Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Darktrace Raises £58M in Series D Round

Darktrace, the Cambridge-based company applying AI to cybersecurity, has raised  £58 million ($75m) in a Series D round led by Insight Venture Partners, and backed by existing investors Summit Partners, KKR, and TenEleven Ventures.

The round brings the company’s valuation up to £640 million ($825m.)

The company, a brainchild  of Cambridge researchers, uses machine learning to detect cyberthreats in real time, using an “immune system” approach.

That means that Darktrace’s unsupervised machine learning algorithms learn over time what the normal functioning of a certain digital infrastructure is, thus becoming able to spot any anomaly as it arises.

In this way, Draktrace’s tech does not need to be updated with the latest information about emerging cyberthreats in order to discover and halt them.

Founded in 2013, the company has already risen to global prominence, with 24 offices around the world.

Darktrace CEO Nicole Eagan commented on the round: “Insight Venture Partners has a proven record of partnering with tech-focused firms, and its backing of Darktrace is another strong validation of the fundamental and differentiated technology that the Enterprise Immune System represents,” she said.

“It marks another critical milestone for the company as we experience unprecedented growth in the US 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.”

Insight Venture Partners managing director Jeff Horing said in a statement: “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.”

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