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NightDragon is an investment and advisory firm focused on growth and late-stage companies in cybersecurity, safety, security and privacy.
Key people at NightDragon.
NightDragon was founded in 2016 by Dave DeWalt (Founder & Managing Director).
NightDragon operates as a specialized venture capital firm, dedicating its resources to growth and late-stage companies within the critical cybersecurity, safety, security, and privacy sectors. The firm provides essential capital alongside strategic connections and significant industry influence, aiming to empower its portfolio companies. Its approach integrates deep domain expertise to accelerate market impact and operational success for businesses addressing complex digital and physical protection challenges.
The firm was founded by David DeWalt, a seasoned executive with a notable background in leading prominent technology and security companies, reflecting a deep understanding of the industry landscape. The founding insight centered on the unique opportunity to provide more than just capital, but also invaluable operational guidance and a robust network to companies navigating the nuanced and rapidly evolving security markets. This strategic blend was conceived to foster substantial growth and market leadership.
NightDragon’s clientele comprises innovative companies building the next generation of solutions in its core focus areas. The firm’s overarching vision is to translate the vital missions of these companies into significant market forces, driving innovation and resilience across global industries. By nurturing these enterprises, NightDragon aims to shape the future of digital and physical security, ensuring a forward-looking impact on critical infrastructure and data protection.
Key people at NightDragon.
NightDragon was founded in 2016 by Dave DeWalt (Founder & Managing Director).
# NightDragon: Redefining Venture Capital in Cybersecurity
NightDragon is a growth and late-stage venture capital and advisory firm founded in 2018 that specializes in investing in and scaling mission-driven companies across cybersecurity, safety, security, and privacy—collectively termed "SecureTech."[3][5] The firm's core mission is to "secure our world for tomorrow" by deploying capital and expertise toward companies that close the gap between offensive and defensive capabilities in cybersecurity.[1] Rather than operating as a traditional venture capital firm, NightDragon functions as an integrated investment and advisory platform, providing not just capital but also operational support, strategic guidance, and access to a powerful network of industry leaders and advisors.[1][3]
The firm's investment philosophy centers on identifying truly great companies solving real-world challenges in SecureTech, with a particular focus on late-stage and growth-stage opportunities in a market estimated at over $400 billion.[2][3] NightDragon seeks companies that demonstrate what founder and CEO Dave DeWalt calls the "3 Ts": a strong team, powerful technology underpinned by crowd empowerment and AI, and a big total addressable market.[4] The firm's impact extends beyond individual portfolio companies—it actively shapes the broader cybersecurity ecosystem through research, advocacy, and workforce development initiatives.
NightDragon was founded in 2018 by Dave DeWalt, a renowned cybersecurity expert and former CEO of McAfee, bringing with him more than 25 years of operational and market expertise from leading technology companies including Documentum, EMC, Siebel Systems (Oracle), McAfee, Mandiant, Avast, and FireEye.[5] The firm's name carries deep historical significance: it was chosen in tribute to the "Night Dragon" cyberattacks that emerged in 2006 and became one of the first well-known nation-state cyberattacks, affecting approximately 71 organizations worldwide. McAfee, under DeWalt's leadership, led the successful investigation and response to these attacks in 2011, making it a pivotal moment in cybersecurity history.[1]
This naming choice reflects NightDragon's founding philosophy—to honor the significance of that historical moment while committing to building solutions that better protect governments, organizations, and individuals against evolving threats. The firm evolved from its 2018 launch through 2020 as a traditional growth capital investor, then underwent a transformation beginning in 2021 to become what it is today: a comprehensive platform combining advisory services, late-stage and growth capital investments, and operational support programs.[1]
NightDragon's most distinctive offering is its proprietary NightScale Value Creation Platform, which sets it apart from traditional venture capital firms.[1][3] This platform brings together a network of experienced entrepreneurs and business leaders with proven growth playbooks, operational support programs, and strategic partnerships specifically designed to accelerate company growth in specialized and emerging verticals. Rather than passive capital deployment, NightDragon actively engages with portfolio companies through dedicated programs and partnerships focused on talent acquisition, go-to-market strategy, marketing, and government services.[3]
The firm provides portfolio companies with immediate access to a community of top industry advisors, partners, and leaders drawn from ex-government officials, Fortune 100 companies, and strategic go-to-market partners.[3] This network advantage is particularly valuable in cybersecurity, where relationships with government agencies, enterprise customers, and industry peers are critical to scaling. The firm's leadership team itself embodies this network strength, with decades of combined experience in enterprise and government organizations.[1]
NightDragon goes beyond capital by embedding operational expertise directly into portfolio companies. In 2025, the firm brought on James C. Foster as Operating Partner, leveraging his extensive track record in scaling cybersecurity companies and leading successful exits.[2] Foster immediately began mentoring CEOs, refining go-to-market strategies, and accelerating growth across the portfolio—demonstrating NightDragon's commitment to hands-on value creation.
