Picture Capital Research
Investment Thesis
Picture Capital is a venture firm formed in 2024 by four cybersecurity operators: Mickey Boodaei (Transmit Security, Imperva), Dan Amiga, Rakesh Loonkar and Mike Fey (former Symantec president and Blue Coat CEO). The firm backs early-stage cybersecurity, cloud infrastructure and enterprise software companies, and pitches itself on operator experience building and selling security companies rather than on generalist capital. Its homepage is a single page of logos tagged with outcomes (acquisitions by HPE, Check Point, CrowdStrike, Symantec, IBM, Palo Alto and others, plus IPOs and several unicorn badges). That wall reads as the partners' collective track record in the category rather than a list of Picture Capital fund investments, and this research does not treat it as the fund's portfolio.
Stage Focus
Third-party profiles describe pre-seed and seed as the stated focus, but disclosed deals run wider. Known rounds include a Koi seed co-investment (2025), the Frame Security Series A (2026), Bold Security's Series A (2026), Ocean's $28M round, and participation in later rounds such as ScaleOps (Series C, March 2026) and Cylake (September 2026). Stage is therefore best read as seed through Series A with selective follow-ons and later-stage participation in winners.
Check Size
No check size is published by the firm. Tracxn reports 42 portfolio entries, but that count mixes the partners' earlier investing histories with Picture Capital deals. No check size is inferred here.
Lead Tendency
Mixed. The firm is named as a co-lead on Frame Security (alongside Index Ventures and Team8) and appears as a participant in Koi (led by Battery and Team8), Ocean (alongside Lightspeed and Cerca Partners) and Cylake (alongside Lightspeed and Redpoint). Lead tendency is recorded as both.
Recent Activity
Tracxn counts 6 investments in 2026 through September, 3 in 2025 and 2 in 2024. Most recent disclosed deals:
- September 2026: Cylake, participation in a $245M convertible note financing alongside Lightspeed and Redpoint
- May 2026: Ocean, participation in a $28M round alongside Lightspeed and Cerca Partners
- May 2026: Frame Security, $50M launch round led by Index Ventures, Team8 and Picture Capital
- March 2026: ScaleOps, Series C follow-on with Insight Partners
- March 2026: Bold Security, Series A with Red Dot Capital Partners
The firm appears to be actively deploying its first fund.
Portfolio Highlights
Known Picture Capital portfolio companies from public deal reports: Upwind Security (2026 unicorn), ScaleOps, Bold Security, Koi, Legion Security, Remedio, Frame Security, Ocean and Cylake. Frequent co-investors include Team8, Cerca Partners, Lightspeed, Greylock, Bessemer, Battery, NFX, Insight Partners and Red Dot Capital.
Team
- Mickey Boodaei, Partner and co-founder
- Dan Amiga, Partner and co-founder
- Rakesh Loonkar, Partner and co-founder
- Michael Fey, Partner and co-founder
- Mike Stango, Partner
- Kiran Judge, Partner
- Bruce Lennon, Partner
- Zachary Wyman, Principal
- Noy Vadai, Principal
The first four are the confirmed founders; the remaining five come from a single aggregator listing and are lower confidence.
Decision Process
Not published. A small partnership of operators with Israel and US presence suggests partner-driven decisions, but this is unverified.
Founder Preferences
Security-native founders, often from the Israeli cyber ecosystem and the Team8 and Cyberstarts orbit, building products the partners can help sell into enterprise CISOs.
Geographic Focus
United States and Israel. Tracxn shows 6 first-round investments in the US and 3 in Israel. The team is split between New York, Atlanta, Los Angeles, Texas and Israel.
Gaps
The homepage has no thesis text, team page, or fund size. AUM, fund size, check size and decision process are not publicly confirmed. Portfolio domains were left null where not read from a primary source.