Ideaspring Capital and the Fabric have invested in an early stage startup- Spanugo. The investment round included some strategic angel investors as well. The funding will be used for product development, go to market and expanding the tech team in India
Launched in April 2017, Spanugo offers enterprises an easy way to assure their IT security without giving up on agility in adopting digitisation across the enterprise.
Suryaprakash Konaruru, CTO, Ideaspring Capital said, “Spanugo has set up its office in Chennai and is continuously building its development team; we are helping them set up the team in Chennai.”
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The company is working to build a multi-tenanted SaaS solution with IP in the area of discovery, normalisation of security postures, and translating them across various dimensions of cloud, devices, and templates.
Doss Karan, co-founder and CEO, Spanugo, said, “We are excited to partner with Ideaspring Capital and The Fabric. Our discussions with customers confirm a significant demand for our solution and this investment will help us accelerate our development and acquire early customers”.
How Is Spanugo Helping Enterprises?
Earlier, CIOs and CISOs had to rely on manual audits to assure that their security postures are meeting their security policies. The audits used to be infrequent, based on personal interviews and only inspecting a sample subset of components in the IT infrastructure.
According to the founders, Spanugo’s solution offers a unified way to validate security across the entire IT infrastructure. Furthermore, it can be used to validate the IT infrastructure against industry standards like PCI or against internally developed controls.
In addition, the global controls library of Spanugo will allow enterprises to create their own custom validation suites. Customers will be using the solutions to meet multiple needs like –
- Preparing for an audit
- Maintaining Compliance post audit
- Collecting daily evidence for future audits
- Reviewing the environment of an acquiring asset
- Giving customers greater assurance in using a SaaS service
Opportunity Ahead For Spanugo
The IT sector is becoming pervasive across the enterprise and goes through frequent changes because of which enterprises are seeking an automated solution that addresses their issues.
Periodic audits leave the enterprise vulnerable between audits, sampling methodologies rely more on the chance to identify non-conformance and interviews have become subjective. Auditing is one such process which has still not become automated.
The SaaS market in India is expected to cross $50 Bn in the next ten years. The market is expected to reach $1 Bn by 2020, while it accounts for 9% of all software sales at present.
A report published by Google and Accel Partners predicts that Global SaaS industry is set to become a $132 Bn revenue industry by 2020, and India is likely to contribute 8% of the global SaaS revenue by 2025.