21 Feb - ISIF invests in US artificial intelligence-powered cybersecurity firm
ISIF invests in US artificial intelligence-powered cybersecurity firm, Vectra, as it announces plans for up to 100 new jobs in Ireland
- Ireland Strategic Investment Fund (ISIF) invests c.€10m in Vectra, a leading US provider of artificial intelligence (AI)-powered cybersecurity software
- Vectra will establish an Irish R&D centre, its first outside the US, and drive the expansion of EMEA sales and support out of Ireland
- Vectra expects to create up to 100 new jobs
- The investment is part of a wider funding round that will see Vectra raise c.€30m ($36m)
Wednesday, 21 February 2018
The Ireland Strategic Investment Fund (ISIF) has announced a c.€10m investment in Vectra, a US-based AI-powered cybersecurity software firm.
The investment will support the establishment of a research and development (R&D) centre in Dublin, Vectra’s first outside the US, and will see the firm expand EMEA sales and support here, creating up to 100 jobs over the next five years.
ISIF is investing alongside a number of major investors, including Dublin-based Atlantic Bridge, Nissho Electronics Corp., as well as Silicon Valley-based Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures, as part of a wider funding round that totals c.€30m.
The establishment of the new R&D centre will enable Vectra to deliver additional AI innovations in cybersecurity and grow its customer base across Europe. The company is actively recruiting in the Irish marketplace.
The partnership between ISIF and Vectrawill contribute to the already vibrant AI industry in Ireland, which recently became the first country in the world to develop an industry-driven nationwide third-level qualification.
This is ISIF’s second investment in AI, with the Fund already investing as part of a $50m funding round in InsideSales.com in January 2017.
Fergal McAleavey, Head of Private Equity of ISIF, said:
“This is an exciting investment for ISIF that promises significant economic impact. It is encouraging to see Ireland leverage its emerging expertise in artificial intelligence by attracting businesses such as Vectra that are on the leading edge of technology. With cybersecurity becoming critical for all organisations, we are confident Vectra will deliver a strong economic return on our investment while creating high-value R&D employment.”
Hitesh Sheth, CEO of Vectra Networks, said:
“Vectra had an incredible year in 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 ISIF, Atlantic Bridge and Nissho as new investors. This investment will accelerate our mission to transform cybersecurity with AI, including delivering additional innovations through our new Dublin R&D centre.”
The Ireland Strategic Investment Fund (ISIF), managed and controlled by the National Treasury Management Agency (NTMA), is an €8.7 billion sovereign development fund with a unique mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland.
ISIF differs from other pools of capital as it has a long investment time horizon and can act as a permanent or patient source of long-term capital. ISIF funding provides flexibility throughout the capital structure to meet changing capital needs and gaps in the marketplace. For more information, please visit http://isif.ie.
Vectra® is transforming cybersecurity with AI. Its Cognito™ platform automates cyberattack detection and response from data center and cloud workloads to user and IoT devices. Cognito correlates threats, prioritizes hosts based on risk and provides rich context to empower response with existing security systems, reducing security operations workload by 168x. Vectra was named a “Visionary” by Gartner in the 2018 Magic Quadrant for Intrusion Detection and Prevention Systems and the “Most Innovative Emerging Company” in the Dark Reading Best of Black Hat Awards. InformationWeek also named Vectra one of the Top 125 companies to watch in 2016. Vectra has been issued 5 U.S. patents with 14 additional patents pending for cybersecurity applications of machine learning and artificial intelligence. The company is headquartered in San Jose, Calif. and has European regional headquarters in Zurich, Switzerland. For more information, visitvectra.ai.