Insight leads $75m series-D for Darktrace

Kenny Wastell
12 July 2017

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Insight Venture Partners has led a $75m series-D funding round for UK- and US-based cybersecurity firm Darktrace.

Existing investors Summit Partners, KKR and TenEleven Ventures also took part in the funding round.

The fresh funding will support Darktrace's ongoing expansion in the Asia Pacific and Latin American markets.

According to a statement, the company has doubled its headcount to 500 over the course of the last 12 months.

Previous funding
Invoke Capital invested an undisclosed amount in Darktrace in September 2013. In 2015, the business then received two further rounds of funding, with Hoxton Ventures leading an $18m round in March and Summit providing $22.5m of series-B funding four months later.

KKR then led a $65m funding round for Darktrace in July 2016, with existing backers Summit also taking part in the round, alongside new backer TenEleven and Japanese strategic investor SoftBank.

Company
Headquartered in both San Francisco and London, Darktrace is a cybersecurity business. Its products are used by financial companies, telecommunications providers, media firms, retailers, healthcare providers, government agencies and national infrastructure facilities to combat and respond to cyber attacks.

Darktrace was developed at the University of Cambridge. It uses Bayesian mathematics and advanced machine learning to understand the behaviour of every device, user and network within an organisation in order to detect abnormal threat behaviours as they emerge.

The business generates sales of around $200m, according to a statement, equivalent to a 140% year-on-year increase. It has 24 offices worldwide.

People
Insight Venture Partners – Jeff Horing (managing director).
Summit Partners – Han Sikkens (managing director).
KKR – Stephen Shanley (principal).
Darktrace – Nicole Eagan (CEO).