UK cybersecurity firm Darktrace has raised another $75 million at an $825 million valuation

pulse

July 11, 2017 10:19 AM

The money came from Insight Venture Partners, Summit Partners, KKR, and TenEleven Ventures.

Darktrace director of technology Dave Palmer has experience in both the public and private sector.

Darktrace, the UK cybersecurity company backed by Autonomy billionaire Mike Lynch, has raised another $75 million (£58 million) to fuel its growth.

The tech startup, founded in Cambridge in 2013, has now raised just shy of $180 million (£139 million) and is valued at $825 million (£639 million).

US investor Insight Venture Partners led the latest funding round, while existing investors Summit Partners, KKR, and TenEleven Ventures also participated.

A Darktrace spokesperson told Business Insider: "We are using this [funding] to invest in sales and marketing, and also to feed the demand for our AI autonomous response solution Antigena."

Darktrace's "enterprise immune system" technology has been deployed by 3,000 organisations worldwide and the company claims that its contracts are now worth $200 million (£154 million), an increase of 140% from last year. The company's headcount has doubled to 500 employees over the past 12 months.

Nicole Eagan, CEO at Darktrace, said in a statement: "Insight Venture Partners has a proven record of partnering with tech-focused firms, and its backing of Darktrace is another strong validation of the fundamental and differentiated technology that the Enterprise Immune System represents.

"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 organizations are increasingly turning to our AI approach to enhance their resilience to cyber-attackers."

Jeff Horing, managing director at Insight Venture Partners, added: "In just four years, Darktrace has established itself as a world leader in AI-powered security. Insight is proud to partner with Darktrace to continue to drive its strong growth and superior product market fit."

pulse

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng