Cyber security start-up Darktrace lands £49m in one of 2016’s biggest rounds
Series C funding round values the Cambridge-based start-up at more than £250m as demand for solutions to tackle cyber attacks grows
Darktrace, a UK start-up which specialises in cyber security, has secured one of the largest UK start-up funding rounds of 2016 so far with £49.3m invested in a deal led by private equity firm KKR.
The Series C round also involved existing investor Summit Partners and new investors TenEleven Ventures and SoftBank.
Based in Cambridge and founded by Nicole Eagen, Darktrace uses a machine-learning and mathematics approach to provide a cyber defence strategy to businesses across the world.
It’s central offering is its ‘Enterprise Immune System’, combined with software, which tracks a company’s network and is able to detect what’s going on and then alert IT managers if it detects any suspicious activity. It can also take immediate action to slow down or cancel a cyber attack.
Darktrace has been on a growth ascent of late and now has more than 200 employees in 20 offices across Europe, Asia, North America and Oceana. Last year, it secured one of the biggest UK investment rounds of 2015 when Summit Partners backed £15m to “accelerate the company’s growth across the world”.
The company has been able to capitalise on the soaring demand for cyber security solutions – in January the government announced the launch of an early-stage cyber security accelerator programme and research published in June showed that cyber crime is a “growing threat” for small businesses.