PAM

Field note

PAM is currently the highest-momentum subcategory inside Identity — and arguably across all of cybersecurity. Last quarter showed an 17.85× funding-trend swing versus the prior period, $1.18B in fresh capital, and four acquisitions. The headline number is misleading on its own (CyberArk-scale deals skew it), but the underlying pattern is real: machine identities, ephemeral cloud privilege, and developer-native session brokering are pulling capital back into a category most people had filed as “settled.”