Agent-security capital keeps printing, and the buyers are starting to look like the customers. On September 29, 2026, Reco said it raised $55 million, extending a $30 million Series B from February. AT&T — already a customer — invested through AT&T Ventures; Forestay and Quadrille Capital also participated. Total capital raised: $140 million. Primary desk sources: TechCrunch exclusive interview with CEO Ofer Klein (5:30 AM PT) and SecurityWeek same day.
Round framing. TechCrunch: AT&T invested via its venture arm, as did Forestay and Quadrille Capital. SecurityWeek: strategic funding round led by AT&T Ventures, with additional support from new investors Forestay and Quadrille. Use of proceeds (both): hiring across sales, partnerships, channels, and customer support. Exact post-money: Undisclosed.
What Klein said on valuation and scale. Klein told TechCrunch the company’s valuation has “more than doubled” since the Series B was first announced in February and vaguely estimated it in the “high hundreds of millions,” without sharing a specific figure — CyberMerge keeps the exact number Undisclosed. ARR: “double-digit millions of dollars,” with an expectation to triple this year (CEO claim). Customers: more than 100; financial services about 40% of the book. Product claim: integrates with more than 280 apps; new integrations “within days.”
Customer anecdotes — CEO via TechCrunch. At one Fortune 100 customer, Klein said Reco’s platform found 21,000 agents the company did not know about. At a large financial-services customer, an agent set up by a former employee could access Salesforce and share data with an external domain the company could not see. Those counts come from the CEO interview, not a CyberMerge census.
Product reposition. Until last year Reco sold mainly SaaS/AI platform mapping and security; TechCrunch frames a broader context-graph pitch — agents to apps, people, accounts, and permissions — so teams can see reach and cut access that is not needed. SecurityWeek notes the Reco Graph maps relationships among agents, accounts, API connections, sessions, MCP tools, workflows, and employee applications. Named integrations include OpenAI, Anthropic, Microsoft Copilot, Salesforce, ServiceNow, and Workday.
POV. Crowded tape: TechCrunch notes at least two dozen public profiles selling some form of AI agent security. Reco’s differentiator bet is existing SaaS coverage plus AT&T as both customer and strategic capital. Boards should ask whether a graph over SaaS agents wins vs endpoint runtime (CrowdStrike-class) and action-layer control planes (Arcade-class). Underwrite the $55M / $140M total as disclosed. Treat exact valuation and ARR as Undisclosed beyond Klein’s ranges. TAM: Undisclosed.
Underwrite sheet — sourced only: TechCrunch Sep 29, 2026 (Ram Iyer; Klein exclusive) — $55M raise; builds on $30M Series B Feb; AT&T / AT&T Ventures + Forestay + Quadrille Capital; $140M total capital; valuation “more than doubled” / “high hundreds of millions” (exact Undisclosed); ARR “double-digit millions,” expects to triple; 100+ customers; ~40% financial services; 280+ apps; Fortune 100 21k agents anecdote; ex-employee Salesforce agent anecdote; funds for hiring/sales/partnerships/support. SecurityWeek Sep 29 — $55M strategic; led by AT&T Ventures; Forestay + Quadrille; $140M total; Reco Graph / agent visibility framing; AT&T Ventures head Vikram Taneja quote. Exact post-money / exact ARR Undisclosed.