Fri. Mar 29th, 2024

Singapore and Bengaluru-based artificial intelligence (AI) driven digital risk management startup CloudSEK has ₹14 crore in a pre-series A round led by Exfinity Venture Partners and StartupXseed.

The funds raised will be used to develop existing products and further expand footprint across India and Southeast Asia.

CloudSEK was founded by Rahul Sasi in 2016. The cybersecurity startup provides a proprietary AI-based machine learning platform that offers timely, specific and actionable intelligence to organisations, allowing them to intervene and prevent costly breaches and losses.

Talking about the investment, Ravi Thakur, Partner, StartupXseed Ventures, said, “Technology is redefining the way risk management is being practised and CloudSEK has forayed into that space with applications in cybersecurity. Looking at their product, clientele, and growth rate, they have struck the right chord to crack the business. Moreover, what fascinated us is their way of solving the problem, which is very effective and scalable at large along with strong team background and execution capabilities.”

The startup’s flagship product XVigil is a SaaS-based platform that leverages machine learning to help its clients combat threats like cyber threats, data leaks, and identity thefts.

In 2015, the startup raised seed funds from M.E. Meeran Foundation, the investment arm of Kochi-based Eastern Group.

Other cybersecurity startups competing with CloudSEK in the Indian market include Lucideus Technologies, Kratikal Tech, InstaSafe, Security Brigade, and Sequretek, among many others.

In October 2018, Lucideus raised ₹36 crore in a round led by Cisco’s John Chambers.

Earlier in August 2018, Cybersecurity startup Sequretek raised ₹27 crore in a bridge funding round led by Unicorn India Ventures.

According to a report, the Indian cyber security market is expected to grow at a CAGR of over 19% during 2018-2023. As the government pushes towards the digitization of the Indian economy, more opportunities are expected to be created in sectors like healthcare, BFSI, and education, among others.

While the global cyber security market is expected to be worth $202.36 billion by 2021, up from $135 billion this year, according to reports.

By Varun

Startups | Books | Ideas

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