Cyber security firm Darktrace has announced it has raised $75 million in funding, as its total contract value hits $200 million.
This latest round of funding, a ‘series D', was led by New York-based venture capital firm Insight Venture Partners, with backing from existing investors Summit Partners, KKR and TenEleven Ventures.
The four-year-old company, founded by Autonomy entrepreneur Mike Lynch and launched by British intelligence agency alumni, uses AI technology and machine learning to detect and block cyber-threats. Their trademark ‘enterprise immune system' tech has been deployed by 3,000 organisations worldwide.
Darktrace has grown by 140 per cent between July 1, 2016 and June 30, 2017. Much of that growth is attributed to expansion within the US where, the company says, sales tripled in the past year. The firm is now valued at $825m, almost twice as much as it was when it raised $65m this time last year.
The company will use the funding to expand business operations into more markets. Notably, Darktrace also separately announced today that it is now in a strategic partnership with CITIC Telecom CPC, a Hong Kong-based telecoms firm. CITIC, which owns the firm, is not investing as part of this partnership.
"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 organisations are increasingly turning to our artificial intelligence approach to enhance their resilience to cyber-attackers," says chief executive Nicole Egan.
Darktrace and similar start-ups continue to grow in the face of rising digital attacks, where polymorphic malware and other new threats have rendered some security systems obsolete. Cybercrime cost the global economy an estimated $450 billion last year, and is projected to reap some $6 trillion in damages by 2021.
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