Thrive
Tampa cybersecurity company receives nine-figure investment
The funding marks the first time that the organization has received external support.
CyberFOX co-founder and CEO David Bellini knows a thing or two about the cybersecurity industry. He also co-founded the Tampa-based information technology software company ConnectWise – which was valued at $1.2 billion.
Bellini’s latest venture received a nine-figure growth investment led by Level Equity, with participation from Radian Capital and CyberFOX’s founders, at the end of 2025. The funding marks the first time that the organization has received external support.
It was announced Feb. 2.
“This allows us to do some mergers and acquisitions to buy some other products to fill out our suite and expand geographically,” he said. “One of the things we are also doing with this investment is hiring some really good, strong artificial intelligence developers.”
The company offers privileged access management, password management and domain name system (DNS) filtering solutions with a focus on managed service providers. These are third-party businesses that are hired to manage a client’s information technology infrastructure.
CyberFOX’s products are designed to “provide end users with only the administrator access they require – thereby strengthening customers’ security posture,” according to a prepared statement. The organization serves over 4,000 clients and has increased its annual recurring revenue by more than 20 times since its establishment in 2022.
For Bellini, the project was born out of a multi-year retirement.
Software companies had begun to reach out to ConnectWise’s former chief revenue officer Adam Slutskin for advice on how to go to market. Recognizing an opportunity, Slutskin contacted Bellini to see if he would be interested in acquiring some of the companies.
The businessmen purchased two organizations before launching CyberFOX – Password Boss and AutoElevate. They eventually hired developers to write original software.
Bellini said that the Covid-19 pandemic “expanded the attack surface.” Once employees were required to work remotely, they were no longer protected by their employers’ firewall technology.
This has led to more cyber attacks and threats.
People can even purchase hacker kits on the dark web, he added. Many applications are now in the cloud – creating a more “vulnerable” situation. “The data is only getting more intricate and it’s the lifeblood of most businesses.”
Artificial intelligence, Bellini believes, is a tool that companies cannot ignore.
“You’re going to have to rewrite everything and take advantage of all its strengths,” he said. “That’s a daunting task. I remember when we had to rewrite the ConnectWise platform to run on the internet.”
By hiring AI developers, this can help make CyberFOX’s solutions more affordable for customers, Bellini added.
However, there are negative aspects of AI as well. The technology is rapidly advancing and can even “spoof” voices – which can lead to more cyber threats.
“Small to medium-sized businesses make up about 50% of the jobs out there,” he said. “We need to help those companies stay in business by making sure that their data does not get breached.”
