Cyber security startup Darktrace raises $50 million in latest funding round

The Series E funding round was led by European private equity firm Vitruvian Partners LLP. So far the company has raised $229 million.

Darktrace, a cyber-security firm stated, it has raised $50 million in its latest funding round that was led by Vitruvian Partners LLP, an European private equity firm, and saw the startup being valued at $1.65 billion.

Existing investors including KKR & Co Inc and TenEleven Ventures participated in the series E fund raising round.

Founded in 2013, Darktrace has so far raised a total of $229 million.

As per Nicole Eagan, the company’s Chief Executive Officer, the latest funds will be utilized to increase headcount from its current 750 to 1,000 by the end of fiscal 2019.

Eagan clarified, Darktrace has no intention to go public at the moment, nor is it looking to made any deals.

Darktrace banks on mathematics developed at the University of Cambridge and advanced machine learning to identify abnormalities in a company’s IT network. It also aims to tackle the latest artificial intelligence-based cyber attacks with its own AI-based software.

“We are starting to see early signs of very rudimentary machine learning being used in these (cyber) attacks … we do estimate that in the next 18 months we will start seeing much sophisticated AI based attacks,” said Eagan.

Jointly-headquared in Britain’s Cambridge and San Francisco, Darktrace’s customers includes AIG Inc, Micron Technology Inc, and London Gatwick Airport.

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