Mike Lynch’s VC firm ‘Invokes’ US$18m investment in Darktrace

18 Mar 2015

New cybersecurity player Darktrace has raised US$18m as part of an investment round led by ex-Autonomy CEO Dr Mike Lynch’s venture capital firm Invoke Capital.

Darktrace, which describes itself as a leader in enterprise immune system technology, has raised US$18m from investors that include Invoke Capital, Talis Capital, Hoxton Ventures and private individuals.

The investment values the company at US$80m.

Darktrace’s technology protects companies from advanced cyber threats.

Based on advanced machine learning and mathematics developed at the University of Cambridge, and with customers including BT, Virgin Trains and Drax, Darktrace says it is changing the way cybersecurity is approached as the market transitions to a new model based on early stage detection of cyber threats that bypass traditional controls.

“Darktrace is growing at a phenomenal rate. It has been barely a year since we deployed to our first customer and now we have deployments at 75 companies and relationships with 50 partners across America, the UK, continental Europe and the Middle East,” said Darktrace CEO Nicole Eagan.

“Our headcount has tripled over the past year and expansion into Asia is a natural next step.”

Lynch ended up in a legal tussle with HP, after selling Autonomy to the tech giant for US$11bn, over allegedly misrepresenting sales results. In January, the UK Fraud Office ruled there was insufficient evidence to support the prospect of conviction.

IT security image via Shutterstock

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years