Fundraising Fox

Specter OPS

Alexandria, US Β· Founded 2017 Β· Delaware corporation Β· 296 employees on LinkedIn Β· 12 known investors

SpecterOps is a cybersecurity platform focused on identity attack path management, built by the creators of BloodHound. The company provides technology, training, and services to help organizations move from reactive defense to proactive identification and elimination of identity-based attack paths.

Also known as Specter Ops Inc. Β· Specter Ops, Inc. Β· SpecterOps

Founders & leadership

DMDavid McGuire
David McGuireChief Executive Officer
JAJared Atkinson
Jared AtkinsonChief Technology Officer
KCKELLY COFFMAN
KELLY COFFMANExecutive
JFJASON FRANK
JASON FRANKNamed on SEC filing

Board

KMKEVIN MANDIA
KEVIN MANDIAinBoard directorGeneral Partner at Ballistic Ventures
JSJON SAKODA
JON SAKODAin𝕏Board directorFounder at Decibel Partners
TKTHOMAS KRANE
THOMAS KRANEin𝕏Board MemberManaging Director at Insight Partners

Investors Β· 12

Also in the syndicate Β· 5

DecibelDug SongJon OberheideKevin MandiaM12

Reported raises Β· per SEC filings

Form D private placements

$101.7M disclosed across 3 of 5 rounds Β· 2022–2025

β–Ά$30MraisedNov 2025 Β· 9 investors Β· Other
Rule 506(b)
Officers, directors & promoters on the filing
  • JASON FRANKExecutive Officer, Director
  • KEVIN MANDIADirector
  • KELLY COFFMANExecutive Officer
  • THOMAS KRANEDirector
  • DAVID MCGUIREExecutive Officer, Director
  • JON SAKODADirector
Offering amount
$30M
Amount sold
$30M
First sale
Nov 2025
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR β†—
β–Ά$43MraisedDec 2024 Β· 10 investors Β· Other
Rule 506(b)
Officers, directors & promoters on the filing
  • KEVIN MANDIADirector
  • JASON FRANKExecutive Officer, Director
  • JON SAKODADirector
  • DAVID MCGUIREExecutive Officer, Director
  • THOMAS KRANEDirector
  • KELLY COFFMANExecutive Officer
Offering amount
$50M
Amount sold
$43M
First sale
Dec 2024
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR β†—
β–Ά$28.7MraisedJun 2023 Β· 16 investors Β· Other
Rule 506(b)
Officers, directors & promoters on the filing
  • JASON FRANKExecutive Officer, Director
  • KELLY COFFMANExecutive Officer
  • JON SAKODADirector
  • DAVID MCGUIREExecutive Officer, Director
Offering amount
$28.7M
Amount sold
$28.7M
First sale
Oct 2022
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR β†—

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Company profile

researched Aug 2026

Specter Ops, Inc. (SpecterOps) is a computer and network security company headquartered in Alexandria, Virginia. It is the creator of BloodHound, originally free and open-source software used by penetration testers and red teamers to identify attack paths in on-premises Active Directory environments, and it describes its core discipline as Identity Attack Path Management. In 2021 the company launched BloodHound Enterprise, a commercial platform that continuously maps and quantifies identity attack paths across Active Directory and Azure (Azure Active Directory/Entra ID and Azure Resource Manager) and supports automated removal of attack paths within existing architectures. By 2026 the platform's coverage had been extended to Entra, AWS, Okta, GitHub, and Mac environments in addition to Active Directory.

Alongside the platform, SpecterOps sells adversary-focused services and training: security assessments, red team engagements and adversary simulation, detection assessments, hunt operations, breach assessments, Active Directory security work, and security program development. Its training business covers red team operations and identity-driven offensive tradecraft, and in July 2026 it launched the SpecterOps Tradecraft Academy, an on-demand training platform at academy.specterops.io. The company also maintains BloodHound Community Edition and other open-source tooling, and has published projects including Covenant, Mythic, Merlin, and Ghost Manager.

The product line is positioned around continuous graphing of identity relationships and privilege escalation paths, prioritization via "choke points" intended to remove large numbers of paths with a single fix, step-by-step remediation guidance, enterprise-wide identity risk reporting, and access "zones" for enforcing least privilege and preventing lateral movement across on-premises, cloud, and hybrid environments. Use cases marketed by the company include mergers and acquisitions, where BloodHound Enterprise is used to assess an acquisition target's domain or tenant before establishing a trusted connection.

Founding story

The company was founded in 2017 on the belief that only with true knowledge of how adversaries operate can organizations defend themselves against modern attacks; its first product was BloodHound, free and open-source software for identifying Active Directory attack paths.

