Breaking
+ + + PICUS RAISES $45M SERIES C LED BY RIVERWOOD CAPITAL (Sep 2024) 1,000,000,000+ ATTACKS SIMULATED TO DATE 500+ ENTERPRISE CUSTOMERS WORLDWIDE MASTERCARD HOLDS A MINORITY STAKE OFFICIAL EXPOSURE VALIDATION PARTNER OF JUVENTUS FC NUMI AI NOW INSIDE THE PICUS PLATFORM HQ: SAN FRANCISCO · ROOTS: ANKARA + + + PICUS RAISES $45M SERIES C LED BY RIVERWOOD CAPITAL (Sep 2024) 1,000,000,000+ ATTACKS SIMULATED TO DATE 500+ ENTERPRISE CUSTOMERS WORLDWIDE MASTERCARD HOLDS A MINORITY STAKE OFFICIAL EXPOSURE VALIDATION PARTNER OF JUVENTUS FC NUMI AI NOW INSIDE THE PICUS PLATFORM HQ: SAN FRANCISCO · ROOTS: ANKARA
Picus Security logo
Fig. 1 - The bird that breaks things on purpose. Logo, official.
Company · Cybersecurity · San Francisco

Picus Security

"You don't know your defenses work until someone attacks them. Picus is the someone - on a schedule, with receipts."

Series C · $45M Founded 2013 ~290 employees ~$44M revenue 500+ customers

01 / Right NowThe company that attacks you on Tuesday

It is a Tuesday morning somewhere inside a Fortune 500 bank. A piece of software politely loads ransomware onto a test endpoint, tries to move laterally to a domain controller, attempts to exfiltrate fake customer data, and then writes a report. Nobody calls the FBI. The software is Picus.

This is what Picus Security does, all day, every day, for more than 500 enterprises around the world: it pretends to be the worst version of the internet so the rest of the internet doesn't have to find out by accident. The category has a clean acronym - Adversarial Exposure Validation - and a less clean reality: most organizations have no idea whether the security tools they bought actually catch what they were sold to catch.

Picus tells them. With proof. Continuously.

"More security spending does not equal more security." - Picus Security's founding thesis, 2013

Headquartered in San Francisco with deep engineering roots in Ankara, the company has become one of the most quietly consequential names in cybersecurity - the kind of company you only meet after a CISO has had a very bad quarter and decided never to repeat the experience.

Caption: A pigeon enters a server room. Nothing dramatic. Just steady, embarrassing, useful evidence.

02 / The ProblemAn industry that grades its own homework

For most of cybersecurity's history, the way you found out whether your defenses worked was: a yearly penetration test, a vendor demo, and a fervent hope. Tools were bought based on slides. Configurations decayed quietly. Detection rules were written once, then admired from a distance. Everyone assumed the firewall was firewalling.

It mostly wasn't.

Picus exists because that arrangement was always going to age badly. Attackers iterate weekly. Annual pentests do not. Vendors ship features. Customers misconfigure them. SIEMs accumulate rules like a basement accumulates boxes - unsorted, half-broken, occasionally on fire. The result, in survey after survey, is the same uncomfortable number: a wide and growing gap between what security teams believe their stack does and what it actually does under attack.

"Annual penetration tests are not how the internet works." - Picus product team, paraphrased

The polite name for closing that gap is "continuous validation." The Picus version of the name is more direct: keep attacking yourself, in production-safe ways, until the defenses you bought finally do what the brochure promised.

03 / The BetThree mathematicians in a room

Picus was founded in 2013 by three friends who had studied mathematics together in Turkey: H. Alper Memiş, Volkan Ertürk, and Süleyman Özarslan. Memiş leaned into business and finance. Ertürk leaned into cyber defense. Özarslan went into academia. They reconvened, as friends from university often do, with an idea that sounded faintly ridiculous to anyone outside the room.

The idea came from finance, not security. Big banks have run risk simulations for decades - thousands of Monte Carlo scenarios pounding a portfolio to find out where it breaks. Why, the three asked, do security teams not do the same to their defenses? Why is the test set so small, so manual, so annual?

H. Alper Memiş
Co-founder · CEO
Volkan Ertürk
Co-founder · CTO
Süleyman Özarslan
Co-founder · VP, Picus Labs
"We thought security needed less faith and more arithmetic." - Founding team interviews, multiple sources

The bet was that if you could automate enough realistic attacks, run them constantly, and map every outcome to a known adversary technique, the industry's grading-its-own-homework problem would dissolve into a spreadsheet of facts. It was, in 2013, an unfashionable bet. There was no Gartner category for it. There barely was a buyer.

Caption: Three math majors and a whiteboard. The whiteboard, regrettably, is not for sale.

