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Darktrace’s valuation soars to £1.25bn in latest funding round

Darktrace has raised $50m (£38m) in series E funding, valuing the security firm at $1.65bn (£1.25bn) – $400m (£304m) more than during its last round four months ago.

The funding round was led by Vitruvian Partners and included investments from existing backers KKR and 1011 Ventures.

Over the last year, the Cambridge-headquartered firm has grown its headcount by 60 per cent to 750, opening eight new offices in Los Angeles, Mexico City and Sao Paulo, among other locations. It plans to use the latest round to continue its international expansion.

Nicole Eagan, Darktrace’s CEO (pictured), said the company is enjoying “strong growth in new and existing geographies” and claimed it is “the most widely used enterprise AI on the market”.

“The increase in our valuation in just a few months is testament to the fundamental power of our Enterprise Immune System,” Eagan added. “As we begin to see real-world attacks leveraging offensive AI, Darktrace will be indispensable in keeping defenders one step ahead.”

Sophie Bower-Straziota, managing director at Vitruvian, said Darktrace had built “a unique combination of world-class AI capabilities, deep cyber domain expertise, and a highly effective business model”. “The sophistication and quality of Darktrace’s AI is evidenced by the rapid success of its autonomous response system, Antigena.”

Alex Doll, founder of 1011 Ventures, added that the company had successfully expanded from its role “in network security, into cloud and email. The company has now demonstrated its ability to apply its core AI technology to multiple adjacent market segments”.

Darktrace was founded by Cambridge University mathematicians in 2013. Its Enterprise Immune System leverages machine learning and AI algorithms to defend against cyber threats across cloud, IoT and industrial control systems.