AI Cyber Security Startup Darktrace Raises $75 Million in Funding

AI Cyber Security Startup Darktrace Raises $75 Million in Funding Image Credit: Darktrace

Darktrace, a leading cyber security startup has raised a $75 million Series D financing round led by Insight Venture Partners, with participation from existing investors Summit Partners, KKR and TenEleven Ventures.

The company claims that it has climbed new commercial highs as its total contract value hits $200 million, an increase of 140% from last year. Much of this growth was driven by outstanding performance in the U.S., where bookings increased threefold.

Darktrace said it uses AI technology for cyber security, tackling the challenge of defending against ever more sophisticated cyber-attacks. Powered by machine learning and AI algorithms, Darktrace’s Enterprise Immune System technology is capable of detecting and responding to cyber-threats that evade legacy security controls, containing incidents before damage is done.

The company’s headcount has doubled over the past 12 months, now standing at 500 employees.

Nicole Eagan, CEO at Darktrace
It marks another critical milestone for the company as we experience unprecedented growth in the U.S. market and are rapidly expanding across Latin America and Asia Pacific in particular, as organizations are increasingly turning to our AI approach to enhance their resilience to cyber-attackers.

Jeff Horing, Managing Director, Insight Venture Partners 
In just four years, Darktrace has established itself as a world leader in AI-powered security. Insight is proud to partner with Darktrace to continue to drive its strong growth and superior product market fit.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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