Vectra AI, a provider of threat detection and response solutions, has announced a $130 million round of funding led by funds managed by Blackstone Growth. Existing investors also participated in the funding round, increasing Vectra AI’s total funding to more than $350 million at a post-money $1.2 billion valuation.
Vectra AI’s Cognito platform offers a solution for artificial intelligence (AI)-driven cloud security – for threat detection and response. The investment is intended to fuel Vectra’s continued growth through platform innovation and expansion into new markets and geographies.
In 2020, Vectra AI continued to experience a compound annual growth rate (CAGR) exceeding 100 percent, while sales of Cognito Detect for Microsoft Office 365 have grown at a rate of over 700 percent, so the company says.
The Vectra AI Cognito platform works across the complex enterprise IT infrastructure to continuously learn, and deploy advanced AI, threat intelligence feeds and known attack profiles to identify breaches as they are being executed. This approach would provide security teams with time to respond to threats. It would seamlessly integrate with existing security tools to automatically remediate threats.
“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 centers and SaaS applications,” said Hitesh Sheth, president and Chief Executive Officer (CEO) at 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.”
Vectra has a rich history in investing in research and development (R&D) projects, which has been key to the sustained growth of the organization. Vectra stated it will continue to invest in R&D well over the industry average of leading security companies.
“Through our experience as a client of Vectra, we’ve been highly impressed by their world-class technology and exceptional team,” said John Stecher, Chief Technology Officer (CTO) at Blackstone. “They have exactly the types of tools that technology leaders need to separate the signal from the noise in defending their organizations from increasingly sophisticated cyber threats. We’re excited to back Vectra and Hitesh as a strategic partner in the years ahead supporting their continued growth.”