Cybersecurity enterprise Deep Instinct has closed a $100m Series D funding led by global asset juggernaut BlackRock.
The round also saw participation from Untitled Investments, Millennium, Unbound, Coatue and The Tudor Group among others. This new funding doubles its investment to date, bringing total capital raised to $200m.
Founded in 2015, Deep Instinct claims it is the first company to apply deep learning to cybersecurity. As the platform’s ‘artificial brain’ learns to detect any type of cyber threat, its prediction capabilities become instinctive.
Deep Instinct added the platform is able to predict, prevent and analyse cyberattacks at any touchpoint of the organisation from the endpoint through to the network.
The company said the new capital will help fuel its aggressive growth plans for 2021 and beyond. Deep Instinct noted it currently protects customers across the APAC, European and North American markets and saw its enterprise customers triple in the last year.
Deep Instinct’s platform is also supposedly able to stop unknown threats in less than 20 milliseconds and can reduce false positives by 99% – the lowest rate in the cyber industry. The business claims it provides the industry both the first false positive warranty and the industry’s largest ransomware warranty.
A study by Forrester Consulting’s Total Economic Impact on Deep Instinct’s Advanced Endpoint Security Solution found the platform could provide an organization benefits of $3.5m over three years versus costs of $0.6m, adding a net present value of $2.9m and a return-on-investment of 446%.
According to Cambridge Cyber Advisers CEO Bryan Littlefair, Deep Instinct’s platform is a ‘complete game changer’ due to its ability to effectively future-proof security teams as well as predicting and preventing zero-day attacks that have never been seen before.
Deep Instinct CEO Guy Caspi said, “As we enter a new phase of hyper-growth, this investment round will significantly expand our go-to-market capabilities while at the same time increase our best-in-class deep learning research and product development groups. These groups will focus on further developing the company’s unique deep learning platform beyond endpoint into cloud, network, and storage to meet the accelerating needs of our customers in the face of more sophisticated threats and breaches.”
Deep Instinct chairman Lane Bess added, “After 20 years of bringing early-stage companies to public market entry and having been involved with Deep Instinct since inception, I can say with certainty that the benefits of our deep learning technology will change how the industry looks at cybersecurity. I see our platform emerging as an essential security component in the next few years.
“With the support of our investors, Deep Instinct will continue to grow as the only company to develop deep learning cyber prediction and prevention capabilities – and essentially vaccinate enterprises from cyber vulnerabilities.”
In February 2020, Deep Instinct raised $43m from a Series C round led by Millennium New Horizons.
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