BluSapphire Technologies Pvt Ltd, which operates cybersecurity startup BluSapphire, has raised $9.2 million (around Rs 75.6 crore) as a part of its Series A funding led by Baring Private Equity India.
The round also saw participation from Dallas Venture Capital, Binny Bansal-backed xto10x, RPG Ventures and Merisis Venture Partners.
“We will use the fresh funds to build and scale up its software-as-a-service platform across India and North America,” said Kiran Vangaveti, founder and chief executive officer at BluSapphire.
Founded by Vangaveti in 2014, BluSapphire helps clients prevent sophisticated cyberattacks across cloud, on-premises and hybrid work environments. Its clientele includes small and medium businesses (SMBs) in industries, including healthcare and financial services.
The full-stack AI and analytics platform has also partnered with firms including Ernst & Young, Hexaware, Tech Mahindra, Coforge, Birlasoft and Larsen & Toubro Infotech, among others, as a managed security service provider, as per its official website.
“….BluSapphire has acquired reputed customer portfolio and has also built an impressive list of partners, including leading MSSPs both in India and the USA,” said Shyam Penumaka, Partner at Dallas Venture Capital.
In other developments around the cybersecurity space, Bengaluru-based BugBase had raised $500,000 in a pre-seed funding round led by 2am VC in July. The fundraise also saw participation from with participation from Finsight Ventures, Dholakia Ventures and SAT Industries.
Among other key fundraise rounds for cybersecurity players, US and India-based IT security startup Securden Inc. also raised around Rs 80 crore as part of its Series A funding led by Tiger Global in April.
ValueBridge Capital was the sole advisor for this transaction.
