Spanugo raises money from Ideaspring Capital and The Fabric

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Chennai and Silicon Valley-based Spanugo has raised money from the early-stage startup investment firm Ideaspring Capital and Silicon Valley-based pre-series A foundry and accelerator, The Fabric along with a few angel investors. The amount raised is yet to be disclosed. The funds raised will be used by the company to market and acquire development talent.

Spanugo provides SaaS-enabled security solutions to its clients to improve the overall security infrastructure. It was founded by Doss Karan and Vaidhyanathan R in 2017. The security solutions designed by the company are agile and it has used the cloud and SaaS to deliver automated solutions for the clients.

Doss Karan, Chief Executive Officer, Spanugo, said, “As the Chief Information Security Officer (CISO), your job is to make sure that your IT assets are safe from an external breach. You also need to comply with various requirements and standards. The only way to do this was an audit, but it is manual. We are automating validation,”.

Ideaspring Capital, an investor in Spanugo is a 125 crore early-stage fund that was launched by Naganand DoraswamyPrashant Deshpande, and Arihant Patni in April 2016. It is focused on funding startups in the field of deep learning, artificial intelligence, internet of things, augmented reality, virtual reality along with big data analytics.

A few startups in its portfolio include Zapty, an online project management tool, Peritus, an AI-based startup along with augmented reality-based startup, Whodat.

Another Spanugo investor, The Fabric, a Silicon Valley-based accelerator was founded by Rajan Raghavan, Prabakar Sundarrajan, and Sumant Mandal in 2012. It is focused on funding and helping startups in the cloud and the internet of things space.

Along with Spanugo, other startups in its portfolio include, IoTium, an internet of things based startup, Pensa, a network service delivery platform, and appcito, a cloud application delivery startup among many others.

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