Cyber security firm Securonix has raised $29 Mn Series A funding. The funding round was led by Volition Capital. Eight Roads Ventures also participated in the round. With this investment, Roger Hurwitz of Volition Capital will be joining the Securonix Board of Directors.
Securonix will use the funds to accelerate growth and leadership in the user behaviour analytics, next-gen security information & event management (SIEM), and log management market spaces. The recently raised funds will also be used to extend its investment in technology innovation and expansion in domestic and global markets.
“Securonix has the foundation, vision, and management team to lead the security analytics market,” said Roger Hurwitz, Managing Partner of Volition Capital. He further added, “Securonix’s SNYPR Security Analytics platform is enabling organizations to quickly detect, triage and mitigate the risks of advanced threats.”
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US-based Securonix was founded in 2007 by Sachin Nayyar. It has offices in Bengaluru, PuneSecuronix in a company statement claims that its growth is driven by the significant increase in its customer base domestically and across EMEA, APJ and Latin America. Its Securonix customers span across industry verticals and include more than a third of the Fortune 500 companies. Over the past year, Securonix has grown from 180 employees to over 300 located across the globe.
“I am very excited to have high-caliber investors like Volition Capital and Eight Roads that understand our business and share our passion for innovation, customer satisfaction, and global market leadership,” said Sachin Nayyar, CEO and Founder of Securonix. “We have a tremendous opportunity to establish Securonix as a platform of choice for security analytics, and this investment and the experience the partners bring will help us reach that next level of growth.”
Securonix uses the power of Hadoop and machine learning technology to radically transform enterprise security with actionable intelligence. Securonix detects the insider threat, cyber threat, cloud and fraud attacks automatically and accurately.
Cyber Security – Need Of The Hour
Cyber adversaries are becoming more sophisticated and resourceful, the impact of cybercrime is increasing, and the attacks are increasing not only in volume but also in variety. Among more than 100 countries that were hit by WannaCry (an advanced ransomware attack), India was the third worst affected. A recent PwC-Assocham report on Cyber security threats in the country stated that the number of incidents reported by the Indian Computer Emergency Response (CERT-In) was 27,482 until June 2017.
Earlier this month, taking into consideration recent cyber attacks like Ransomware and WannaCry, the Union Ministry of Electronics and Information Technology (MeitY) asked all the ministries to spend 10% of their IT budgets on cyber security.
As per a Marketsandmarkets research report, the current global spend on cyber security is expected to grow from $122.45 Bn in 2016 to $202.36 Bn by 2021. With the recent round of funds raised from Volition Capital and Eight Roads Venture, cyber security firm Securonix will look to expand its reach to more global markets. Other startups in this segment include Lucideus, Sequretek, Kratikal, TAC Security Solutions, among others.