Vectra announces 138% growth in new annual recurring revenue during the first half of 2018, AI platform expansion and key cybersecurity partnership
Vectra today announced that it grew new annual recurring revenue in the 1H2018 by 138% compared to the same period in 2017. During the second quarter, Vectra introduced Cognito Recall for AI-assisted threat-hunting and incident investigation, announced a vital technology partnership and product integration with CrowdStrike, received five new patents, and was honored with industry recognition.
“Vectra continues to gather considerable business momentum,” said Hitesh Sheth, president and CEO of Vectra. “In addition to 138% revenue growth, Vectra increased its enterprise customer base across key verticals, including financial services, retail, automotive, manufacturing and healthcare industries.”
1H 2018 highlights
From January through June 2018, major enhancements and drivers to the Vectra business have included:
- A major expansion of the Vectra Cognito platform with Cognito Recall. A comprehensive source of enriched metadata, Cognito Recall empowers highly-skilled security analysts to perform AI-assisted threat hunting and conduct conclusive incident investigations.
- A significant technology integration and partnership with CrowdStrike. Together, Vectra Cognito and CrowdStrike Falcon Insight™ create an efficient security operations workflow that reduces response and investigation time, enabling security teams to quickly mitigate high-risk threats.
- The availability of the Cognito platform under the Department of Homeland Security (DHS) Continuous Diagnostics and Mitigation (CDM) Program, enabling 66 federal civilian agencies, as well as state and local government entities, to purchase Vectra cybersecurity products.
- The close of a $36 million Series D funding round led by Atlantic Bridge. The Ireland Strategic Investment Fund (ISIF) and Nissho Electronics Corp. also participated in this funding round along with returning investors Khosla Ventures, Accel Partners, IA Ventures, AME Cloud Ventures, DAG Ventures and Wipro Ventures, bringing Vectra’s total funding to date to $123 million.
- The opening of a new research-and-development center in Dublin, Ireland. This center will enable the company to rapidly expand its product portfolio, provide global reach to serve Fortune 500 customers, and create up to 100 jobs in Ireland over the next five years.
- Awarded five U.S. patents – numbers 9930053, 9847968, 9807110, 9900336 and 9853988 – for advanced cybersecurity analytics capabilities automated by AI. These patents, in addition to patents 9565208, 9602533 and 9628512 issued in 2017, demonstrate the continued effectiveness of security research and data science collaborating to enhance visibility into attacker behaviors.
- Vectra was named a Red Herring 2018 Top 100 North America company, which honors the year’s most promising private technology firms on the continent. Companies on the Red Herring Top 100 list are chosen based upon technological innovation, financial performance, business strategy and market penetration.
- JMP Securities named Vectra to its 2018 Super 70 List. The annual list highlights the hottest, most strategically positioned private companies in the cybersecurity, data management and communications infrastructure industries.
- CRN, a brand of The Channel Company, named Vectra to its annual Security 100 list for 2018. The list recognizes the coolest security companies in five classifications, and Vectra was one of the coolest vendors in the Network Security category.
- Vectra was named the winner of four Gold Stevie Awards, including the Most Innovative Tech Company of the Year, in the 16th Annual American Business Awards.
Vectra is exhibiting in Booth 1028 at Black Hat USA 2018, which will be held August 4-9 at the Mandalay Bay Resort in Las Vegas. Subject-matter experts from Vectra will showcase the Cognito platform and be available to discuss how to apply AI to detect and hunt for cyberattackers.