Carbide Security Revenue & Funding (2024)

Carbide Security generated an estimated $3.2M in annual revenue in 2024.

Carbide Security reported more than $2 million in ARR as of June 2023, up from just under $500,000 at the time of its 2021 seed round. Gallop told Latka the company had line of sight to $3 million ARR by the end of Q3 2023 and was targeting approximately $4 million by year-end 2023.

Carbide Security had 190 active customers on its platform as of June 2023. The typical customer is a SaaS company selling to enterprise or government buyers and facing mandatory compliance requirements.

Gallop described the customer base by employee size: smaller customers range from 20 to 40 employees, the bulk of customers fall in the 100 to 250 employee range, and larger enterprise customers with 400 to 600 employees are subject to volume-based pricing. Annual contract values range from $7,500 to approximately $30,000, with an enterprise-grade package that can exceed $30,000. Gallop noted that even smaller companies sometimes require more complex security programs due to the nature of their customers and data, which pushes them toward higher-tier plans.

Carbide Security sells annual subscriptions structured across three feature-based tiers. Customers can add a premium layer of information security and data privacy expertise on top of their base plan, including workshops and team upskilling, which Gallop described as a separate paid add-on rather than standard customer success support. For larger customers in the 400 to 600 employee range, pricing also incorporates a volume component tied to the number of users interacting with the platform.

Gallop indicated the company was beginning to introduce AI-powered features and expected to add usage-based pricing elements, such as per-token quotas, as those features rolled out. No utility-based upsell tied to API calls or report volume was in place at the time of the interview.

At 190 customers and over $2 million in ARR, implied average contract value is roughly $10,500 per customer annually, though the actual mix spans $7,500 to above $30,000. Gross margin, churn, LTV, CAC, and burn rate were not discussed in the interview.

Carbide Security had 34 full-time employees as of June 2023, up from approximately 16 at the time of the 2021 seed round. Gallop said the seed capital was used primarily to build out a leadership team, hire functional vice presidents, and add resources in sales, marketing, and product development.