Vectra Promises 100 Dublin Jobs

21 Feb 2018 | 01.11 pm

Vectra Promises 100 Dublin Jobs

€10m taxpayer funding for American software company

21 Feb 2018 | 01.11 pm

The Ireland Strategic Investment Fund has announced a €10m investment in Vectra an American cybersecurity software company.

Vectra will use the funds to establish an R&D centre in Dublin, as well as EMEA sales and support services, promising 100 jobs over the next five years. It is the company’s first venture outside of the US.

ISIF is investing alongside a number of other investors as part of a wider Vectra funding round of €30m. Other backers in the funding round include Atlantic Bridge, Nissho Electronics, as well as Silicon Valley-based Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures.

Founded in California in 2012 and led by Hitesh Sheth, Vectra’s flagship software product Cognito monitors internal network traffic to detect cyber attacks in real time. Using behavioural detection algorithms to analyse metadata, Vectra AI detects hidden and unknown attacks whether traffic is encrypted or not.

Kevin Dillon, managing partner at Atlantic Bridge and former Head of Microsoft Ireland, will join the Vectra board of directors, supporting the company as it scales up operations in Europe and continues to grow its customer base.

“We have been impressed by the remarkable growth of Vectra in this fast-moving cybersecurity market,” said Dillon. “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.

Fergal McAleavey, head of private equity in ISIF, said that Vectra investment promises significant economic impact. “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,” he stated.

Hitesh Sheth said that Vectra recorded strong revenue growth in 2017. “We’re excited to add ISIF, Atlantic Bridge and Nissho as new investors. This investment will accelerate our mission to transform cybersecurity with AI.”


Photo: Fergal McAleavey (left) and Jason Kehl, Vectra. (Pic: Iain White/Fennell Photography)

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