Leading AI Cyber Security Firm, Darktrace, Raises $75 Million in Funding to Meet Company’s Growing Demand
Darktrace, the world’s leading machine learning company for cyber security, announced today that it has climbed new commercial highs as its total contract value hits $200 million, an increase of 140% from last year. Much of this growth was driven by outstanding performance in the U.S., where bookings increased threefold.
The leading cyber security firm has raised a $75 million Series D financing round led by Insight Venture Partners, with participation from existing investors Summit Partners, KKR and TenEleven Ventures.
Darktrace is recognized as the de facto leader in disruptive AI technology for cyber security, tackling the challenge of defending against ever more sophisticated cyber-attacks. Powered by machine learning and AI algorithms, Darktrace’s Enterprise Immune System technology is capable of detecting and responding to cyber-threats that evade legacy security controls, containing incidents before damage is done.
The Enterprise Immune System now has over 3,000 deployments worldwide, across all industry sectors, including global financial companies, telecommunications providers, media firms, retailers, healthcare providers, government agencies and critical national infrastructure facilities. The company’s headcount has doubled over the past 12 months, now standing at 500 employees.
Nicole Eagan, CEO at Darktrace, commented, “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 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.”
Jeff Horing, Managing Director at Insight Venture Partners said, “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.”
Han Sikkens, Managing Director at Summit Partners said, “Darktrace’s Enterprise Immune System technology is providing visibility and security to leading organizations in all sectors. We are delighted to continue to support Darktrace in its next phase of expansion.”
Stephen Shanley, Principal at KKR, said, “It’s been a tremendous year for Darktrace and we feel privileged to work with such an innovative, talented and driven team building a remarkable company. We are excited to participate in this financing round and look forward to continuing to support Darktrace in the years to come.”
Darktrace is the world’s leading machine learning company for cyber security. Created by mathematicians from the University of Cambridge, the Enterprise Immune System uses AI algorithms to automatically detect and take action against cyber-threats within all types of networks, including physical, cloud and virtualized networks, as well as IoT and industrial control systems. A self-configuring platform, Darktrace requires no prior set-up, identifying advanced threats in real time, including zero-days, insiders and stealthy, silent attackers. Headquartered in San Francisco and Cambridge, UK, Darktrace has 23 offices worldwide.