Unlike generalist venture firms, NightDragon maintains laser focus on the intersection of offense and defense in cybersecurity, safety, and privacy.[1] This specialization allows the firm to develop deep market insights, identify emerging trends before they become obvious, and provide targeted guidance that generalist investors cannot match.
NightDragon operates at the intersection of several powerful macro trends that are reshaping the technology and business landscape. First, cybersecurity has evolved from a technical concern relegated to IT departments into a boardroom-level strategic priority. A 2023 joint report from NightDragon and Diligent found that the vast majority of S&P 500 companies face a potential experience gap when it comes to mitigating cyber risk, with estimated global losses around $10.5 trillion by 2025.[5] This shift creates both urgency and opportunity for specialized investors who can help portfolio companies navigate this expanding market.
Second, the firm is riding the wave of AI-driven transformation in cybersecurity. Rather than viewing AI as a distant future technology, NightDragon actively invests in and builds AI-powered solutions. The August 2025 launch of IronCircle—an AI-powered cybersecurity workforce platform created in partnership with Francisco Partners by carving out assets from ThriveDX—exemplifies this approach.[2] IronCircle debuted with AI-driven adaptive training and immersive simulations, addressing the critical $400 billion cyber talent shortage that threatens organizational resilience globally.
Third, NightDragon is shaping the professionalization and scaling of the cybersecurity workforce. The cyber talent gap represents one of the industry's most acute challenges, and NightDragon's dual investment in operational expertise and AI-driven technology is directly addressing this bottleneck. IronCircle's early results—50,000+ alumni carried over from ThriveDX programs, 200+ jobs announced in Maryland within two months of launch—demonstrate the firm's ability to move markets at scale.[2]
Finally, NightDragon influences the broader ecosystem through thought leadership and advocacy. The firm's research reports on cyber spending trends, boardroom cyber experience gaps, and CISO priorities help shape industry conversations and inform strategic decision-making across the enterprise landscape.[5][7]
NightDragon is positioned as one of the most influential specialized venture capital firms in cybersecurity, not because it deploys the largest checks, but because it combines capital with operational expertise, industry networks, and a clear mission to solve real-world security challenges. The firm's evolution from a traditional growth capital investor to a comprehensive value creation platform reflects a broader shift in venture capital toward active, hands-on partnership models.
Looking ahead, several trends will likely shape NightDragon's trajectory. The continued rise of AI in cybersecurity will create new investment opportunities, particularly in companies that can combine human expertise with machine learning at scale—exactly the thesis behind IronCircle. The persistent cyber talent shortage will remain a tailwind for workforce solutions and training platforms. Additionally, as cybersecurity becomes increasingly central to corporate governance and regulatory compliance, demand for advisory services and board expertise will likely grow, playing to NightDragon's strengths.
The firm's influence will likely expand beyond portfolio company returns to shape industry standards, workforce development, and how enterprises think about cyber risk. By naming itself after a historic cyberattack and committing to "secure our world for tomorrow," NightDragon has positioned itself not merely as a financial investor but as a steward of the cybersecurity ecosystem itself—a positioning that, if executed well, could define the next generation of venture capital in mission-critical technology sectors.
