Ireland Strategic Investment Fund invests $5m in cybersecurity company
The fund took part in a $100m funding round which completed on Monday
The Ireland Strategic Investment Fund (ISIF) has taken part in a $100 million (€88.4 million) funding round in Vectra, an artificial intelligence cybersecurity company which has a presence in Dublin.
The ISIF invested about $5 million in the latest funding round, The Irish Times understands, although a spokesman for the fund declined to give a figure. It had previously invested about €10 million in Vectra in early 2018 to support the establishment of a research and development centre in Dublin.
Vectra’s funding round was led by private equity company TCV, with other existing investors participating in the round which brings the company’s total funding to more than $200 million.
In a statement, the company said it would use the investment to accelerate its global expansion and research and development innovation.
Vectra’s Cognito platform is designed to detect attacks in real time using artificial intelligence. TCV partner Tim McAdam said the platform is “poised to become requisite in the security infrastructure of multinational enterprises and midsize businesses alike”.
The cybersecurity company said it experienced growth of 104 per cent in annual recurring revenue in 2018 compared to the previous year and in its statement it noted plans to ramp up initiatives aimed at “addressing the global deficit in cloud security”.