Business model

SpecterOps combines a commercial software platform (BloodHound Enterprise, sold to enterprises with support) with professional services β€” offensive/red team engagements, adversary simulation, detection assessments and security program development β€” and paid training, including an on-demand academy and live training events. A free open-source BloodHound Community Edition serves the practitioner community.

Revenue comes from enterprise subscriptions/licences for the BloodHound Enterprise platform plus fees for consulting and assessment services and for training programs and courses.

Traction

BloodHound Enterprise customer acquisition grew roughly 600% through 2022 and adoption increased 100% year over year in 2024 to nearly 200 customers. As of 2023 the company reported over 400 security community contributions, 93 open-source security tools created, more than 6,900 students trained, and more than 185 customers served with adversary simulation and detection assessments. A third-party profile estimated approximately 289 employees as of July 2026.

Latest developments

In December 2025 SpecterOps announced an integration and partnership with Tines for AI-assisted identity risk workflows. In February 2026 it announced a partnership with Cisco adding BloodHound Enterprise to the Cisco Solutions Plus Marketplace, and Don Landers, director of global partners, was named to CRN's 2026 Channel Chiefs list. In March 2026 the company added support for Okta, GitHub and Mac environments to BloodHound Enterprise along with integrations for Palo Alto Cortex XSOAR, Microsoft Sentinel and ServiceNow VRM, demonstrated at RSAC 2026. In July 2026 it launched the SpecterOps Tradecraft Academy on-demand training platform. The company has also been selected for OpenAI's Trusted Access for Cyber program and works with the UK AI Security Institute, and it publishes 2026 SOC 2 Type II and ISO 27001/27017 reports through its trust center.

β–ΈFull profile β€” market position, technology, go-to-market, geography, history

Market position

The company positions itself as the pioneer of Attack Path Management and the creator of BloodHound, an industry-referenced open-source tool for mapping Active Directory attack paths, and markets BloodHound Enterprise as an identity attack path management platform for hybrid environments. It holds FedRAMP High authorization and a broad set of compliance attestations (SOC 2 Type 2, ISO/IEC 27001:2022, ISO/IEC 27017:2015, Cyber Essentials, CREST, TX-RAMP Level 2).

SpecterOps grounds its product in offensive research and adversary tradecraft β€” the same knowledge base behind its red team services and training β€” and applies graph-based analysis of identity relationships instead of list- or access-control-centric approaches, aiming to eliminate attack paths preemptively rather than detect and respond after compromise.

Technology

The platform treats the identity ecosystem as a networked graph rather than a list, continuously mapping identities, permissions, delegated rights, service accounts, and trust relationships across Active Directory, Entra, Azure Resource Manager, AWS, Okta, GitHub, and Mac environments to surface privilege escalation and lateral movement paths. It computes choke points to prioritize remediation, provides impact-aware remediation guidance, tracks identity risk trends over time, and supports zone-based enforcement of least privilege. The company also publishes open-source tooling such as BloodHound Community Edition, Covenant, Mythic, Merlin, and Ghost Manager. Infrastructure is hosted with a major cloud provider (Amazon Web Services).

Go-to-market

Direct enterprise sales supported by an expanding channel and partner program, marketplace availability (Cisco Solutions Plus Marketplace), and technology integrations with Microsoft Sentinel, Palo Alto Cortex XSOAR, ServiceNow VRM, and Tines. Community adoption of open-source BloodHound, published research, conference presence (e.g., RSAC 2026, Specter Bash training event) and training courses act as top-of-funnel channels.

Enterprise and public-sector security teams managing complex hybrid identity estates, including regulated and US government buyers (FedRAMP High authorization for BloodHound Enterprise). Named customers include Capital Group, the University of Texas at Austin, and Woodside Energy. Security practitioners and red teamers form the audience for the open-source edition and training.

Geography

Headquartered in Alexandria, Virginia, US, with staff reported across North America, Europe and Oceania, including an EMEA director role. Work with the UK AI Security Institute and customers such as Australia's Woodside Energy indicate international engagement.

History

Founded in 2017 around the premise that defenders need detailed knowledge of adversary operations, the company first became known for the free, open-source BloodHound tool. It commercialized the approach with the 2021 launch of BloodHound Enterprise, raised a $25 million Series A in April 2023 and a $75 million Series B in March 2025, and subsequently broadened platform coverage beyond Active Directory and Azure to Okta, GitHub, AWS and Mac environments while adding partnerships and integrations across the security ecosystem.

Compiled by commissioned research from 8 cited public sources β€” announcements, filings, and press listed under research sources below.

