To develop AI security
Vectra is opening a new R&D centre in Dublin that will employ 100 after closing a $36m Series D funding round for its AI-based security threat hunting platform. The US-headquartered firm will also use the cash raised to further develop its EMEA sales channels.
The funding round for Vectra's Cognito platform was led by Atlantic Bridge, with participation from the Ireland Strategic Investment Fund (ISIF) and Nissho Electronics Corp. Existing investors Khosla Ventures, Accel Partners, IA Ventures, AME Cloud Ventures, DAG Ventures and Wipro Ventures were also involved, bringing Vectra’s total funding to date to $123m.
Kevin Dillon, managing partner at Atlantic Bridge, said: “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 enterprise footprint.”
The new Dublin centre will enable the company to “rapidly expand its product portfolio” and “provide global reach to serve Fortune 500 customers”, said the firm. It will create up to 100 jobs in Ireland over the next five years. In addition to the Dublin R&D facility, Vectra has three existing R&D centres in the US.
Fergal McAleavey, head of private equity at ISIF, said: “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.”
Hitesh Sheth, president and CEO of Vectra, said: “We had 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. This investment will accelerate our mission to transform cybersecurity with AI, including delivering additional innovations through our new Dublin R&D centre.”
Last December, Huawei announced a new research partnership with Trinity College Dublin as part of its growing R&D footprint in Ireland. The expansion of the company’s Cork R&D operation was also announced, bringing Huawei’s R&D investment in Ireland to $21m in 2017.
