Darktrace receives series B funding, plans to expand in APAC

Security firm Darktrace has raised US$22.5 million in series B funding from Summit Partners, a global growth equity investor that has raised more than US$16 billion in capital since inception. Summit Partners’ previous investments in the cyber security technology sector include Avast, McAfee, NetWitness, Postini, RiskIQ and SafeBoot.

Darktrace’s Enterprise Immune System represents a new class of cyber defense software that helps enterprises and government bodies protect themselves against advanced attacks and data compromises from within the network. Powered by Bayesian mathematics and advanced machine learning developed at the University of Cambridge, Darktrace analyses network activity and learns the behaviour of every device, user and network within an organisation in order to detect abnormal threat behaviours as they emerge. Darktrace’s customers are in energy and utilities, financial services, telecommunications, healthcare, manufacturing, retail and transportation.

“Darktrace is reinventing the way organisations protect their data and assets, with a truly differentiated solution developed by some of the leading minds in machine learning and mathematics,” said Antony Clavel, Vice President, Summit Partners. “Darktrace’s core Enterprise Immune System technology responds to an urgent need for more advanced cyber security, given the volume and complexity of today’s cyber threats.”

“Summit Partners has decades of experience in supporting exceptional new technologies and highly-skilled teams,” added Han Sikkens, Managing Director, Summit Partners. “We have been impressed by Darktrace’s outstanding leadership team and unique combination of security intelligence, technical and commercial skills."

Said Nicole Eagan, CEO of Darktrace: “This is yet another validation of our machine-learning and mathematics approach, and will enable us to maintain a fast pace of innovation, and pursue our vision of bringing the Enterprise Immune System to the heart of cyber defense strategies today.”

The funding will help Darktrace meet growing international demand, particularly in the US and Asia Pacific. The UK- and San Francisco-headquartered company already has offices in Dallas, London, Milan, Melbourne, New York, Paris, Singapore, Toronto and Washington DC. In addition, Darktrace will continue to scale the business and hire for its technology, cyber analyst and commercial teams around the world. 

Sikkens and Vanessa Colomar, Partner at Invoke Capital, have also joined the Darktrace board of directors post-investment.