Cybersecurity startup WhizHack has secured pre-Series A funding of $3 million (around Rs 24.4 crore) from its existing investors Vedswasti Holdings and SAA Capital that valued the company at $40 million, it said in a statement on Tuesday.
The fresh proceeds will be deployed for product development, geographical expansion and building centre of excellence in IIT Jodhpur and National Power Training Institute.
Gurugram-based WhizHack was founded by Kallol Sil, Kaushik Ray and Sanjay Sengupta in 2020. It builds security product IPs, provides global security services and security training for enterprises and students.
The company claims to have grown in enterprise and consumer segments by over 200% and maximized shareholder value by over 20 times in less than two years and its products and services are used by leading defence, power and education institutions in India.
"Following growth in both research and development as well as getting customers that include Defence, Energy Sector and Universities, we are excited to emerge from stealth," said Ray.
Cybersecurity startups have been gaining investors’ interest for quite some time now. In December last year, cybersecurity startup SafeHouse secured a pre-Series A funding of $6 million led by investor Gonpo Tsering.
In May, cybersecurity startup Traceable AI raised $60 million as a part of its Series B funding led by Institutional Venture Partners (IVP), with participation from Tiger Global Management and existing investors Unusual Ventures and BIG Labs.
In April, Securden Inc, an information technology (IT) security startup, raised $10.5 million as part of its Series A funding led by Tiger Global.
