Darktrace

“We, that would have been, we would have been a 10 X net fund on, on, on, on Darktrace at the, at its peak.”

“So in the run-up to the Darktrace IPO, we did a bunch of SPVs with our investors. We put more money to work in Darktrace than the fund size of Fund One. And we think the lowest performing IRR for us was net 66%. This is all realized, by the way. Net 66%. And t…”

“40. At 35 or 40, something like that.”

“And, but you know, going back to that Darktrace round that KKR did, four million a month, so forty-eight million annualized, four hundred million dollar post, not pre-post.”

“By the way, the Delta was, they'd gone from about a million a month at that point to about four million a month. So it was like super exponential growth in those early days.”

“The company, when it got privatized, did seven hundred thirty two million of revenue. I mean, we, but when we invested, it was doing like 10 K.”

“Darktrace made more money in America than it did in the U.K. From the very early days. It had more staff in America than it did in the U.K.”

“I think it was trading at huge, a huge multiple discount. Seven hundred thirty-two million of revenue, like I said, trailing, trailing, got privatized at five billion.”

“Darktrace was also a five billion dollar company that was acquired for five billion dollars.”

“We're seeing a huge rise in the number of sort of what we call as a service tools. So ransomware as a service, malware as a surface, all the tools of the attackers are now available”

“Once you've created that technology, like the cat's out the bag, it then rolls into these enterprises that roll these attacks out at scale and mimic a lot of the business practice that we see in legitimate businesses, such as the As a services model that I ref…”

“Because ultimately, the defender has the home turf advantage. They are the people that know the business and its culture and its digital identity better than anyone else. And by leveraging AI, they're able to arm those defenders with that knowledge and stay on…”

“We're seeing phishing emails being crafted using these tools. The linguistic complexity of those emails has got far broader as it becomes much easier for people to communicate in a way that feels much more natural and human.”

“So it's not about saying, how do I authenticate this image that I'm receiving necessary? But what is the behavior that has been trying to be driven out of this communication? Are they trying to create a sense of urgency? Are they steering you to a behavior tha…”

“A lot of this is based on the idea that The attack will be known, and it will be in some way predictable or repeatable, and the reality is the vast majority of these attacks are novel and unpredictable, and so you can never eradicate all risk by building in th…”

“Despite Hoxton's age, their portfolio is immense, with the likes of Deliveroo, Darktrace by the famous Mike Lynch from Autonomy, and Campania, recently acquired by a twenty-four-seven customer.”

“Through a family office called Talus we bumped into Darktrace. And together, Talos and us ended up investing in Darktrace, and that clearly is turning into a cybersecurity winner.”