Darktrace, a cybersecurity software producer backed by telecommunications companies SoftBank and Indosat, received $75m yesterday in a series D round led by venture capital firm Insight Venture Partners.
Venture capital firm TenEleven Ventures and investment firms Summit Partners and KKR also participated in the round, which valued Darktrace at $825m according to Fortune.
Darktrace has created an enterprise cybersecurity platform it calls Enterprise Immune System that is equipped with machine learning algorithms based on the human immune system. The technology was developed by Cambridge University mathematicians.
The company’s software has been supplied to some 3,000 organisations in industries such as telecommunications, financial services, media, retail and healthcare, as well as to government agencies, and it has doubled its staff numbers to about 500 in the past year.
Nicole Eagan, Darktrace’s CEO, said: “Insight Venture Partners has a proven record of partnering with tech-focused firms, and its backing of Darktrace is another strong validation of the fundamental and differentiated technology that the Enterprise Immune System represents.
“It marks another critical milestone for the company as we experience unprecedented growth in the US market and are rapidly expanding across Latin America and Asia Pacific in particular, as organisations are increasingly turning to our AI approach to enhance their resilience to cyber-attackers.”
SB Isat, the joint investment venture formed by SoftBank and Indosat, took part in Darktrace’s last round in July 2016, in which it secured $65m. KKR led that round, which also featured TenEleven Ventures and Summit Partners.
The company has raised approximately $180m since it was founded in 2013 from an investor base that also includes Invoke Capital, Talis Capital, Hoxton Ventures and various angel investors.