Darktrace raises $50mn in a funding round, bringing its total to $1.65bn

- Finance - Sep 27, 2018

Darktrace has secured US$50mn through a Series E funding round, bring its total value to $1.65bn.

The Cybersecurity firm based in Cambridge, the UK, hit the unicorn status in May this year when its value surpassed $1bn.

The funding round was led by the European private equity company, Vitruvian Partners, with support from existing financers KKR and TenEleven Ventures.

The firm, which compares its Enterprise Immune System to the human immune system, will use capital to support global expansion plans.

“What the funding does is it means that we can seize all of these opportunities as they present themselves,” commented Poppy Gustafsson, Co-CEO of Darktrace.

“So, for example, last year we opened eight new offices around the world including Los Angeles, and today we've got 33 global offices.”

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“But there's still some phenomenal growth in both Asia and Latin America and fundraisings such as these really mean that we're able to seize those opportunities as they present themselves.”

“We could switch off that growth and we would be profitable, but we're in a fortunate position where our investors are backing us to continue to expand and really reach that demand.”

The company, which uses technologies such as artificial intelligence (AI) and machine-learning to detect cyber threats, was established in 2013.

“Darktrace has built a unique combination of world-class AI capabilities, deep cyber domain expertise, and a highly effective business model,”stated Sophie Bower-Straziota, Managing Director of Vitruvian.

“This has rapidly created scale and a leading edge over all competitors.”

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