British cybersecurity success story Darktrace is filling its coffers with even more cash after announcing over $22m in series B funding from veteran equity firm Summit Partners.
The latest cash injection means that the self-styled leader in ‘Enterprise Immune System’ technology now has $16bn to its name and is valued at around $100m.
Summit Partners has a pretty impressive track record when it comes to investing in cybersecurity companies.
Previous investments include Postini – which was bought by Google in 2007 – McAfee, which was bought by Intel for over $7.6bn in 2010, and freeware giant Avast.
“Darktrace is reinventing the way organizations protect their data and assets, with a truly differentiated solution developed by some of the leading minds in machine learning and mathematics,” said Summit Partners vice president, Antony Clavel, in a statement.
“Darktrace’s core Enterprise Immune System technology responds to an urgent need for more advanced cybersecurity, given the volume and complexity of today’s cyber threats.”
What Darktrace has branded as ‘Enterprise Immune System’ tech is actually based on advanced machine learning developed at the University of Cambridge.
While it analyzes a customer’s network activity it will use these capabilities to learn the normal behavior of every device, user and network. In so doing, the technology will be able to spot unusual activity more accurately.
CEO Nicole Eagan claimed the new round of funding would help the firm continue its expansion efforts in the US and Asia Pacific and hire more staff across its technology, analyst and commercial teams.
“We are delighted to be working with Summit Partners, an investor with deep experience in the security sector, as we continue to rapidly grow our business,” she added, in a statement.
“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 new round of funding follows an $18m investment back in March from a group including Invoke Capital, Talis Capital, and Hoxton Ventures.