The company will use the fresh funds to evolve its SaaS-based flagship product Xvigil, and to expand its footprint in India and Southeast AsiaRashi Varshney
Artificial Intelligence (AI)- based digital risk management and cybersecurity platform provider CloudSEK has raised pre-Series A funding of Rs 3.5 crore from IDFC-Parampara.
This round is part of the $2.5 million (approximately Rs 17 crore) pre-Series A funding that CloudSEK has raised so far. Started in 2015 by cybersecurity expert Rahul Sasi, CloudSEK's investors include Exfinity Ventures, former Infosys board member V Balakrishnan, StartupXseed Ventures, and ME Meeran trust.
In a statement, CloudSEK said it will use the fresh funds to evolve its SaaS-based flagship product Xvigil. Headquartered in Singapore, CloudSEK's operational centre is located in Bengaluru. With the total money raised the company is looking at expanding its footprint in India and Southeast Asia.
IDFC-Parampara is an early stage opportunities fund, with offices in Mumbai and Hyderabad. The Fund seeks to make pre-Series A investments in companies across sectors where technology, intellectual property and innovation are primary differentiators.
After catering to sectors like financial services, ecommerce and transportation, CloudSEK is now planning to target the pharmaceuticals, petrochemicals and retail industries. Some of its existing clients include Axis Bank, Federal Bank, NPCI, OLAM, Larsen and Toubro, Go-Jek, HDFC Bank, and Bankbazaar etc. On the fundraise, CloudSEK CEO Sourbh Issar said,
"With increasing awareness about cybersecurity, we are seeing urgency in demand, which has translated into us doubling our revenues in the last four months."
A recent EY Global Information Security Survey, which took in responses from 230 C-suite leaders from different companies in India showed that around 70 percent of the organisations in Indian plan to increase their cybersecurity budgets, and that cybersecurity has become a major concern for organiations across verticals, revenue bands and geographies.
The survey also revealed that more than half (56 percent) of the respondent organisations consider cybersecurity as an integral part of their strategy and future plans. The EY report says that the interest in cybersecurity reporting at the board level has grown from attempts to understand technology to the point where boards now have a fiduciary responsibility to manage cybersecurity risk.