The cybersecurity startup will use the freshly raised funds to evolve its cyber risk management product, Xvigil, and for expanding its presence in India as well as South East Asia
CloudSEK, an artificial intelligence (AI)-driven unified risk management startup, has raised US$ 2 million (around Rs 14 crore) in a pre-Series A round led by Startup Speed and Exfinity Venture Partners.
The cybersecurity startup will use the freshly raised funds to evolve its cyber risk management product – XVigil. It will also utilise the funds for expanding its presence in India as well as South East Asia.
The startup’s flagship product XVigil uses real-time data for detecting and preventing cyber threats. Currently, the platform is used by e-commerce and fintech companies which include Federal Bank and HDFC, among others.
After establishing itself as a preferred provider of cyber security solutions in the e-commerce, fintech and transportation sector, the company is now planning to target the petrochemicals, pharmaceuticals and retail industry.
To develop existing products
Commenting on the development, Sourabh Issar, CEO, CloudSEK, said, “Being a product-only organisation our revenues are generated primarily through license sales. This investment for us is a vote of confidence from some of the eminent architects of the Indian IT Industry. We plan to use the funds to develop the existing products and expand our presence in India as well as SouthEast Asia.”
Speaking about the investment, Shailesh Ghorpade, Managing Partner and CIO of Exfinity Ventures, said, “Cyber-security space holds immense potential in India with the increasing frequency of high profile digital security infractions. CloudSEK has successfully managed to optimised the business opportunity in the digital security sector.”
Exfinity Ventures Partners, led by Infosys founders Mohandas Pai and Balakrishnan V, is investing in CloudSEK from its second round of fund of Rs 300 crore. With the investment, CloudSEK becomes the few cyber security startups in India that have caught the attention of venture capitalists who are looking at privacy investments as risk increases.
The startup, founded by Rahul Sasi in 2015, was seed funded by Meeran Foundation, an investment arm of Kochi-based Eastern Group.