Deep Instinct, a cybersecurity company that uses deep learning to predict, identify and prevent attacks, announced on Wednesday that it has raised $43 million in a Series C funding round.
The latest funding round, which brings the total raised by Deep Instinct to $100 million, was led by Millennium New Horizons, with participation from Unbound, LG, and NVIDIA. The company says it will use the money to accelerate sales and marketing, and expand business operations globally.
Deep Instinct provides endpoint, mobile, and virtual desktop infrastructure (VDI) protection solutions, as well as automatic threat analysis. Its solutions leverage a deep learning platform trained to identify previously unknown threats.
Its customers include Fortune 500 companies in the financial services, healthcare, aviation, technology and insurance sectors. Deep Instinct claims to have increased its customer base by 300 percent last year, and says its annual recurring revenue increased by 400 percent in 2019.
Deep Instinct powers HP Sure Sense, a security solution launched by HP last year for its EliteBook and ZBook laptops.
“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,” said 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.”
“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.”