Bengaluru-based cybersecurity startup CloudSEK has raised $7 Mn in its Series A funding round led by MassMutual Ventures.
Omidyar Network India, 100X Entrepreneur and individual investors including Firoz Meeran, Navas Meeran (Group Meeran), CRED founder Kunal Shah’s QED Innovation Labs also took part in the investment round. Existing investors including Exfinity Venture Partners, IDFC Parampara, and StartupXseed Ventures were also part of this round.
The funds raised will be utilised to accelerate CloudSEK’s sales and marketing efforts across Asia-Pacific, the Middle East, and North America, said a company statement. The startup will also ramp up its research and development to combat the increasingly sophisticated global threat landscape, it said.
“Since our last funding, we have enjoyed accelerating adoption of CloudSEK XVigil across APAC, Middle East, and North America. We intend to use the new funding to rapidly scale up this approach globally and quickly expand to new markets,” said Sourabh Issar, CEO of CloudSEK.
Rahul Sasi, founder & chairman, CloudSEK said that the company has grown from six customers to over 100 customers, and now the company aims to acquire another 300 customers in the next two years.
The cybersecurity startup had earlier raised $1.97 Mn and $490,000, in two seed funding rounds, in November 2018 and February 2019 respectively.
Founded in 2015 by Rahul Sasi, CloudSEK leverages artificial intelligence (AI) and machine learning (ML) to combat cyber threats.
CloudSEK employs data sets, proprietary ML models, and non-intrusive techniques to identify, analyse, and resolve cyber threats proactively. Its flagship digital risk monitoring platform XVigil caters to organisations across verticals such as ICICI, NPCI, CRED, Sun Pharma, Reliance, Tokopedia, OLA cabs, and Decathlon.
It competes with the likes of Network Intelligence, Sequretek and Lucideus. Mumbai-based Network Intelligence has so far raised a funding of $330 Mn while Sequretek has raised $5 Mn.
In July this year, UK’s telecommunications giant BT Group announced a multi-million investment in Safe Security, a cyber risk management firm. Safe Security raised $33 Mn in a funding round led by the BT group.