Israeli cybersecurity company Deep Instinct announced today that it has completed a $100 million Series D financing led by funds and accounts managed from BlackRock, with participation from Untitled Investments, The Tudor Group and existing investors, including Millennium, Unbound, and Coatue Management. This brings to $200 million the amount raised by Deep Instinct to date, and the new funds will fuel the company's aggressive growth plans.
Based on a purpose-built deep learning framework for cybersecurity, the Deep Instinct platform can predict, prevent, and analyze cyberattacks at any touchpoint of the organization from the endpoint through to the network.
Deep Instinct was founded in 2015 by CEO Guy Caspi, Dr. Eli David, an AI researcher and former Check Point executive Nadav Maman. David and Maman hold no position in the company. Caspi declines to comment on Deep Instinct's valuation, saying that BlackRock demands that the company does not reveal its valuation or revenue.
The company has 250 employees including 150 in Israel and the remainder in New York, London, and Tokyo. Caspi said, "We are in the midst of a big hiring campaign and we are in advanced procedures with many candidates. We plan to increase the number of employees in Israel to 250 within three or four months and to have a total of 400 employees in the company."
Caspi expects to take Deep Instinct to an IPO on Wall Street within two years to 30 months and along the conventional path rather than through a SPAC merger.
He added, "As we enter a new phase of hyper-growth, this investment round will significantly expand our go-to-market capabilities while at the same time increase our best-in-class deep learning research and product development groups. These groups will focus on further developing the company's unique deep learning platform beyond endpoint into cloud, network, and storage to meet the accelerating needs of our customers in the face of more sophisticated threats and breaches."
Deep Instinct has customers in North America, Europe, and Asia Pacific, with enterprise customers tripling in the last year, including new Global 2000 companies joining as strategic customers in the first quarter of 2021.
Deep Instinct chairman Lane Bess said, "After 20 years of bringing early-stage companies to public market entry and having been involved with Deep Instinct since inception, I can say with certainty that the benefits of our deep learning technology will change how the industry looks at cybersecurity. I see our platform emerging as an essential security component in the next few years. With the support of our investors, Deep Instinct will continue to grow as the only company to develop deep learning cyber prediction and prevention capabilities - and essentially vaccinate enterprises from cyber vulnerabilities."
Published by Globes, Israel business news - en.globes.co.il - on April 22, 2021
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