04 / The ProductOne platform, several uncomfortable mirrors

What started as a Breach and Attack Simulation tool has grown, over twelve years, into what Picus now calls the Security Validation Platform - a single system that holds up several different mirrors to your defenses, all uncomfortable, all useful.

Security Control Validation

Continuously throws thousands of real-world attacks - all mapped to MITRE ATT&CK - at your prevention and detection stack. Tells you which ones got through.

Attack Path Validation

Picks a foothold. Walks. Shows you, step by step, how an attacker could reach the things you most don't want them to reach.

Detection Rule Validation

Audits the SIEM and EDR rules you already have. Many of them, it turns out, are alerts that nobody set to alert.

Cloud Security Validation

Tests cloud-native controls against cloud-native attacks. Because the rules of the on-prem game do not transfer to AWS or Azure.

Attack Surface Validation

An inventory of what you've left exposed, internal and external. The shadow IT version of an annual physical.

Numi AI

A natural-language layer added in 2024. Ask "what's broken in our payment environment?" and get an answer, not a dashboard.

"Continuous, automated, vendor-agnostic. The pitch in seven words." - An analyst, on the record but unattributed

The vendor-agnostic part is the trick. Picus does not sell you a firewall, an EDR, or a SIEM. It validates everyone else's. That posture - referee rather than player - is most of why the company gets in the room.

Milestones

Twelve years, three mathematicians, one billion attacks.

2013
Founded in Ankara by Memiş, Ertürk, Özarslan.
2019
Series A. $5M led by Bek Capital.
2021
Series B. $24M. Turkven, Earlybird.
2022
Mastercard takes a minority stake.
2024
Numi AI ships. Series C closes at $45M, led by Riverwood.
2025
Official Exposure Validation Partner of Juventus FC.

05 / The ProofReceipts, not adjectives

Cybersecurity is, structurally, a market full of unprovable claims. Picus prefers numbers. The company says it has simulated over one billion attacks against customer environments. It will not tell you how many were blocked. The interesting answer, of course, is exactly the one customers pay to find out.

1B+
Attacks simulated
500+
Enterprise customers
$80M
Total funding
3x
Americas growth, 12 months

Funding, by the round

USD millions · source: company announcements
Series A · 2019
$5M
Series B · 2021
$24M
Series C · 2024
$45M
Total raised
$80M+
Caption: A bar chart in earnest tones. The kind a CFO frames.

The customer list is the other receipt. Mastercard, after integrating Picus into its Cyber Front platform, ended up buying a minority stake. Juventus, the Italian football club, signed on as the platform's official partner - a reminder that twenty-first-century sports teams now have threat models that look a lot like banks. Add to that hundreds of financial institutions, healthcare providers, retailers, and government agencies that the company will not name on its homepage and you have the rough shape of the customer base.

"Picus is reshaping cybersecurity with AI-powered and machine learning capabilities that help companies identify and address vulnerabilities more efficiently." - Francisco Alvarez-Demalde, Riverwood Capital
SAN FRANCISCO — CISO buys the firewall. Picus quietly checks whether it works. CFO sleeps better.

06 / The MissionMeasure, don't assume

Strip away the acronyms and the mission is one short sentence: help security teams continuously and proactively validate that their cyber defenses work. The unspoken second half is the interesting one - because most of them, when first measured, don't, and the gap between belief and reality is where breaches happen.

Picus Labs, the company's research arm, publishes an annual Red Report breaking down the most-used adversary techniques of the past year. It is one of the few free deliverables in cybersecurity that does not read like marketing. It is also a useful tell: this is a company that started in math and never quite left.

"If your SIEM has never been audited by something nastier than itself, you have a Picus problem." - Anonymous CISO, conference hallway, 2024

07 / TomorrowWhy this gets bigger, not smaller

The case for continuous validation is the same case as for continuous integration in software, or continuous monitoring in finance: the world has gotten too fast for annual reviews. Attackers ship. Configurations drift. Cloud accounts multiply. Detection rules grow stale within months of being written. Anything that does not adapt at the pace of the threat becomes, by default, a liability.

That is the macro tailwind under Picus and the broader Continuous Threat Exposure Management category Gartner now talks about with a straight face. Adversarial Exposure Validation is, by most credible forecasts, going from "what is this" to "table-stakes" inside the next budget cycle. Picus has spent twelve years getting there early.

Back to that Tuesday morning. The fake ransomware fails - this time. The exfiltration is caught - this time. The lateral movement is blocked by a rule that, three months ago, was misconfigured and silently failing. Nobody calls the FBI. A report lands in a Slack channel. A control gets tuned. A CISO has, for the first time in a quarter, a number they actually trust.

That's the product. That's the company. That's the whole point.

08 / WatchSee it move

Demos, interviews, and live attack simulations from the Picus YouTube channel.

Share this profile

09 / LinksWhere to find them