Cybersecurity Investment Specialist Ten Eleven Ventures Opens UK Office Led By Newly Appointed General Partner and Darktrace Co-Founder Dave Palmer

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Sep 29, 2022, 06:00 ET

The firm continues to see investment opportunity in cybersecurity companies across Europe

CHELTENHAM, England, Sept. 29, 2022 /PRNewswire/ -- Ten Eleven Ventures, the original venture capital firm dedicated to global, stage-agnostic cybersecurity investing, today formally announced their newest General Partner, longtime respected security industry leader and entrepreneur Dave Palmer, has officially opened the European office of Ten Eleven Ventures, located in Cheltenham, United Kingdom. As General Partner at Ten Eleven Ventures, Palmer's new role will include meeting, mentoring, and supporting innovators of new cyber technologies throughout the UK and Europe.

Ten Eleven Ventures’ newest General Partner, Dave Palmer, near Ten Eleven’s new office in Cheltenham

While Ten Eleven has invested globally since its founding, the new office is the firm's first outside of the United States. The cybersecurity industry continues to grow across Europe, especially in the UK where the sector's revenue has grown to more than £10 billion annually. 2021 was also a record year for cyber security investment, with £1.4 billion raised by firms across the UK. The firm believes the whole of Europe is ripe for an explosion in cybersecurity innovation and the development of new cybersecurity companies. It is opening a UK office to increase its access and insight into a region where it plans to continue to invest at the seed through growth stages.

Other UK and European cybersecurity start-ups that have already received funding from Ten Eleven include Noetic Cyber (2022 SINET 16 winner), Cado Security (2022 RSA Innovation Sandbox finalist), Vaultree, Revelock (acquired by Feedzai, also a Ten Eleven company), Digital Shadows (recently acquired by Reliaquest, also a Ten Eleven company), and Darktrace (which went public on the London Stock Exchange in 2021). Several other Ten Eleven-backed, US-based companies that have expanded into Europe include KnowBe4 (which went public on the Nasdaq in 2021), NetSPI, Sonrai Security, and Immuta. Ten Eleven's Advisory Board includes UK-based members Grace Cassy, co-founder of CyLon, a London-based investor and supporter of early-stage security start-ups, and Richard Horne, a partner with PwC's London cyber practice. Through its increased presence, growing network and new office, Ten Eleven continues to actively source and nurture new venture investments at all stages in the UK and Europe.

Before joining Ten Eleven as General Partner, Palmer was a founder and Chief Product Officer at Darktrace, a global leader in cyber security artificial intelligence. He has also acted as an advisor to cyber security start-ups and growth-stage companies from the UK Government's Cyber Security Accelerator and CyLon. In addition, he has over a decade of experience in government intelligence operations, including at UK intelligence agencies GCHQ and MI5. Palmer's prior experience as a technical leader, founder, and operator means he has seen the UK cybersecurity ecosystem evolve from a predominantly service industry to one that now also includes a burgeoning scene of founders building the next generation of cybersecurity platforms. Dave has joined Darktrace's Advisory Council, where he will continue to advise the organization on key industry trends.

"Ten Eleven and Darktrace are both industry disruptors dedicated to shaping the future of cybersecurity," said founder and managing partner of Ten Eleven, Alex Doll. "We have known Dave since 2016, when Ten Eleven first invested in Darktrace, and have always deeply appreciated the technical expertise and product wisdom he brought to the company. We know that after the nine years he spent helping to build Darktrace, in addition to the significant work he has done for the UK government, Dave will be a highly valued resource to future cybersecurity entrepreneurs. Dave will work with early and growth stage entrepreneurs across Europe to help them develop products and markets, grow internationally, and build companies that can excel internationally, as Darktrace has done. His support will come not only with funding but with guidance and expertise gained through his hands-on experience of helping to build Darktrace from the ground up. Dave's character, founder experience, and cybersecurity skills make him a perfect addition to our close-knit team."

"Through Darktrace, I've been deeply fortunate to have had the experience of helping to found a start-up, developing an innovative new cyber technology, scaling our operations internationally, and expanding our offerings to multiple new product lines. Along with my co-founders, I helped build Darktrace from the ground up, to IPO and then continued to lead as the Chief Product Officer of a public company. These were all deeply valuable experiences and ones that I am looking forward to sharing with other innovators," said Palmer. "It was a pleasure to work with Ten Eleven as an investor in Darktrace, and I am thrilled to now be joining them to open a UK office. I see this move as a natural progression in my mission to advance the cybersecurity space in the UK, Europe, and worldwide."

"Dave played a pivotal role in growing Darktrace into the innovative, world-class cyber security company that it is today. I am thrilled that Dave will remain in the Darktrace family through his role on our Advisory Council," said CEO of Darktrace, Poppy Gustafsson. "Dave's experience of helping to scale Darktrace from start-up to IPO will prove invaluable to Ten Eleven and the entrepreneurial businesses it is investing in. We wish him every success in this new endeavour."

About Ten Eleven Ventures

Ten Eleven Ventures is the original cybersecurity-focused, global, stage agnostic investment firm. The firm finds, invests, and helps grow top cybersecurity companies addressing critical digital security needs, tapping its team, network, and experience to help build successful businesses. Since its founding, Ten Eleven Ventures has raised over $US 1 billion and made over 40 cybersecurity investments across stages worldwide, including KnowBe4, Darktrace, Twistlock, Verodin, Cylance, and Ping Identity. For more information, please visit www.1011vc.com or follow us on Twitter @1011vc.

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SOURCE Ten Eleven Ventures