Bengaluru-based cybersecurity services company Network Intelligence has raised $4.87 Mn (INR 33 Cr) from private equity firm Helix Investments.
According to an ET report, the newly secured funds will be used for product development and expanding operations to the US and Europe.
For this funding round, the company has been valued at more than $22.89 Mn (INR 155 Cr).
Commenting on the development, K K Mookhey, CEO of Network Intelligence, said, “We are going to deploy the funds for two purposes — expanding to the US and Europe and to enhance product development initiatives. Around 60% of our revenues are from the BFSI sector and the rest from critical infrastructure like oil and gas and also from IT.”
Founded in 2001, Network Intelligence offers assessment, advisory, remediation, training, and managed services to its clients.
Varun Didwania, director at Helix Investments, said, “The whole market growth rate we are seeing not just in India but globally in the cybersecurity domain prompted us to invest in the company. With the fast pace of digitisation that has happened in India, the need for cybersecurity services is only going to go up.”
It offers Firesec, which analyses firewall for enterprises, and InSight, which is a machine learning-based platform for security.
With 450 employees in India, the company has offices in the Middle East (Dubai), the US (New York), Singapore, and in Mumbai, Delhi, Pune, and Bengaluru in India.
With round-the-clock security operations centres in Mumbai and Dubai, the company offers managed security services to clients globally and also has partnerships with IBM, HPE, Microsoft, and others.
In the cybersecurity space, there are major players like Fortinet, FireEye, Symantec, Lucideus, AppsPicket, and others.
In October 2017, cybersecurity firm Securonix raised $29 Mn Series A funding in a round led by Volition Capital.
According to a report by Marketsandmarkets, the current global spend on cybersecurity is expected to grow to $202.36 Bn by 2021.
A PWC-Assocham report on cybersecurity 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.
With the growing concerns over privacy and cybersecurity, the General Data Protection Regulation (GDPR) was introduced in the EU recently to protect users’ rights over their data. Funding boosts for cybersecurity firms like Network Intelligence is a step in the right direction in securing user data in such times.