Cyber security start-up Darktrace bags $75m in Series D to hit $825m valuation
The Cambridge-based start-up, who also landed one of 2016's biggest investments, has increased its headcount to 500 in the past year
Darktrace, a cyber security start-up, has raised $75m in a Series D funding round led by Insight Venture Partners, which also included existing investors Summit Partners, KKR and TenEleven Ventures.
The Cambridge-based business, which is now valued at $825m following this latest injection of cash, uses machine learning to detect and stop attacks from cyber criminals.
Priding itself on its “Enterprise Immune System” offering for businesses, the AI-infused tech helps identify suspicious or potentially malicious activity in a firm’s network before alerting IT managers or taking immediate action itself to stop or slow down a cyber attack.
Founded in 2013 by a combination of mathematicians from the University of Cambridge and cyber operations experts, its last large investment was a Series C funding round in July 2016.
One of the biggest funding rounds of last year, a deal led by private equity firm KKR helped pump £49m into the business – which has seen its headcount increase to 500 in the past 12 months.
Prior to 2016’s raise, DarkTrace also secured £15m from Summit Partners in 2015.
The funds from the latest round will be used to expand operations into more international markets, with the company also announcing it has reached an agreement with Asian telecoms firm CITIC Telecom CPC for a strategic partnership.
Nicole Egan, CEO of Darktrace, said:
“It marks another critical milestone for the company as we experience unprecedented growth in the US market and are rapidly expanding across Latin America and Asia Pacific in particular, as organisations are increasingly turning to our artificial intelligence (AI) approach to enhance their resilience to cyber-attackers.”