UK-based cybersecurity software provider Darktrace raised $65m in growth equity financing today from investors including SB Isat, the fund formed by telecommunications companies SoftBank and Indosat.
The round, led by investment firm KKR, also included venture capital firm TenEleven Ventures and growth equity firm Summit Partners, and valued Darktrace at more than $400m according to TechCrunch.
Darktrace’s Enterprise Immune System software is equipped with machine learning and mathematics developed by University of Cambridge specialists. It detects and defends against cyber threats that have evaded other means of detection.
The company has increased its revenue by 600% in the past financial year and intends to use the latest funding to roll its technology out internationally.
However, Mike Lynch, founder of Invoke, a venture capital firm focused on university spinouts from the UK, by email said: “There was not capacity for Invoke as KKR has a minimum [ticket] size and we wanted them in.”
Invoke Capital provided an undisclosed amount of funding for Darktrace in 2013 before joining Talis Capital, Hoxton Ventures and unnamed angel investors to invest $18m in March 2015 at an $80m valuation.
Darktrace subsequently raised $22.5m from Summit Partners in July the same year at a pre-money valuation of $100m.
Nicole Eagan, chief executive of Darktrace, said: “In addition to KKR, we are excited to work with our new investors TenEleven Ventures and SoftBank who will contribute significant strategic value and knowledge to our team.
“We are also pleased to have the continued support of Summit Partners, who have been of tremendous help to us since their initial investment. With such a group of world-class investors we have an incredibly strong base to realise our full potential.”