AI and cybersecurity firm Darktrace has secured $50 million in funding, leading to a valuation of $1.65 billion. The investment was led by Vitruvian Partners, with contributions from existing investors KKR and 1011 Ventures.
Darktrace employs artificial intelligence and machine learning algorithms to detect cyber threats automatically. Its flagship product, Antigena, can autonomously respond to cybersecurity issues within two seconds. Darktrace’s clients include eight major international airports, such as London Gatwick.
“Darktrace continues to enjoy strong growth in new and existing geographies and is now the most widely used Enterprise AI on the market,” said chief executive Nicole Eagan. “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.”
In the past year, Darktrace has expanded its workforce by 60%, now employing over 750 individuals globally. The company has inaugurated eight new offices, including locations in Los Angeles, Mexico City, and São Paulo. Additionally, the firm has tripled the size of its Asian headquarters in Singapore and expanded its R&D centre in Cambridge. This recent funding round is expected to fuel further international expansion and development.
Sophie Bower-Straziota, managing director at Vitruvian, stated, “Darktrace has built a unique combination of world-class AI capabilities, deep cyber domain expertise, and a highly effective business model. This has rapidly created scale and a leading edge over all competitors.” She further noted the rapid success of Darktrace’s autonomous response system, Antigena, which is the first of its kind in the market. “We are delighted to be leading this financing round, as Darktrace represents exactly the type of highly innovative company Vitruvian seeks to invest behind and support.”
Darktrace’s significant financial backing and the strategic expansion highlight its pivotal role in the cybersecurity domain, particularly as threats evolve and become more sophisticated.