New round brings vendor to more than $200M in investments to drive development of Cognito platform
Network security vendor Vectra on Monday closed a $100M round of Series E funding led by growth equity firm TCV along with the company’s previous backers, Khosla Ventures and Accel.
The Lowdown: The infusion brings the company to more than $200M in investment funds, which it plans to use for R&D and marketing of its Cognito threat detection and response platform, company officials said.
The Details: Vectra experienced 104% growth in annual recurring revenue in 2018 compared to 2017. Officials said the company will continue to ramp up initiatives aimed at addressing security gaps inherent in cloud computing through improvements to its existing platform, which aims to provide comprehensive visibility into cloud, data center, user, and Internet-of-Things (IoT) infrastructure.
The Buzz: “TCV has an extensive track record of partnering with enterprise security companies, including Rapid7 and Splunk, from growth stage to public,” said Tim McAdam, general partner at TCV and a member of the Vectra board of directors. “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.”
“The cloud has inherent security blind spots, making it imperative to eliminate cyber-risks as enterprises move their business to the cloud,” said Hitesh Sheth, president and CEO at Vectra. “The Cognito 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.”