British AI -powered security startup Darktrace enjoyed a bumper IPO Friday as its shares climbed 40 per cent initially on the London Stock Exchange.
Raising £ 165m for the Cambridge-based cyber-security company and its supporters, the IPO offered an introductory value of £ 1.7bn.
Darktrace said the “enterprise immune system” is designed to use machine learning to identify and respond to threats and incidents in the cloud, IoT, virtualized networks, and industrial control systems.
The success of the IPO will come as a relief to the City of London in its ambition to be a home for tech investors, following the lift of take-away-to-your-door app and fellow UK startup Deliveroo , which one is defeated 26 percent at its debut.
UK chancellor of exchequer Rishi Sunak tweaked market rules in his budget in March to try to encourage companies and their investors to debut in London, following fears that the country’s departure from the EU could lead to a turnover of investment.
Darktrace is supported in part by Mike Lynch, the former Autonomy CEO currently chased for billions by Hewlett Packard Enterprise on allegations that he deliberately published lies that exaggerated the company’s profits.
The Cambridge -based business was founded in 2013 by former Autonomy exec Poppy Gustafsson, who is now CEO, and members of intelligence agencies. It counts one-time GCHQ deputy head of cyber defense Andrew France and ex-MI5 director-general Sir Jonathan Evans as board members. ®