Key figures

latest reported
BloodHound Enterprise customer acquisition growthJan 2022600%
BloodHound Enterprise customersJan 2024200 customers
Customers served with adversary simulation and detection assessmentsApr 2023185 customers
Employees (third-party estimate)Jul 2026289 employees
HeadcountAug 2026296
Open-source security tools createdApr 202393 tools
Security community contributionsApr 2023400 contributions
Students trained in adversary-focused coursesApr 20236,900 students

Company-reported or press-reported figures, each dated to when it was claimed β€” not independently audited.

Competitors Β· 6

by search overlap
Netezza275 shared keywordsIBM is a global technology company whose business spans enterprise software (including Red Hat, HashiCorp, and Confluent), IT infrastructure such as mainframes, servers, and storage, and IT consulting services. The company is also investing heavily in quantum computing and AI-based enterprise offerings, including its Lightwell open-source software security clearinghouse and the Anderon quantum wafer foundry.
Aeluros168 shared keywordsConsumer online privacy and security solutions; acquired by Opera and later Symantec.
Palo Alto Networks153 shared keywordsPalo Alto Networks provides cybersecurity platforms and services to protect organizations' digital infrastructure across cloud, network, and security operations. The company serves enterprise organizations, governments, financial institutions, utilities, and healthcare providers globally.
Splunk145 shared keywordsSplunk offers a unified platform for security and observability that ingests and analyzes large-scale data across hybrid cloud environments. Its tools support security operations centers with analytics and automated response, and help teams monitor application and infrastructure performance.
Elastic124 shared keywordsElastic develops search-powered software for enterprises, offering products for search, observability, and security built on Elasticsearch. The company positions its technology to help organizations use their data for AI applications.
Netwrix121 shared keywordsNetwrix offers 1Secure, a platform that unifies data and identity security, giving organizations control over data access and helping with compliance. It serves enterprises and organizations of all sizes with AI-enabled insights, unified visibility, and flexible deployment for hybrid IT environments.

Companies competing with Specter OPS for the same Google search keywords, organic and paid, via search-intersection analysis.

Timeline Β· 10

launches, deals, and filings
Jul 2026
Launch of SpecterOps Tradecraft Academy

On-demand training platform launched at academy.specterops.io.

source β†—

Mar 2026
BloodHound Enterprise adds Okta, GitHub and Mac support plus new integrations

Platform expansion with support for Okta, GitHub and Mac environments, alongside integrations with Palo Alto Cortex XSOAR, Microsoft Sentinel and ServiceNow VRM; demonstrated at RSAC 2026.

source β†—

Feb 2026
Partnership with Cisco adds BloodHound Enterprise to Cisco Solutions Plus Marketplace

source β†—

Feb 2026
Don Landers named to CRN 2026 Channel Chiefs list

CRN, a brand of The Channel Company, named SpecterOps director of global partners Don Landers to its 2026 Channel Chiefs list.

source β†—

Jan 2026
Selected for OpenAI's Trusted Access for Cyber program

source β†—

Jan 2026
FedRAMP High authorization for BloodHound Enterprise

BloodHound Enterprise achieved FedRAMP High Authorization, supporting US government and regulated-industry customers.

source β†—

Dec 2025
Integration partnership with Tines

Combines SpecterOps identity Attack Path Management with Tines' workflow platform for AI-assisted investigation workflows.

source β†—

Mar 2025
SpecterOps raises $75M Series B led by Insight Partners

The company announced a $75 million Series B to scale BloodHound Enterprise and expand removal of identity-based attack paths.

$75M source β†—

Apr 2023
SpecterOps raises $25M Series A led by Decibel Partners

Funding intended to accelerate adoption of BloodHound Enterprise and expand research and development.

$25M source β†—

Jan 2021
Launch of BloodHound Enterprise

Commercial, supported version of BloodHound that continuously maps and quantifies identity attack paths in Active Directory and Azure.

source β†—

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities Β· 1

corporate structure
Specter OPSDelaware

β–ΈResearch sources Β· 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Specter OPS do?
SpecterOps, creator of BloodHound, sells identity attack path management software plus offensive security services and training.
Who are Specter OPS's investors?
Specter OPS's investors include Ansa Capital, Aviso Ventures, Ballistic Ventures, Cisco Investments, Decibel Partners, Insight Partners, M12 (Microsoft's Venture Fund).
How much funding has Specter OPS raised?
Specter OPS has disclosed $101.7M raised across 3 of its 5 known rounds.
Where is Specter OPS headquartered?
Specter OPS is headquartered in Alexandria, US.