Wednesday, 21 February 2018
The Ireland Strategic Investment Fund (ISIF) has announced a c.€10m investment in Vectra, a US-based AI-powered cybersecurity software firm.
The investment will support the establishment of a research and development (R&D) centre in Dublin, Vectra’s first outside the US, and will see the firm expand EMEA sales and support here, creating up to 100 jobs over the next five years.
ISIF is investing alongside a number of major investors, including Dublin-based Atlantic Bridge, Nissho Electronics Corp., as well as Silicon Valley-based Khosla Ventures, Accel Partners, DAG Ventures, AI Ventures, AME Cloud Ventures and Wipro Ventures, as part of a wider funding round that totals c.€30m.
The establishment of the new R&D centre will enable Vectra to deliver additional AI innovations in cybersecurity and grow its customer base across Europe. The company is actively recruiting in the Irish marketplace.
The partnership between ISIF and Vectra will contribute to the already vibrant AI industry in Ireland, which recently became the first country in the world to develop an industry-driven nationwide third-level qualification.
This is ISIF’s second investment in AI, with the Fund already investing as part of a $50m funding round in InsideSales.com, in January 2017.
Fergal McAleavey, Head of Private Equity of ISIF, said:
“This is an exciting investment for ISIF that promises significant economic impact. It is encouraging to see Ireland leverage its emerging expertise in artificial intelligence by attracting businesses such as Vectra that are on the leading edge of technology. 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.”
Hitesh Sheth, CEO of Vectra Networks, said:
“Vectra had an incredible year in 2017, during which we achieved record revenue growth of 181% over the previous year and delivered further product innovations to our customers. We’re excited to add ISIF, Atlantic Bridge and Nissho as new investors. This investment will accelerate our mission to transform cybersecurity with AI, including delivering additional innovations through our new Dublin R&D centre.”
Click here to see Hitesh Sheth talk more about this investment from ISIF.