Darktrace closes $75m Series D funding round

Machine learning cybersecurity developer Darktrace has closed its Series D funding round on $75m, with Insight Venture Partners leading the round.

Other investors included Summit Partners, KKR and TenEleven Ventures.

The company develops machine learning products to help protect critical national infrastructure. Darktrace’s machine learning and AI algorithms help the ‘Enterprise Immune System’ detect and respond to cyber-attacks which go past legacy security controls.

This platform has been deployed in over 3,000 organisations worldwide in sectors including financial companies, telecommunications providers, media firms, retailers, healthcare providers, government agencies and critical national infrastructure facilities.

Over the last year the company’s staff has doubled, with now 500 employees. The company also announced its contract value has risen 140% from last year, reaching $200m -this growth was widely down to bookings tripling in the US.

Darktrace CEO Nicole Eagan said, “It marks another critical milestone for the company as we experience unprecedented growth in the U.S. 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.”

Last year Darktrace picked up $64, for its Series C funding round, which was led by private equity giant KKR. Total funding into the company has reached around $179m.

Copyright © 2017 FinTech Global

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