Cyber Security Company Darktrace in $65 Million Fundraise to Accelerate Global Expansion in Round Led by KKR
TenEleven Ventures, SoftBank-Affiliated Fund Also Join Existing Investors Invoke Capital and Summit Partners
Darktrace, a provider of enterprise cyber threat defense software, announced today that it has raised new growth equity financing, led by KKR, a leading global investment firm, with participation from existing investor Summit Partners, and new investors TenEleven Ventures and SoftBank-affiliated SB ISAT Fund. Invoke Capital first identified Darktrace’s differentiated approach to cybersecurity threats and funded Darktrace in 2013, providing operational expertise since. Darktrace will use the funds to further accelerate the global roll-out of its award-winning Enterprise Immune System technology.
As cyber threats increase and attackers become more sophisticated it is clear that a new approach is needed. Using advanced mathematics and machine learning techniques based on the biological principles of the human immune system, Darktrace addresses the challenge of detecting and responding to cyber threats that evade existing solutions. Named ‘Best Security Company of the Year’ 2016, Darktrace is capable of identifying new, emerging threats within computer networks in real time including insider attacks, ransomware, machine-based attacks, and unknown threat scenarios.
Founded in 2013, Darktrace has grown rapidly to 300 employees and has achieved over 600% revenue growth in its latest financial year. With over 1,000 customer deployments, Darktrace’s Enterprise Immune System has been selected by some of the largest and most sensitive cyber security environments, including global financial institutions, telecommunications networks, legal firms, retailers, technology companies, government organizations, and critical national infrastructure facilities. Darktrace’s innovative technology has led the company to be named a Technology Pioneer by the World Economic Forum and a Winner of the Queen’s Award for Enterprise in Innovation.
Nicole Eagan, CEO of Darktrace, commented: “Securing the backing of another leading global investor like KKR is an important milestone for Darktrace and a strong validation of the technology we have developed. We chose to partner with KKR because of their unique global network to support our international expansion and rich history of enterprise building in the technology sector. In addition to KKR, we are excited to work with our new investors TenEleven Ventures and SoftBank who will contribute significant strategic value and knowledge to our team. We are also pleased to have the continued support of Summit Partners, who have been of tremendous help to us since their initial investment. With such a group of world-class investors we have an incredibly strong base to realize our full potential.”
Stephen Shanley, Principal on KKR’s Technology Growth Equity team, added: “We are highly impressed by the Darktrace team and the uniqueness of the product they have built. Advancements in cyber security is one of KKR’s core investment themes and Darktrace has established a strong leadership position in the space due to the differentiation of its product – which can detect threats that other cyber solutions fail to identify. We look forward to supporting Darktrace and think that, together with the other investors, we can help management drive significant value for Darktrace over the coming years.”
Han Sikkens, Managing Director at Summit Partners added: “Darktrace has shown outstanding technology innovation and sales momentum since we partnered with them. Its Enterprise Immune System technology has been adopted by some of the most respected and cyber-conscious companies the world over and we believe it serves as a crucial element of these organizations’ cyber security operations. We are delighted to continue to be a part of Darktrace’s ongoing success.”
Winner of the Queen’s Award for Enterprise in Innovation 2016, Darktrace is one of the world’s leading cyber threat defense companies. Its Enterprise Immune System technology detects and responds to previously unidentified threats, powered by machine learning and mathematics developed by specialists from the University of Cambridge. Without using rules or signatures, Darktrace is uniquely capable of understanding the ‘pattern of life’ of every device, user and network within an organization, and defends against evolving threats that bypass all other systems. Some of the world’s largest corporations rely on Darktrace’s self-learning technology in sectors including energy and utilities, financial services, telecommunications, healthcare, manufacturing, retail and transportation. Darktrace is headquartered in Cambridge, UK and San Francisco, with global offices including New York, Auckland, London, Milan, Mumbai, Paris, Singapore, Sydney, Tokyo, Toronto and Washington D.C.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE:KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co and on Twitter @KKR_Co.
About Summit Partners
Founded in 1984, Summit Partners is a global growth equity firm that is currently investing more than $7.2 billion into equity and fixed income opportunities. Summit has invested in more than 430 companies in technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 160 have been acquired through strategic mergers and sales. Notable technology companies financed by Summit Partners include Avast, Arista Networks, Flow Traders, Infor, McAfee, NetWitness, Postini, RiskIQ, SafeBoot and WebEx. Summit maintains offices in North America and Europe, and invests in companies around the world. For more information, visit www.summitpartners.com or follow on Twitter at @SummitPartners.
About Invoke Capital
Invoke Capital identifies world-leading technologies emerging across Europe through the private sector and university channels. Founded by successful entrepreneurs, Invoke helps productise and bring fundamental technologies to the market. Dedicated to accelerating the growth of early-stage companies, it is the only investment team in Europe with a dedicated, in-house R&D division, based in Cambridge, UK. The Invoke team has grown multiple technology businesses and has an interest in developing technologies in areas including genomics, security, pattern recognition, signal processing and big data.
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