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Cybersecurity Vendor Vectra Raises $100M To Aid R&D, Global Growth

‘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,’ says TCV General Partner Tim McAdam.

Vectra has closed a massive Series E round to boost global market expansion and research and development efforts around its Cognito cloud security platform.

The San Jose, Calif.-based cybersecurity vendor said it plans to ramp up initiatives aimed at addressing the global deficit in cloud security, as well as innovating on its existing platform and expanding its global customer base.

The $100 million round was led by Menlo Park, Calif.-based new investor TCV, who Vectra said believes the company's use of artificial intelligence can help eliminate the critical risks the cloud poses to consumer-focused services.

[Related: Vectra Snags Cylance's Didi Dayton To Grow Partner Services Business]

"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," TCV General Partner Tim McAdam said in a statement. "The Vectra Cognito platform is poised to become requisite in the security infrastructure of multinational enterprises and midsize businesses alike."

Cognito provides AI-driven cloud security using network detection and response, according to Vectra. Specifically, the platform provides comprehensive visibility into cloud, data center, user and Internet of Things (IoT) infrastructure, which Vectra leaves attackers with nowhere to hide.

Securing customer data and preserving their privacy is critical to maintaining trust and preserving an organization's reputation, Vectra said. Consumer data breaches in the cloud have a significant impact on lost revenue and shareholder value, which Vectra said has made cloud security a board-level priority.

The Series E round comes just 15 months after the company raised $36 million in a Series D round led by Dublin, Ireland-based growth equity firm Atlantic Bridge. All told, Vectra has raised $222.5 million in eight rounds of outside funding, according to Crunchbase.

Vectra was founded in 2011 and employs 247 people, up 36 percent from 181 employees a year earlier, according to LinkedIn. The most significant areas of headcount growth for Vectra over the past year have been engineering and business development, where the company has increased staffing by 49 percent and 47 percent, respectively, LinkedIn found.

"The cloud has inherent security blind spots, making it imperative to eliminate cyber-risks as enterprises move their business to the cloud," Vectra President and CEO Hitesh Sheth said in a statement. "The Cognito platform enables them to stop hidden cyberattacks in the cloud."

The funding haul comes just three months after Vectra snagged channel superstar Didi Dayton from Cylance to increase the services business and integration opportunities for the company's partner community.

Specifically, Dayton said she wants to expand the financial incentives for solution providers beyond certifications and reward services, practices, and documentation that signals partners are taking Vectra seriously. Dayton also said she'd be focused on building out streamlined platforms for the channel internally, as well as bringing best practices from Europe to the United States.

"Keep an eye on Vectra because we're absolutely going to change the way that customers get visibility into their network," Dayton told CRN in March.

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