Darktrace, the Britain-based cybersecurity start-up, has reportedly raised $50 million in a funding round with the firm now being valued at $1.65 billion. As per trusted sources, the investment was led by Vitruvian Partners, a European private equity firm, and is supported by current investors TenEleven Ventures and KKR.
Founded in 2013, Cambridge-based Darktrace is active in the field of artificial intelligence and machine-learning technology with its primary focus at detecting and combating cyber threats. The investment was raised in a Series E round, which is often the fifth major funding round of a venture.
Darktrace states that its technology, known as the Enterprise Immune System, is very similar to the functions of a human immune system. It utilizes a computer algorithm to evaluate and adapt patterns to understand the normal and suspicious cyber behavior.
In addition, the platform uses something called autonomous response technology that automatically responds to threats by slowing or shutting down a device or its connection that has been attacked. Recently, in a bid to combat malicious emails, the firm launched Antigena, the second version of its autonomous response system.
According to sources familiar with the development, Darktrace uses the technology in numerous environments like cloud, IoT, and industrial control systems. The firm’s list of clients ranges from London Gatwick Airport to the US-based insurance giant AIG.
Darktrace exceeded the $1 billion valuation benchmark in May by achieving a market value of $1.25 billion. Reportedly, its most recent valuation of $1.65 billion is a 32 percent increase in the last four months.
The funding comes at a time when both the AI and cybersecurity industries are witnessing rapid growth. Co-Chief Executive of Darktrace, Poppy Gustafsson, was reportedly quoted stating that the funding would be primarily used to drive the company’s international expansion in emerging markets like Asia and Latin America.