Darktrace, which uses machine learning and AI algorithms to provide cyber defense services, has closed its Series E round at a $1.65bn valuation.
The $50m round was led by Vitruvian Partners with participation from existing investors KKR and 1011 Ventures. As a result, the company has now raised more than $229m in funding since launching in 2013.
Headquartered in San Francisco and Cambridge, UK, Darktrace’s Enterprise Immune System uses machine learning and AI algorithms to detect and respond to cyber-threats across diverse digital environments, including cloud and virtualised networks, IoT and industrial control systems.
New capabilities include autonomous response for cloud, as well as protection against sophisticated email attack campaigns with the recently launched Antigena v2. Since its last funding, Darktrace has more than doubled its number of deployments and is now finding threats that other tools miss in over 7,000 networks according to an announcement.
Alex Doll, founder of 1011 Ventures, added: “Darktrace is on its way to becoming a true security platform — successfully expanding from its pioneering role in network security, into cloud and email, the company has now demonstrated its ability to apply its core AI technology to multiple adjacent market segments.”
Darktrace has grown its employee headcount by 60% in the last 12 months, now standing at over 750 employees worldwide. Seeking to meet the global demand for its technology, the company has accelerated its global operations, opening eight new offices in the last year including locations in Los Angeles, Mexico City and São Paulo, as well as tripling the size of its Asian headquarters in Singapore and expanding its R&D center in Cambridge.
The company provides its services to a range of industries including financial services, transportation, energy & services, government & defense, telecoms, non-profit, healthcare & pharma, legal & HR, and media, among others.
Its rapidly growing list customers includes eight major international airports including London Gatwick Airport and Milan-Bergamo Orio Al Serio International Airport, the world-leading Science Museum Group, as well as a number of global financial institutions such as AIG, AEGON Sony Life Insurance and Ipreo.
In the financial services space its client roster also includes the likes of Terra Firma, Avaloq, BillTrust, ALMA Bank, Aspect Capital, paybay, TSB Bank, Metro Bank, and DNK, among others.
“Darktrace continues to enjoy strong growth in new and existing geographies, and is now the most widely used Enterprise AI on the market,” said Darktrace CEO, Nicole Eagan. “The increase in our valuation in just a few months is testament to the fundamental power of our Enterprise Immune System. As we begin to see real-world attacks leveraging offensive AI, Darktrace will be indispensable in keeping defenders one step ahead.”
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