AI security firm Darktrace's valuation rises to $825m after $75m funding round
Darktrace's private valuation has risen to $825 million after raising $75 million in a Series D round led by Insight Venture Partners, with participation from existing investors Summit Partners, KKR, and TenEleven Ventures.
The latest round brings the total amount raised by the four-year-old company -- which applies machine learning in an effort to have networks automatically self-defend against potential threats -- to more than $180 million.
The funding will be used to support Darktrace's growth in Latin America and the Asia Pacific, via recruitment and other expansion activities, the company said.
Founded by University of Cambridge mathematicians and British intelligence agency alumni, Darktrace touts using machine learning and artificial intelligence algorithms to "replicate the function of antibodies in the human immune system" by inoculating threats as they appear.
Depending on the intrusion, Darktrace's Enterprise Immune System will respond by either blocking or slowing down activity related to a specific threat; quarantining users, systems, or devices as required; or marking specific pieces of content for further investigation.
The company's CEO Nicole Eagan previously said Darktrace's product "reacts faster than any security team can" because of its ability to detect threats without any prior knowledge of what to look for.
Without disclosing its revenues, the company claims the value of its customer contracts has reached $200 million, a 140 percent year-on-year increase.
Darktrace attributes a large portion of this growth to its performance in the US, where sales tripled in the past year.
The company has delivered 3,000 deployments worldwide, with customers including global financial companies, telcos, media firms, retailers, healthcare providers, government agencies, and critical national infrastructure facilities.
Darktrace has also doubled its headcount in the last year to 500 employees across its 24 offices worldwide.
The company's other investors include SoftBank, Samsung Ventures, Invoke Capital, Talis Capital, and Hoxton Ventures.
KKR, one of the investors in Darktrace's latest funding round, is looking to wholly acquire Vocus Communications at a price of AU$3.50 per share via a scheme of arrangement. Vocus recently announced receiving a similar proposal from Affinity Equity Partners.
Darktrace is among cohort of security firms to close significant funding rounds in the last few months, including Cybereason, Cylance, CrowdStrike, Illumio, Netskope, and Tanium, all of which have raised at least $100 million.