Automotive cybersecurity platform SecureThings.ai on Wednesday said it has scooped up pre-Series A funding of $3.5 million (around Rs 26 crore) led by tech-focused venture capital fund Inflexor Ventures.
The round also saw participation from 9Unicorns, RPG Ventures, SAB Holdings, and a clutch of high-net-worth individuals.
The California-headquartered firm plans to deploy the fundraise for boosting product, business growth in India and overseas markets, augmenting sales and marketing.
Founded by Vishal Bajpai, SecureThings.ai claims to offer specialised machine learning-based cybersecurity for all automobiles, including commercial vehicles, passenger vehicles, electric vehicles, or motorbikes.
“What drew us to SecureThings was their deep expertise in cybersecurity and its various problem statements; everything ranging from telematics systems to cloud platforms to intelligent automation. The multi-layer solution they are developing will have wide-ranging impacts in the automotive sector in the years to come. Coupled with the large-scale adoption of IoT that is expected shortly and the regulatory push by authorities worldwide, we believe that SecureThings has a huge potential," said Venkat Vallabhaneni, Managing Partner at Inflexor Ventures.
Inflexor Ventures is a sector-agnostic VC firm that invests in emerging technology startups with a focus on tech internet protocol/ deep-tech innovation. It had invested in six companies, including Atomberg, GramCover, and Vitra.ai. from its Fund II.
Last year, Inflexor Ventures partnered with 100X.VC- a sector agnostic, micro venture capital firm to roll out a deep-tech fellowship programme to provide seed to series A capital to the startups from its $100 million fund.
