[Funding alert] Cybersecurity startup Securden raises $1.2M from Accel, Freshworks founder, others
Chennai and US-based cybersecurity startup Securden Inc has raised $ 1.2 million in a seed investment round led by Accel with participation from Girish Mathrubootham, founder and CEO of Freshworks; Axilor Ventures; Manav Garg, founder and CEO of Eka1.com; and CaratLane CEO Mithun Sacheti.
Secureden will use the funding to expand the company’s marketing, R&D, and customer support.
Incorporated in 2018 by ex-Zoho executives Balasubramanian Venkatramani and Kumaran Balan, who carry over 15 years of experience each in creating software products in core IT security, Securden presents a new approach to solving the fundamental IT infrastructure access security challenges faced by IT, operations and security teams by preventing cyber attacks, insider exploits, and malware propagation.
In the wake of COVID-19 lockdown, the Securden suite caters to the needs of the remote workforce too. It offers a remote access solution for IT staff and an endpoint permissions management tool for remote employees that together make remote work secure and productive.
Balasubramanian Venkatramani, Co-founder and CEO of Securden said,
"Most of the existing solutions are complicated, expensive, disjointed, and rely heavily on consultancy services. Customers often have to choose between a complicated and super-expensive solution and a super-complicated and expensive one. Securden stands for simplicity, change, choice, and affordability in cybersecurity even for the smallest of the organisations.”
Securden said this investment round builds on Securden’s momentum as a company witnessing rapid adoption by enterprises - big and small - across the globe in banking, financial, government, healthcare, education, ecommerce, and IT services segments.
A report launched in May by NASSCOM-DSCI said the Indian cybersecurity services industry is expected to grow at a compound annual growth rate (CAGR) of about 21 percent to touch $13.6 billion by 2025. The industry had generated a cumulative revenue of about $4.3 billion in 2019, and this is expected to reach $7.6 billion in 2022, the report, titled India Cybersecurity Services Landscape, said. It added that cybersecurity is gaining even more attention from enterprises and governments due to the COVID-19 pandemic.
Prayank Swaroop, Partner at Accel, said: "Securden has built a comprehensive top-of-the-line privileged access management suite of products. Customers love Securden since it's easy to deploy and makes the life of the IT team less worrisome from threats. We are happy to do our seed investment in Bala and Kumaran “
Accel has earlier invested in companies like BlackBuck, BookMyShow, CureFit, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Qualtrics, Slack, Spotify, Supercell, Swiggy, UiPath, and UrbanCompany to name a few.
(Edited by Teja Lele Desai)