Vectra Gets $100 Million to Fuel Channel-Generated Growth

Vectra, the provider of technology that applies AI to detect and hunt for cyberattackers, has closed a $100 million funding round, bringing its total funding to more than $200 million.

The funding round was led by TCV, a growth equity firm that backs private and public technology companies. Vectra more than double its revenue from 2017 to 2018.

Mike Banic, Vectra’s vice president of marketing, tells us his company will use the investment to fuel its go-to-market efforts, which directly benefit its channel partners.

Vectra’s Mike Banic

“We are investing in demand-generation with partners, partner enablement and development of partner-delivered services,” he said. “One-hundred percent of our revenue is through the channel and this will continue to be the case; in fact, we are seeing increased engagement from managed security solution providers delivering managed detection and response services based on Vectra, which will help us reach a broader segment of the market.”

Vectra’s Cognito platform provides 360-degree visibility into cloud, data center, user and IoT infrastructure.

“Vectra has consistently invested in technology partners to reduce the workload for security operations,” Banic said. “These partners include cloud service providers Microsoft Azure and Amazon Web Services, as well as endpoint detection and response; firewall; network access control (NAC); security information and event management (SIEM); and security orchestration, automation and response (SOAR) vendors.”

The investment will “amplify the market’s awareness of the strong leadership and competitive advantage” of Vectra, he said.

“TCV has an extensive track record of partnering with enterprise security companies, including Rapid7 and Splunk, from growth stage to public,” said Tim McAdam, general partner at TCV and a member of Vectra’s board of directors. “In our research on the category, it became clear to us that Vectra was rapidly gaining momentum with customers by rethinking the way enterprises view both network and cloud security. The Vectra Cognito platform is poised to become requisite in the security infrastructure of multinational enterprises and midsize businesses alike.”