Any innovative tech startup seeking inspiration and a benchmark need look no further currently than Darktrace, the artificial intelligence-based cybersecurity system company that is proving something of a money magnet right now.
Founded in 2013 by University of Cambridge mathematicians and British intelligence agency veterans, Darktrace has just closed a $75 million Series D round of funding led by Insight Venture Partners, with participation from existing investors Summit Partners, KKR and TenEleven Ventures. The round values the company, which is headquartered in Cambridge, UK and San Francisco, at $825 million.
Its market is one of the hottest in tech -- cybersecurity. Using machine learning and AI algorithms, the company developed the Enterprise Immune System, which, according to Darktrace, "is capable of detecting and responding to cyber-threats that evade legacy security controls, containing incidents before damage is done."
Importantly, the system is not restricted to physical networks – it is also designed to counter cybersecurity threats in cloud and virtualized networks, IoT architectures and industrial control systems.
Those capabilities are proving popular. The system is now deployed in more than 3,000 networks across multiple verticals – finance, telecoms, media, retail, healthcare, government agencies and critical national infrastructure facilities – and its total contract value has now hit $200 million, up by 140% from a year ago. The company was also a winner at the recent TechXLR8 Awards, picking up the prize for 'Most Innovative Implementation of AI Technologies.' (See TechXLR8 Awards Celebrate Achievements Across the Technology Industry.)
Darktrace identified a market vacuum and, using innovative technology, quickly built a business that looks set to take the company to either the public markets or into a major M&A deal, either of which would provide further capital for growth.
Are you working at the 'next Darktrace'? If so, let us know!
— Ray Le Maistre, , International Group Editor, Light Reading for TechX365.