). The extension was led by Ballistic Ventures, a venture capital firm co-founded by cybersecurity experts including Kevin Mandia (CEO and founder of Mandiant), Ted Schlein, and others. Kevin Mandia joined SpecterOps as an observer to the board as part of the deal. The funding was directed toward expanding sales and marketing, research and development, and broadening BloodHound Enterprise capabilities. By the time of the July 2023 funding announcement, SpecterOps had achieved 40 enterprise customers without external funding or a dedicated sales team. The company also conducts training sessions at industry events such as Black Hat and provides free, open-source resources for red teams. Notable users include the University of Texas at Austin and Woodside Energy.
Apr 2023Series ADecibel Partners (lead); Jonathan Oberheide; Kevin Mandia; Dug Song$29M-SpecterOps is a provider of adversary-focused cybersecurity solutions founded in 2017, specializing in identity-based attack path management and detection. The company's flagship product, BloodHound Enterprise (BHE), is a platform designed to comprehensively remove identity attack paths in Microsoft's Active Directory and Azure AD environments. SpecterOps delivers solutions through its software platform as well as consulting, training, and research services. On April 18, 2023, SpecterOps announced a $25 million Series A funding round led by Decibel, with participation from Kevin Mandia (CEO and founder of Mandiant), Jon Oberheide and Dug Song (co-founders of Duo Security), and other strategic investors. The Series A was subsequently extended in 2023 with an additional $8.5 million investment from Ballistic Ventures, bringing the total Series A funding to $33.5 million. The capital was allocated to accelerate adoption of BloodHound Enterprise, expand research and development, grow the team, deliver new platform features, and expand consulting and training services. By the time of the Series A announcement, SpecterOps demonstrated significant traction with over 185 customers, more than 400 security community contributions from employees, 93 open-source security tools created, and training delivered to over 6,900 students in adversary-focused courses. The company had also conducted adversary simulation and detection assessments for multiple enterprise organizations. CEO David McGuire emphasized the company's unique approach of treating the identity ecosystem as a networked graph to continuously map attack paths. Following the Series A, SpecterOps continued to achieve significant milestones. The company received FedRAMP High Authorization for BloodHound Enterprise in December 2024 and earned CREST accreditation for penetration testing services in January 2025. In March 2025, SpecterOps raised a $75 million Series B round led by Insight Partners with participation from Ansa Capital, M12, Ballistic Ventures, Decibel, and Cisco Investments, demonstrating strong investor confidence in the company's market position and growth trajectory.

Who has invested in SpecterOps?

9 investors have backed SpecterOps across its funding rounds, including Ballistic Ventures, Decibel Partners, Insight Partners, M12, Cisco Investments and Ansa Capital.

Lead investors include Insight Partners, Ballistic Ventures and Decibel Partners.


SpecterOps Investors

Investors in SpecterOps by funding rounds participated
InvestorHQRoundsRoleFirst check
Decibel PartnersUnited StatesSan Francisco, CA2LeadApr 2023
Ballistic VenturesUnited StatesSan Francisco, CA2LeadJul 2023
Jonathan OberheideUnited StatesAnn Arbor, MI1ParticipantApr 2023
Cisco InvestmentsUnited StatesUnited States1ParticipantMar 2025
M12United StatesUnited States1ParticipantMar 2025
Kevin MandiaUnited StatesSan Jose, CA1ParticipantApr 2023
Insight PartnersUnited StatesNew York City, NY1LeadMar 2025

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Acquisitions by SpecterOps

SpecterOps has acquired 1 company to date.

Last acquisition by SpecterOps was on November 1st 2017. SpecterOps acquired Minis for undisclosed valuation.


Latest Acquisitions by SpecterOps

Minis
Description
-
HQ Country-
HQ City
-
Deal Date1 Nov 2017
Valuationundisclosed
EV/Revenue
EV/EBITDA

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SpecterOps Competitors

SpecterOps competitors include listed companies like Baudroie, AHNLAB and Fixstars, and private ones like Novaigu, CECloud and Irregular.

Public and private companies comparable to SpecterOps
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NovaiguUnited StatesNewark, NJPrivate--$500M-
BaudroieJapanJapanPublicly listed$112M$24M$595M4.3x
CECloudChinaBeijingPrivate--$442M-
AHNLABSouth KoreaSouth KoreaPublicly listed$195M$44M$428M-
IrregularIsraelTel AvivPrivate--$450M-
FixstarsJapanJapanPublicly listed$62M$18M$456M5.9x

SpecterOps Public Comps

SpecterOps is still privately-owned, but its public comps include Computer Eng & Consulting, Tasuki Holdings, Saudi AZM, Guangdong Tecsun Science, AHNLAB, Adesso, Digital Arts, Change Holdings, 63 Moons and SRA Holdings.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Computer Eng & Consulting$424M$52M0.6x0.6x5.1x-
Tasuki Holdings$478M$58M1.5x-12.8x-
Saudi AZM$82M$16M4.9x6.4x25.4x49.4x
Guangdong Tecsun Science$84M$3M4.8x-116.9x-
AHNLAB$195M$44M1.1x-4.8x-
Adesso$1.7B$139M0.4x0.3x4.3x3.8x
Digital Arts$70M$37M3.9x3.7x7.3x-
Change Holdings$340M$89M1.5x1.6x5.9x-

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Common questions about SpecterOps

When was SpecterOps founded?SpecterOps was founded in 2017.
Where is SpecterOps headquartered?SpecterOps is headquartered in Washington, DC, United States.
Is SpecterOps publicly listed?No, SpecterOps is a private, VC-backed company.
What is SpecterOps' valuation?SpecterOps was last valued at $435M in its undisclosed-stage round in November 2025.
How much funding has SpecterOps raised?SpecterOps has raised $142M across 4 funding rounds.
What was SpecterOps' last funding round?SpecterOps' last funding round was a $30M undisclosed-stage round in November 2025.
Who are SpecterOps' investors?SpecterOps' investors include Decibel Partners, Ballistic Ventures, Jonathan Oberheide, Cisco Investments, M12, Kevin Mandia, Insight Partners, Ansa Capital and Dug Song.
Which companies are comparable to SpecterOps?Companies comparable to SpecterOps include Novaigu, Baudroie, CECloud, AHNLAB, Irregular and Fixstars.
How many companies has SpecterOps acquired?SpecterOps has acquired 1 company, including Minis.

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