Darktrace announces $50M Series E round

Enterprise security company Darktrace has raised $50 million in Series E funding, it announced today.

The round, led by Vitruvian Partners with participation from existing investors KKR and 1011 Ventures, brings total disclosed investment in the company to $229.5 million. The most recent valuation puts it at $1.65 billion, representing a 32% increase over the past four months.

Darktrace, best known for its Enterprise Immune System technology, uses machine learning and AI for cybersecurity. The company has been around since 2013, but this year has seen a particular spike in interest in AI, both for cybersecurity and business operations more generally, so Darktrace’s recent period of growth is no surprise.

“Darktrace continues to enjoy strong growth in new and existing geographies, and is now the most widely used Enterprise AI on the market,” said Nicole Eagan, CEO of Darktrace. “The increase in our valuation in just a few months is testament to the fundamental power of our Enterprise Immune System.”

It’s not just valuation that’s grown, either – in the past year, Darktrace has opened eight new offices around the world, and increased its employee headcount by 60%. The company also claims to have doubled its deployments, now serving more than 7,000 networks, with customers including Gatwick Airport, AIG and AEGON Sony Life Insurance.

According to a press release, the Series E funding will be used to continue international expansion and development.

“We continue to be impressed by the speed of execution and innovation at Darktrace,” said Stephen Shanley, Director at KKR. “Over the past two years of our partnership, we have seen Darktrace evolve from a promising startup to a clear leader in the global security market. We are very happy to be participating in this round and look forward to continuing to support Darktrace moving forward.”

Researcher, writer, recovering medievalist. Currently particularly interested in the cybersecurity solutions market, cyber insurance/risk modelling, and IoT security.

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