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Vectra planning European expansion post funding
The security firm has secured a round of funding that it intends using to fuel its international expansion
Security specialist Vectra has gained millions in funding and is looking to use that backing to expand its operations in Europe and build up its channel base.
The firm, which uses AI to get ahead of security threats, has opened a research and development centre in Ireland and is planning to increase the channel numbers in the UK.
The firm has gained $36m in series D funding, led by Atlantic Bridge along with a few others, including the Ireland Strategic Investment Fund.
“The increasing volume, creativity and effectiveness of cyberattacks means that enterprises must adopt AI to automate cybersecurity operations. We look forward to helping the company expand its global enterprise footprint," said Kevin Dillon, managing partner at Atlantic Bridge.
The R&D centre in Ireland gives the firm a foothold in the EU and should generate up to 100 jobs over the next five years.
Hitesh Sheth, president and CEO of Vectra, said that it had already established some channel and customer relationships in the UK but this funding would give it the chance to do more.
"We already have a significant footprint in Europe," he added that the funding would, "drive our growth internationally opening our fourth R&D centre and first outside of the US in Dublin."
He said that customers were struggling to cope with cyber threats and find skilled staff and using AI and more automation helped take the strain off users.The firm took the decision to be indirect from the start and is keen to add to its reseller numbers.
"We are looking for a few that want to work with us but must be sure they are the right ones. If you look at Europe the UK business is one of the most important," he said it had invested in staff to support partners.
One of the issues that its software has been able to identify is a growing number of PCs that are being used for Bitcoin mining.
"Most people don't take it seriously but of someone can break into your system for Bitcoin mining then someone else can get access," warned Sheth.
