Cyber security startup Lucideus secures ₹36 crore in a funding round

New Delhi-based cybersecurity startup Lucideus has raised around ₹36 crore ($5 million) in a funding round led by Cisco Chairman Emeritus John Chambers.

The funds raised will be used to expand its presence across the US, along with existing markets like India. It will also be used to strengthen platform to provide more robust security to its enterprise customers that span across banking and financial services, retail and others.

Lucideus was founded by Saket Modi, Vidit Baxi, and Rahul Tyagi, in 2012. The IIT Delhi incubated startup offers its customers with consultancy, training, and solutions to counteract cyber-attacks.

The cybersecurity startup claims to have witnessed triple-digit revenue growth year-on-year and has been cash flow positive for the last few years.

The startup has over 150 clients across 16 cities. Some of its prominent clients include National Payments Corporation Of India (NPCI), ICICI Bank, HDFC Bank, Softbank, Indigo, Spicejet, and IBM.

In October 2017, Lucideus last raised $635,000 in a venture funding round from undisclosed investors.

The startup counts Rajan Anandan, VP Southeast Asia and India, GoogleFacebook Messenger executive Anand Chandrasekaran and FreeCharge‘s ex-CEO Govind Rajan, among its investors.

The latest investment by John Chambers’, marks his second investment in India, after speech recognition solutions company, Uniphore Software Systems. He invests in startups while evaluating the potential for a solution, market opportunity, the capability of founders, and customer experience.

Talking about the investment, John Chambers, said, “All these things were there…I have picked up over 10 per cent share but don’t want to comment on the value…I am not a venture capitalist but I am more of a strategic advisor, I am a mentor and coach, I invest in early-stage companies.”

Other players in the Security Brigade, AppsPicket, AppSecure, Kratikal Tech, and HaltDos, among others.

According to reports, the global cyber security market will be worth $202.36 billion by 2021, up from $135 billion this year.


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