Riversys Technologies Private Limited, which runs software-as-a-service startup Scrut Automation, has raised $7.5 million (around Rs 62.09 crore) in a strategic funding round led by MassMutual Ventures.
The round also saw participation from existing investors, Lightspeed and Endiya Partners.
The Bengaluru-based company will use the fresh funds for product development and geographical expansion.
Founded in 2021 by Aayush Ghosh Choudhury, Kush Kaushik and Jayesh Gadewar, Scrut Automation offers an information security monitoring platform which helps small and medium enterprises (SMEs) comply with various information security standards and maintain security posture.
The company claims to have reduced such enterprises’ security and compliance tasks by 70%.
“The fresh capital infusion will help us deepen our product capabilities and expand our market presence for mid-market chief information security officers,” said Choudhury.
Last year, Scrut Automation raised $3 million in a seed funding round from Endiya Partners and Lightspeed Ventures.
MassMutual Ventures is the venture capital arm of US-based insurance firm Massachusetts Mutual Life Insurance Company. The firm led the $7.5 million Series A funding round of AI-backed healthcare startup Qritive last month.
Last year, the venture capital firm was part of the $300 million series D funding round of Biofourmis Singapore Pte Ltd, which helped the company to turn unicorn. The round was led by private equity firm General Atlantic. Additionally, it was part of the $40 million funding round of Qure.ai as well.
There has been an uptick in the number of early-stage deals in the SaaS sector. Last week, business-to-business (B2B) SaaS platform Venwiz raised $8.3 million in a Series A funding round, led by Sorin Investments.
Early this month, Bengaluru-based SaaS startup Inkle raised $1.5 million as a part of its pre-seed funding round from Picus Capital, Saison Capital, and Force Ventures. During the same period, Sequoia’s accelerator program Surge led a $3.7 million seed funding round of SaaS startup Hatica.