Cybersecurity startup Darktrace, which can detect real-time threats through artificial intelligence, announced on Tuesday (July 11) new funding worth roughly $75 million.
According to the company’s press release, its latest round of “Series D” funding was led by Insight Venture Partners, with additional contributions from its existing investors, Summit Partners, KKR and TenEleven Ventures.
According to data from Crunchbase, the total amount of equity funding raised by Darktrace is just under $180 million in four rounds from eight investors. The company, which was founded in Cambridge, United Kingdom in 2013 is now valued at $825 million, Fortune Magazine states.
Darktrace’s cybersecurity product, called Enterprise Immune System, allows for organizations to detect emerging cybersecurity threats while giving them the opportunity to defend cyberattacks as they happen. According to the release, the system now has over 3,000 deployments around the world, which includes a wide range of industries, including financial companies, telecommunications providers, media firms, retailers, health care providers, and government agencies.
Nicole Eagon, Darktrace CEO, said in the press release that Insight Venture Partners backing up Darktrace is “another strong validation of the fundamental and differentiated technology that 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,” Eagon continued.
On Tuesday, experts in the industry took to Twitter (NYSE:TWTR) to share their thoughts on Darktrace’s milestone, including Steven Wasserman of Seaport Investment Management, and Rory Cellan-Jones, technology correspondent at the BBC.
— Steven Wasserman (@SeaportSWM) July 11, 2017
UK cybersec firm Darktrace raises new funding at twice previous valuation – now worth $825m. Another Cambridge tech success story
— Rory Cellan-Jones (@BBCRoryCJ) July 11, 2017
On that note, Cybersecurity Ventures suggests that cybercrimes are expected to reach $6 trillion annually by 2021. When it comes to Darktrace’s AI cybersecurity platform, it will certainly be a force to be reckoned with in the cybersecurity industry when it comes to fighting cyberattacks.
While rumours have circulated the company filing an IPO in 2017, Darktrace said in December 2016 it has no plans of going public “or anything of that sort on the immediate horizon.”
That said, while it remains unclear as to whether or not the company will ever go public, there’s still plenty of cybersecurity investment opportunities to be had–including these 10 top cybersecurity companies.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.