Cybersecurity startup CloudSEK raises Rs 14 crore in pre-Series A fundingTarush Bhalla
CloudSEK will use the capital to improve its flagship product, a unified risk management platform called XVigil, and expand across India and Southeast Asia.
Information security risk management startup CloudSEK has raised Rs 14 crore in its pre-Series A investment, led by Exfinity Venture Partners and StartupXseed.
The SaaS-based company will deploy the funds to evolve its flagship product XVigil, a unified risk management platform. CloudSEK, which uses artificial intelligence and machine learning to power its cybersecurity platform, will also use the funds to expand its footprint in India and Southeast Asia.
Founded by Rahul Sasi in 2015, CloudSEK is headquartered in Singapore and has an operational centre in Bengaluru, India. The startup helps organisations by providing them with timely, specific, and actionable intelligence, preventing digital security infractions.
Commenting on the post-funding plan, Sourabh Issar, the CEO of CloudSEK, said:
“Being a product-only organisation, our revenues are primarily generated through licence sales. This investment is a vote of confidence from some of the eminent architects of the Indian IT industry. We plan to utilise the funds to develop existing products and expand our presence in India as well as Southeast Asia.”
After making a mark in the finance, ecommerce, and transportation sectors, CloudSEK now plans to target the pharmaceuticals, petrochemicals, and retail industries.
Explaining why they had backed the cybersecurity startup, Chinnu Senthilkumar, General Partner and CTO, Exfinity Venture Partners, said, "Globally, cyber attacks are on the rise; [more] than 500,000 cyber attacks have already been reported in India in 2018. Many of these attacks target BFSI networks, government departments, and may have the potential to cripple any economy. With companies increasingly adopting cloud solutions, CloudSEK's unique, non-intrusive solution can detect digital footprint leakages of any enterprise in real time, helping CSOs strengthen cyberdefence."
Speaking on their 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.”
CloudSEK already caters to leading banks, ecommerce, and technology organisations. Their client list includes Federal Bank, Go-Jek, Bank Bazaar, HDFC Bank, Grab Taxi, and five unicorns.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.