More funding for AI cybersecurity: Darktrace raises $75M at an $825M valuation

Jul 11, 2017 · techcrunch.com

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With cybercrime projected to reap some $6 trillion in damages by 2021, and businesses likely to invest around $1 trillion over the next five years to try to mitigate that, we’re seeing a rise of startups that are building innovative ways to combat malicious hackers. In the latest development, Darktrace — a cybersecurity firm that uses machine learning to detect and stop attacks — has raised $75 million, giving the startup a post-money valuation of $825 million, on the back of a strong business: the company said it has a total contract value of $200 million, 3,000 global customers and has grown 140 percent in the last year.

The funding will be used to expand the company’s business operations into more markets. Notably, Darktrace also separately announced today that it is now in a strategic partnership with Hong Kong-based CITIC Telecom CPC, a telecoms firm serving China and other parts of Asia, "to bring next-generation cyber defense to businesses across Asia Pacific." We’re asking if CITIC, which owns the strategic partner, has also invested in Darktrace as part of this partnership.

What we do know is that this latest round, a Series D, was led by Insight Venture Partners, with existing investors Summit Partners, KKR and TenEleven Ventures also participating. Darktrace — which is also backed by Autonomy’s Mike Lynch — was founded in the UK and now is co-based in Cambridge and San Francisco. This round of funding brings the total raised by Darktrace to just under $180 million.

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