Vectra Raises $36M to Enable Enterprises to use AI in the Hunt for Cyberattackers
Vectra, the leader in automating the hunt for in-progress cyberattacks, has announced it has closed a $36 million Series D funding round led by Atlantic Bridge, a global growth equity fund focused on technology investments. Vectra will leverage this investment to expand sales and marketing globally and accelerate the development of its artificial intelligence (AI)-based threat hunting platform, Cognito.
The Ireland Strategic Investment Fund (ISIF) and Nissho Electronics Corp. also participated in this funding round along with returning investors Khosla Ventures, Accel Partners, IA Ventures, AME Cloud Ventures, DAG Ventures and Wipro Ventures, bringing Vectra’s total funding to date to $123 million.
“We have been impressed by the remarkable growth of Vectra in this fast-moving cybersecurity market,” said Kevin Dillon, managing partner at Atlantic Bridge. “The increasing volume, creativity and effectiveness of cyberattacks means that enterprises must adopt AI to automate cybersecurity operations. We look forward to helping the company expand its global enterprise footprint.”
Building on its momentum, Vectra is opening a new research-and-development centre in Dublin, Ireland. This centre will enable the company to rapidly expand its product portfolio, provide global reach to serve Fortune 500 customers, and create up to 100 jobs in Ireland over the next five years. In addition to the Dublin R&D centre, Vectra has R&D facilities in San Jose, Calif., Austin, Texas and Cambridge, Mass.
“This is an exciting investment for ISIF, which promises significant economic impact for Ireland,” said Fergal McAleavey, head of private equity at ISIF. “It is encouraging to see Ireland leverage its emerging expertise in artificial intelligence by attracting businesses such as Vectra that are on the leading edge of technology. With cybersecurity becoming such a critical issue for all organisations, we are confident that Vectra will deliver a strong economic return on our investment while creating high-value R&D employment here in Ireland.”
“Vectra has an incredible year in 2017, during which we achieved record revenue growth of 181% over the previous year and delivered further product innovations to our customers,” said Hitesh Sheth, president and CEO of Vectra. “We’re excited to add Atlantic Bridge, ISIF and Nissho as investors. This investment will accelerate our mission to transform cybersecurity with AI, including delivering additional innovations through our new Dublin R&D centre.”
Vectra was recently named the only Visionary by Gartner in its 2018 Magic Quadrant for Intrusion Detection and Prevention Systems. The Cognito platform from Vectra enables enterprises to detect and respond to cyberattacks in real time. Cognito uses AI to perform non-stop, automated threat hunting with always-learning behavioral models to quickly and efficiently find hidden and unknown attackers before they do damage. Cognito provides full visibility into cyberattacker behaviours from cloud and data centre workloads to user and internet-of-things devices, ensuring attackers have nowhere to hide.
Vectra® is transforming cybersecurity with AI. Its Cognito™ platform automates cyberattack detection and response from data centre and cloud workloads to user and IoT devices. Cognito correlates threats, prioritises hosts based on risk and provides rich context to empower response with existing security systems, reducing security operations workload by 168x. Vectra was named a “Visionary” by Gartner in the 2018 Magic Quadrant for Intrusion Detection and Prevention Systems and the “Most Innovative Emerging Company” in the Dark Reading Best of Black Hat Awards. InformationWeek also named Vectra one of the Top 125 companies to watch in 2016. Vectra has been issued five U.S. patents with 14 additional patents pending for cybersecurity applications of machine learning and artificial intelligence. Vectra is headquartered in San Jose, Calif.
Source: Vectra press release