Darktrace, the cybersecurity firm that counts as one of its key financial supporters the former head of Autonomy, Mike Lynch, has raised $22.5 million from Summit Partners, a venture capital firm.
Reuters reported Wednesday (July 22) that the latest funding round values Darktrace at more than $100 million. The infusion from Summit Partners comes after an $18 million investment round went to Darktrace to help expand in the Asia-Pacific region, with Lynch stating at the time that the money would be used to help push the company’s growth.
As noted by the newswire, Darktrace was one of the first investments from Lynch after the executive left Hewlett-Packard three years ago, in part due to what Reuters termed an “acrimonious” split tied to the $11 billion acquisition by the computing giant of Autonomy. HP is now suing both Lynch and another Autonomy executive for about $5 billion over their stewardship of Autonomy; Lynch has said he will file a counter claim.
Lynch said in an interview with Reuters that as of now there had been “little progress” in ongoing litigation over Autonomy. “It’s moving at a speed that make a glacier look like it’s been taking anabolic steroids,” he told the newswire.
Lynch also said that the Darktrace model differs from cyberpeers with antivirus software that looks to establish, and monitor, a boundary around users’ networks. In contrast, Darktrace lives inside the enterprise network itself, using machine learning that can uncover unusual activity.
“The business is growing exponentially,” Lynch told the newswire. And though financial line items remain undisclosed, the company said it has been growing its top line by more than 100 percent annually, with a technological presence in more than 100 companies. Darktrace, with headquarters in both England and California, has said it has partnerships in place with 63 other providers.