This Cybersecurity Startup Raised $65 Million to Track Digital Intruders
Darktrace, a cybersecurity firm based in Cambridge and San Francisco, has raised $65 million in Series C funding, now valuing the company at more than $400 million. The business claims to use machine learning technology to detect and respond to cyberattacks.
KKR, a private equity firm based in the United States, led the round, which included existing investors Summit Partners and new investors TenEleven Ventures as well as the SoftBank-affiliated (SBHGF) SB ISAT Fund.
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Darktrace, founded three years ago, said its revenue grew 600% in the past year. The 300-person company boasted it has more than 1,000 customers and will use the latest cash injection to fuel growth globally.
Nicole Eagan, CEO of Darktrace, said in a statement that her firm “chose to partner with KKR because of their unique global network to support our international expansion and rich history of enterprise building in the technology sector.”
Darktrace sells a hardware appliance—cleverly dubbed as its “enterprise immune system”—that businesses install on their networks to discover digital intruders. Like many cybersecurity firms, the box notifies an IT team if and when it spots baddies. The company says it uses “advanced mathematics” and that it automates some responses to breaches.
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Lately, the venture capital funding boom in cybersecurity—as with other verticals—has been less enthusiastic than in recent years. Still, high profile breaches have elevated the concern to a board-level issue at many companies.