This company has been treading water for some time. As a shareholder, I’m genuinely struggling to see what Excite offers that its more established competitors haven’t already done — and done far better.The cybersecurity market is intensely competitive and credibility-driven. Groups like CyberCX, Sekuro, and Tesserent (Thales) have well-defined value propositions, deep talent benches, and real strategic partnerships. Excite, from the outside, appears to be pursuing growth via scattered acquisitions — but with no clear integration strategy. There’s a lot of brand noise, but very little operational substance.The AI play is particularly concerning. You can’t send someone to a three-day course and then claim to lead in artificial intelligence. It feels more like performance marketing than technical capability. Without deep in-house expertise, this is theatre — and I think investors should see through it.Then there’s the Nangu facility. It sounds promising on paper — but who’s actually delivering the training? From what I can tell, Excite has one DFIR trainer, no mature technical delivery team, and no evidence of meaningful investment in training infrastructure. Their most recent capital raise doesn’t come close to funding a national-level training operation with credibility.A few more red flags worth noting:
- No known Tier 1 contracts in critical infrastructure.
- No leadership role in cyber standards or government frameworks.
- AI initiatives appear to lack market strategy, depth and ownership.
- Multiple senior execs have exited recently with little public explanation.
- Repeated product/strategy announcements with minimal follow-up.
- A shallow technical bench compared to industry expectations.
To me, this looks like a *** company — lots of polish (the website feel amateur), and very little underneath. Unless something major changes, I wouldn’t be surprised to see them back here in 3–6 months with another raise.
Excite is not exciting. Change my mind.
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