DarkTrace, a UK-based cybersecurity system developer that counts telecommunications firms SoftBank and Indosat as backers, has secured $50m in a series E round led by private equity firm Vitruvian Partners.
Investment firm KKR and cybersecurity-focused venture capital firm 1011 Ventures also participated in the round, which valued the company at $1.65bn, double the $825m valuation at which it last raised money.
Founded in 2013, DarkTrace has developed software that utilises artificial intelligence (AI) and machine learning to detect and take action against cyber threats across cloud and virtualized networks, as well as industrial and internet-of-things control systems.
The series E capital will support ongoing geographic expansion that has involved the opening of offices in the cities of Los Angeles, Mexico City and São Paulo over the past year.
Nicole Eagan, DarkTrace’s chief executive, said: “Darktrace continues to enjoy strong growth in new and existing geographies, and is now the most widely used enterprise AI on the market.
“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.”
The round took DarkTrace’s total funding to about $230m. KKR and 1011 both contributed to its last round, a $75m series D in June 2017 that was led by Insight Venture Partners and backed by Summit Partners.
SB Isat, the joint venture formed by SoftBank and IndoSat, took part in a $65m round for the company in mid-2016 that was led by KKR and which included 1011 and Summit Partners. Earlier DarkTrace earlier investors include Invoke Capital, Talis Capital and Hoxton Ventures.
