Darktrace, the British cybersecurity start-up backed by Autonomy founder Mike Lynch, has more than doubled losses amid a hiring spree, despite a leap in revenues.
The Cambridge-headquartered company is seen as one of Britain’s most promising technology start-ups, and claims to have pioneered “self-learning” algorithms that mimic the way the human immune system fights viruses to protect corporate computer systems.
Darktrace has raised almost $180m (£130m) to date and was last year valued at $825m.
Accounts for the year to June 30, which disclose the company's financials for the first time, revealed that annual sales had increased from £17.1m to £30.8m. At the same time, pre-tax losses grew from...