Deep Instinct, the cybersecurity company to successfully apply end-to-end deep learning to predict, identify, and prevent cyberattacks, announced its $43 million Series C funding.
The round was led by Millennium New Horizons, with participation from Unbound, the London-based investment firm founded by Shravin Mittal, along with LG, and existing investor NVIDIA.
Deep Instinct now counts four of the world’s largest technology companies amongst its investors, with HP Inc. and Samsung having participated in previous financing rounds.
The investment, which brings the company’s total funding to $100 million, will be used to accelerate sales and marketing, as well as to support the expansion of business operationsglobally.
“Traditional cybersecurity is broken,” said Guy Caspi, co-founder and CEO of Deep Instinct.
“Current solutions based on ‘assume breach’ are simply insufficient for the highly sophisticated attack landscape we all face. Deep Instinct takes an entirely new approach, preventing attacks before they are executed.”
“This significant round of new funding highlights the importance of prevention for every enterprise. The economic impact of repairing a breach is too high to ignore the need to prevent threats before they occur. The message to the market is that to fight today’s cyber threats true prevention will become more critical than detection and response.” said Lane Bess, Deep Instinct’s Chairman.
The company has grown rapidly since its founding due to the high demand for its groundbreaking technology, achieving an over 400% increase in annual recurring revenue and increased its customer base by 300% in 2019.
“There is no shortage of cybersecurity software providers, yet no company aside from Deep Instinct has figured out how to apply deep learning to automate malware analysis,” added Ray Cheng, Partner at Millennium New Horizons.
“What excites us most about Deep Instinct is its proven ability to use its proprietary neural network to effectively detect viruses and malware no other software can catch. That genuine protection in an age of escalating threats, without the need of exorbitantly expensive or complicated systems is a paradigm change.”