AI cybersecurity firm Darktrace valued at $1.65 billion
Written by Hannah McGrath
UK cybersecurity firm Darktrace, which uses AI technology to boost the cyber defence systems of airports, financial institutions and major corporates, has raised $50 million in Series 3 funding, valuing the company at $1.65 billion.
The company has grown rapidly since it was founded by intelligence cyber operations experts and Cambridge mathematicians in 2014. Its Enterprise Immune System, an autonomous response technology branded Darktrace Antigena, uses AI-driven machine learning to identify and respond to in-progress cyber-threats in real time.
The company has doubled the number of deployments since its last funding round in 2017 and is now working to identify threats in 7,000 networks. Its larger clients including London’s Gatwick Airport, Milan’s Bergamo Orio Al Serio International Airport and institutions including AIG, Aegon, Sony Life Insurance and Ipreo.
The investment round was led by Vitruvian Parters, along with existing investors KKR and 1011 Ventures.
The money will be used to will be used to expand the company’s UK global operations further. Last year growing demand saw headcount grow by 60 per cent to 750 employees and new offices opened in Los Angeles, Mexico City and São Paulo.
The funding will also support research operations in Cambridge, as well as step up development of its AI technology.
The company was last valued at £1.25 billion in May, despite continued losses as the company scales worldwide. It posted an operating loss of £24.4 million in last year.
Nicole Eagan, chief executive of Darktrace, said: “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.”