Application Security,
Governance & Risk Management,
Managed Security Service Provider (MSSP)
CEO David Bellini Announces Level Equity Investment to Boost AI and Expansion
CyberFox, a Tampa-based startup focusing on Privileged Access Management (PAM) and password management, has secured significant growth funding aimed at enhancing its artificial intelligence capabilities and expanding its market presence.
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The nine-figure investment from Level Equity will enable CyberFox to recruit top-tier AI developers, redesign its products to be AI-native, and pursue international expansion, according to CEO David Bellini. While specific investment figures were not disclosed, Bellini articulated a vision of delivering robust security solutions that are both user-friendly and affordable, positioning CyberFox as a competitive entity akin to Palo Alto Networks for small and medium-sized businesses (SMBs).
“Having previously exited ConnectWise, we were initially not seeking external funding,” Bellini stated. “However, after engaging with Level Equity, we realized they were a strong cultural fit and supportive of our strategic direction.”
Founded in 2022 through the merger of AutoElevate and Password Boss, CyberFox currently employs 110 individuals and had not previously disclosed any outside funding. Bellini, a veteran in the industry, co-founded ConnectWise in 1982 and facilitated its sale to Thoma Bravo for approximately $1.5 billion in 2015.
Aligning with the AI Evolution
As AI-driven software development becomes increasingly prevalent, Bellini indicated this pivotal moment represents a significant industry shift. The hands-off investment approach from Level Equity has positioned them as an attractive partner for CyberFox during a time when speed and autonomy are critical for growth.
“Level has been an exceptional partner, allowing us to maintain creative control over our operations,” Bellini remarked. He elaborated on rethinking existing software architectures to adapt to this new reality, drawing parallels to the industry’s transition from on-premises solutions to cloud-based platforms, which necessitated extensive product overhauls.
According to Bellini, the division among companies is evident, with a segment rapidly embracing AI for substantial productivity enhancements, while others exhibit significant hesitance. The imperative for CyberFox lies in elevating slower adopters along the AI adoption curve by onboarding elite developers capable of achieving unprecedented productivity levels.
Addressing the Unique Needs of SMBs
Bellini pointed out that SMBs face distinct operational challenges compared to larger enterprises, which impacts their security needs. Approximately 75% of CyberFox’s revenue is derived from the managed service provider channel, a demographic often underserved due to the smaller scale and heightened support requirements of their engagements.
Central to CyberFox’s offerings is Auto Elevate, a PAM solution designed specifically for SMBs, enabling effective permissions management without overwhelming users. The company has also branched into adjacent security needs, including password management solutions and DNS filtering, employing modern development practices to enhance their security portfolio.
“End-users historically rejected overly complex security measures, like group policies that inhibited usability,” Bellini noted. “Our Auto Elevate product simplifies least-privilege access management, addressing user needs while maintaining security standards.” Moreover, he acknowledged that allowlisting poses unique challenges within SMB settings due to fluid employee roles and frequently changing workflows, which can lead to operational disruptions when mismanaged.