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Darktrace mulling over possible IPO




2 min read

With valuations now rumoured to be at approximately half a billion dollars, Darktrace has ambitions to go public it is rumoured.

Darktrace, the cyber security startup which boasts backing from top Silicon Valley venture capitalists, Wall Street investors and former Autonomy entrepreneur Mike Lynch, was valued at $450m after a major round of funding over the summer. Now, that valuation has surpassed the $500m mark, sending it galloping towards rare unicorn territory of $1bn amid worries surrounding the UK's ability to produce top tech firms.

It is rumoured that Darktrace's ultimate ambition is to IPO, while not on the immediate horizon. They are now focused on 'growing the company as fast as possible', a spokesperson said.

The three-year-old startup's unique selling point is spotting cybercrime as it happens within the networks of businesses such as HSBC and Drax power station. It uses machine learning and algorithms to identify anomalous behaviour and has also recently launched a new product which can take action against the threats it spots.

 

About Darktrace

Darktrace was founded in Cambridge, UK, in 2013 by mathematicians and machine learning specialists from the University of Cambridge, together with world-leading intelligence experts from MI5 and GCHQ, to bring transformative technology to the challenge of cyber security. With this unique combination of expertise in mathematics, software and intelligence, Darktrace has delivered the world’s first operational Enterprise Immune System. Our leading-edge solution gives organizations the ability to detect emerging cyber-threats, allowing them the opportunity to proactively defend against in-progress cyber-attacks.

Their executive team has extensive experience in government intelligence and cyber operations and the protection of critical national infrastructure. This team is supported by a specialist cyber analyst team, with unparalleled experience of some of the most sophisticated threats in today’s complex security environment. Darktrace has experienced rapid growth since its foundation, growing revenues by over 600% year-over-year, and doubling the number of employees from 2015–16.

It was named ‘Best Security Company of the Year 2016’ at the Info Security Global Excellence Awards and a Gartner ‘Cool Vendor’ 2015. We have raised over $90m in funding from investors including Invoke Capital, Talis Capital, Hoxton Ventures, Summit Partners, KKR, Softbank, TenEleven and Samsung. Darktrace is headquartered in Cambridge, UK and San Francisco, with global offices in New York, Auckland, London, Milan, Mumbai, Paris, Seoul, Singapore, Sydney, Tokyo, Toronto and Washington DC.

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