Infosec VC funding in North America and Europe has remained consistently low since the market  downturn in Q3 2022, reaching $2.5 billion across 127 deals in Q1 2023—nearly the same level as  in Q3 and Q4 2022. Late-stage VC deal count exceeded both angel and seed and early-stage deal  count yet again, demonstrating a concerning trend for early-stage startups. Deal volume fell too  low to gain any reliable insights on valuations, yet only five VC megadeals closed, indicating that  unicorns remain constrained in funding outside of venture debt. Leading specialist VC investors  remained active in leading early-stage deals yet focused on seed and Series B investments,  suggesting a preference for lower valuations. Wiz raised the outstanding round of the quarter,  achieving a $10.0 billion pre-money valuation with a $300.0 million Series D. This deal surpasses  Tanium for the highest VC valuation we have tracked in infosec, also surpassing Lacework’s $8.3  billion valuation. Wiz has shown that outliers in revenue growth rates can be created in cloud  security with excellent founding teams.