US-based cybersecurity firm Vectra is to open a research and development centre in Dublin, leading to the creation of 100 jobs over the next five years.
The news comes following the successful closure of a €30 million Series D funding round led by Atlantic Bridge, with participation from the Ireland Strategic Investment Fund (ISIF), Khosla Ventures, Accel Partners, DAG Ventures, IA Ventures, AME Cloud Ventures, and Wipro Ventures.
Vectra’s Cognito platform uses artificial intelligence to help large enterprises to respond quickly to cyber-attacks by exposing attackers’ behaviours, enabling security teams to make informed decisions about where to focus their time and deploy countermeasures.
Kevin Dillon, managing partner at Atlantic Bridge and former head of Microsoft Ireland, will join the board of directors, supporting the company as it scales up operations in Europe and continues to grow its customer base.
“We have been impressed by the remarkable growth of Vectra in this fast-moving cybersecurity market,” said Dillon. “The increasing volume, creativity and effectiveness of cyberattacks means that enterprises must adopt AI to automate cybersecurity operations.”
Hitesh Sheth, president and CEO of Vectra, said: “Vectra had an incredible 2017, during which we achieved record revenue growth of 181% over the previous year and delivered further product innovations to our customers. We’re excited to add Atlantic Bridge, ISIF and Nissho as investors. This investment will accelerate our mission to transform cybersecurity with AI, including delivering additional innovations through our new Dublin R&D center.”
TechCentral Reporters
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