Vectra announced that it has closed a $100 Million fundraising round. The round was led by growth equity firm TCV, and witnessed participation from existing investors Khosla Ventures, Accel Partners, IA Ventures, AME Cloud Ventures, DAG Ventures, Wipro Ventures, Atlantic Bridge, Ireland Strategic Investment Fund, and Nissho Electronics Corporation. This latest round brings Vectra’s total raised to over $200 Million.
Vectra’s President and CEO Hitesh Sheth said that these funds will be used to fuel the company’s global market expansion, research and development efforts, and the growth of its workforce of over 100 people. The company’s annual recurring revenue has grown by 104% year-over-year.
Vectra’s Cognito platform comprises three components: Cognito Stream, Cognito Detect, and Cognito Recall. Stream sends security-enriched metadata to data lakes and security information and event management (SIEM) systems, while Recall stores and investigates threats in this enriched data. Meanwhile, Detect leverages AI and machine learning to quickly reveal and prioritize hidden and unknown attackers.
Vectra currently has more than 400 enterprise customers, including Ardagh Group, DZ Bank, Texas A&M University, Hydro Ottawa, and recognizable names like Riverbed and Tribune Media Group.
“The cloud has inherent security blind spots, making it imperative to eliminate cyber-risks as enterprises move their business to the cloud,” said Sheth. “ platform enables them to stop hidden cyberattacks in the cloud. We look forward to partnering with TCV and our existing investors as we continue our rapid growth.”
“It’s an ongoing process,” said Sheth. “Vectra’s data scientists and security researchers build and continually tune “scores” of self-learning AI systems that enrich the metadata with security information, and that isolate key signals. are looking for a real-time answer on what’s going on, the first curated piece of intelligence will come from us,” he told VentureBeat in a previous interview. “Because all the front-end work is automated, all the prioritization is automated.”
“TCV has an extensive track record of partnering with enterprise security companies, including Rapid7 and Splunk, from growth stage to public,” said TCV General Partner and Vectra board member Tim McAdam. “In our research on the category, it became clear to us that Vectra was rapidly gaining momentum with customers by rethinking the way enterprises view both network and cloud security. The Vectra Cognito platform is poised to become requisite in the security infrastructure of multinational enterprises and midsize businesses alike.”
