Cybersecurity startup, CloudSEK, has raised $7 million (or roughly Rs 50 crore) as a part of its Series A investment round led by MassMutual Ventures.
Omidyar Network India, 100X Entrepreneur, as well as angel investors Firoz Meeran and Navas Meeran of Group Meeran, and Cred founder Kunal Shah-promoted QED Innovation Labs, also participated in the round along with existing investors including Exfinity Venture Partners, IDFC Parampara, and StartupXseed Ventures, the company said in a statement on Wednesday.
The company plans to use the proceeds from the current raise to accelerate its sales and marketing efforts across Asia-Pacific, the Middle East, and North America. It will also ramp up its research and development efforts to combat the increasingly sophisticated global threat landscape.
“Since our last funding, we have enjoyed accelerating adoption of CloudSEK XVigil across APAC, Middle East, and North America. Marquee anchor customers in each region, coupled with our extremely high customer satisfaction rates, have allowed us to consolidate our presence in these regions. We intend to use the new funding to rapidly scale up this approach globally and quickly expand to new markets,” said Sourabh Issar, chief executive officer of CloudSEK.
With this round, the total investment in CloudSEK stands at roughly $10 million.
“Our technology focus is to predict cyber-attacks, even before they occur, by leveraging our AI (artificial intelligence) platform. To achieve this, we have assembled a world class team of engineers, researchers, and cybersecurity experts. This approach has taken us from six customers to over 100 customers, and we aim to acquire another 300 customers in the next 2 years,” said Rahul Sasi, founder and chairman, CloudSEK.
Six-year-old CloudSEK employs unique data sets, proprietary machine learning (ML) models, and non-intrusive techniques to identify, analyze, and resolve cyber threats proactively.
Its flagship digital risk monitoring platform XVigil caters to organizations across verticals, including banks, technology companies, healthcare organizations, and retail giants. These include ICICI Group, National Payments Corporation of India (NPCI), Cred, Sun Pharma, Reliance, Tokopedia, Ola cabs, and Decathlon, among others.
“CloudSEK is addressing a growing demand for automated assessment, classification and remediation of cyber threats and for transforming large scale security teams to an agile threat centric approach. The platform’s ability to monitor and manage threats and infrastructure at the enterprise level is world class,” said Anvesh Ramineni, managing director at MassMutual Ventures.
CloudSEK has also recently launched its security search engine BeVigil, which allows users, developers, and researchers to evaluate the security of their applications. BeVigil is currently free to use and has over 10,000 users and 400 corporate accounts, the company said.