NightDragon Research
Investment Thesis
NightDragon is a growth and late-stage investment and advisory firm dedicated to the "SecureTech" ecosystem: companies that close the gap between offense and defense by protecting governments, organizations, and individuals from rising digital, geopolitical, and physical threats. Founded in 2012 by Dave DeWalt (former CEO of McAfee and FireEye/Mandiant), the firm is named in tribute to the "Night Dragon" nation-state cyberattacks of 2006, which McAfee investigated under DeWalt's leadership. The thesis extends beyond traditional cybersecurity into defense technology, artificial intelligence, quantum computing, and autonomous and dual-use systems, reflecting a conviction that security, safety, privacy, and resilience are converging into a single investable category tied to national security priorities.
Stage Focus
NightDragon is explicitly a growth and late-stage investor. It does not play at pre-seed, seed, or typical Series A. It writes checks into companies that already have commercial traction and are scaling into large enterprise or government contracts, and it frequently participates in large, multi-hundred-million-dollar rounds (Series C through pre-IPO growth rounds).
Check Size
Exact check size ranges are not published on the firm's site. Observed round participation spans from a $175M Series B (Saronic, 2024) up to co-leading a $250M Series E (Horizon3.ai, 2026), suggesting individual check sizes likely in the tens of millions of dollars, scaled to ownership targets rather than a fixed band.
Lead Tendency
NightDragon both leads and follows depending on the situation. It co-led Horizon3.ai's $250M Series E alongside NEA in August 2026, taking two board seats (Dave DeWalt and Managing Director Morgan Kyauk). In other rounds, such as Saronic's Series B and Series C, NightDragon participated alongside larger lead investors (a16z, Elad Gil) without leading.
Recent Activity
- August 2026: Co-led Horizon3.ai's $250M Series E at a $2B+ valuation ("AI vs. AI" cybersecurity), with NightDragon principals joining the board.
- May 2026: Announced a strategic collaboration with GDIT (General Dynamics Information Technology) to accelerate U.S. government adoption of NightDragon portfolio companies' cybersecurity, AI, and autonomy technologies; GDIT has already won over $120M in related government contracts alongside NightDragon portfolio companies.
- February 2025: Participated in Saronic's $600M Series C at a $4B valuation.
- NightDragon Growth II is actively raising/deploying, per SEC Form D filings showing a partial close in mid-2025.
Portfolio Highlights
The current portfolio spans 18-20 companies across cybersecurity, defense, space, and AI infrastructure, including Horizon3.ai (autonomous pentesting), Saronic (autonomous surface vessels), Epirus (directed energy systems), Classiq (quantum software), Capella Space and HawkEye 360 (space-based intelligence), Dataminr (real-time event alerting), HUMAN Security (bot/fraud protection), Immuta and Onapsis (data and application security), Interos (supply chain resilience), and RapidSOS (emergency response technology). Several portfolio companies have secured major government contract wins in partnership with GDIT.
Team
- Dave DeWalt — Founder, Managing Director, CEO. Former CEO of McAfee and FireEye/Mandiant; drove FireEye's 2013 IPO.
- Ken Gonzalez — Managing Director.
- Morgan Kyauk — Managing Director; sits on Horizon3.ai's board following the Series E.
- Amy De Salvatore — Senior Partner, Business Development.
- Admiral Mike Rogers — Venture Partner; former Director, NSA.
- General Sir Chris Deverell — Venture Partner; former Commander, UK Joint Forces Command.
- Thomas Pompidou — Venture Partner.
- Hannah Huffman — Partner, Defense & Aerospace.
- Dorin Baniel — Partner, Israel.
- Jim Rabuck — VP, Business Development, National Security and Defense.
- Sarah Kuranda Vallone — VP, Marketing.
- Courtney Dombek — Head of Investor Relations and Capital Formation.
- Tony Chow — Head of Finance.
- Therese Coutermarsh — Director of Operations.
- Audrey Laginess — Senior Associate, Business Development and Platform.
Beyond the core team, NightDragon maintains a network of 100+ industry advisors drawn from CISOs, CTOs, and security executives at companies like Airbnb, Cisco, Salesforce, and Microsoft, plus former senior government and military officials.
Decision Process
Investment decisions run through a partnership structure of Managing Directors and Partners, with heavy input from the firm's deep bench of venture partners and advisors who bring operating, government, and military experience. The firm's "NightScale Value Creation Platform" formalizes hands-on post-investment support: talent acquisition, go-to-market strategy, marketing acceleration, government services partnerships, and access to the ex-government/Fortune 100 network.
Founder Preferences
NightDragon backs founders and management teams building mission-driven, dual-use technology with a credible path to government and large-enterprise contracts, not pure consumer or early-stage experimentation plays. The firm's own value proposition (advisory network, GDIT-style government go-to-market partnerships) signals a preference for teams that need help navigating complex procurement and national-security-adjacent sales cycles.
Geographic Focus
Headquartered in San Francisco, CA, with a global investment lens tied to national security. The firm has a dedicated Partner for Israel (Dorin Baniel) and UK-linked venture partners (General Sir Chris Deverell), reflecting active sourcing in both the U.S. defense-tech ecosystem and allied markets in Israel and the UK.