Vectra AI, a provider of threat detection and response solutions, has announced a US$130 million round of funding led by funds managed by Blackstone Growth.
The investment will help fuel Vectra’s continued growth through platform innovation and expansion into new markets and geographies, solidifying its Cognito platform as a market-leading solution for Artificial Intelligence (AI)-driven cloud security for threat detection and response. Existing investors also participated in the funding round, increasing the company’s total funding to more than US$350 million at a post-money US$1.2 billion valuation.
As recent high-profile incidents impacting SolarWinds and Microsoft Exchange (Hafnium) illustrate, breaches are becoming commonplace and hard to detect because state actors and cybercriminals use multi-stage attacks that exploit supply chain weaknesses, legitimate tools and impersonate users to steal data.
“Over the past year, we have witnessed a continuous series of the most impactful and widespread cyberattacks in history. To protect their employees and digital assets, our customers require security solutions that are smarter than today’s adversaries and provide coverage for cloud, data centres and SaaS applications,” said Hitesh Sheth, President and CEO, Vectra. “As we look to the future, Blackstone’s global presence, operational resources and in-house technology expertise will help us achieve our mission to become one of the dominant cybersecurity companies in the world.”
Viral Patel, Senior Managing Director, Blackstone, said: “Vectra has a proven ability to stop in-progress attacks in the cloud, on corporate networks and in private data centres for some of the top organisations in the world. The company has experienced extraordinary success through its commitment to combining innovative AI technology, first-class customer service, and top talent, and Blackstone is excited to become part of the Vectra team.”
According to Vectra AI, customer demand for threat detection and response in the private and public clouds and the immediate value Vectra’s AI-driven Cognito platform delivers to customers, are major forces driving the company’s global growth.
John Stecher, CTO, Blackstone, said: “Through our experience as a client of Vectra, we’ve been highly impressed by their world-class technology and exceptional team. They have exactly the types of tools that technology leaders need to separate the signal from the noise in defending their organisations from increasingly sophisticated cyberthreats. We’re excited to back Vectra and Hitesh as a strategic partner in the years ahead supporting their continued growth.”
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