The cybersecurity market in India was valued at nearly Rs 140 billion in 2019. With the growth in digital adoption, leading to increased attacks online, the market is estimated to reach close to Rs 290 billion by 2025, as per a Statista report.
The COVID-19 pandemic has accelerated the adoption of online channels for consumers, companies, and industries. To stay competitive in the market, businesses are going digital, leading to an increase in cyber threats. This has resulted in a rise in cyberattacks that has led to increased demand for cybersecurity.
These startups not only predict cyberattack even before they occur but also provide complete visibility, advanced detection, response, and scalability to the customer through software tools, standalone solutions, managed services, vulnerability analysis and consulting, outsourced technology support etc on their AI (artificial intelligence) and ML (machine learning) driven platform.
YourStory has curated a list of recently funded cybersecurity startups making great strides in the sector.
Securonix
Started in 2008 by second-time entrepreneurs Sachin Nayyar and Tanuj Gulati, US-based cybersecurity startup Securonix offers software-as-a-service (SaaS) based multi-tenant security analytics, operations, and response platform for security threats to enterprises. The startup also provides complete visibility, advanced detection, response, and scalability to its customers.
The platform started its India sales in 2019. It has offices in Pune and Bengaluru in India and claims to employ over 1000 employees globally having over 300 employees from India. The platform also offers flexible deployment models across multiple cloud service providers, such as Snowflake and AWS.
As per startup, it worked with nearly 22 channel partners, including Managed Security Service Providers (MSSP), System Integrators (SI), distributors, and others to expand its customer base. Wipro is one of its largest MSSP and SI partners globally.
In February 2022, it raised $1 billion led by investment firm Vista Equity Partners along with participation from returning investors Volition Capital and Eight Roads Ventures.
Securonix will utilise the capital to make significant investments in global talent acquisition, adding senior leaders across engineering, cloud operations, threats labs as well as sales and marketing.
Prior to this, Securonix had raised $24 million from Capital One Ventures in March 2021.
Securden
Founded in 2017 by former Zoho executives Bala Venkataramani and Kumaran Balan, US and Chennai-based cybersecurity startup Securden offers access security and governance platform for IT services, DevOps, and cloud environments.
The startup caters to small and medium businesses, large enterprises, and Fortune 500 companies.
Securden counts North America as its primary market, with a 45 percent customer base, followed by Europe and the UK at 40 percent.
The startup has a team of 30 members in India and further, it aims to grow by 3X over the year across streams, including engineering, sales and marketing, customer support, and HR.
In April 2022, it raised $10.5 million in a Series A round led by Tiger Global Management. SaaS-focused Together Fund and returning investor Accel also participated in the round.
As of now it has raised a total of approximately $11.7 million.
As per the startup, it will utilise the funds to scale its research and development, sales, and marketing operations. It will also use the funds to grow its global team, accelerate executive hiring, and expand its product portfolio.
CloudSEK
Founded in 2015 by Rahul Sasi, Singapore-based cybersecurity startup and having most of its operations and engineering based in India, CloudSEK predicts cyber-attacks, even before they occur, by leveraging its AI platform.
CloudSEK’s digital risk monitoring platform XVigil caters to organisations across verticals, including some of the world’s top banks, technology companies, healthcare organisations, and retail giants such as ICICI, NPCI, CRED, Sun Pharma, Reliance, Tokopedia, OLA cabs, and Decathlon.
It also launched security search engine BeVigil, which allows users, developers, and researchers to evaluate the security of their applications. BeVigil is currently free to use and has 10,000+ users and 400+ corporate accounts across 20+ countries.
In December last year, it raised $7 million in its Series A round led by MassMutual Ventures. Total $10 million has been raised by the startup so far.
The round also saw participation from Omidyar Network India, 100x Entrepreneur, individual investors Firoz Meeran and Navas Meeran (Group Meeran), and CRED founder Kunal, Naresh Shah’s QED Innovation Labs. Existing investors Exfinity Venture Partners, IDFC Parampara, and StartupXseed Ventures also participated.
The startup will use the funds to accelerate CloudSEK’s sales and marketing efforts across Asia-Pacific, the Middle East, and North America. CloudSEK will also ramp up its research and development to combat the increasingly sophisticated global threat landscape.
SecureThings.ai
Founded in 2018 by Vishal Bajpai, SecureThings.ai provides specialised machine learning-based cybersecurity for all automobiles, be it a commercial vehicle, a passenger vehicle, an electric vehicle, or a motorbike.
Its unique six-layer protection solution provides comprehensive real-time security to the automotive ecosystem.
The automotive cybersecurity startup is headquartered in California, USA, and has a large R&D center at Pune to cater to existing customers in the India and the Asia Pacific and Japan (APJ) market.
SecureThings.ai offers end-to-end solutions through its five-pronged approach for vehicle security: detection, response, recovery, identification, and protection to OEMs, tier-I suppliers, and subsystem manufacturers using patented machine learning-based solutions.
The startup claims that its threat intelligence and cloud protection platforms offer complete control, comprehensive monitoring, and effective resolution methodologies to the OEMs, shared services operators, and fleet managers.
The startup has raised $4.4 million so far. In February 2022, it secured $3.5 million in pre-series A round led by Inflexor Ventures along with the participation from 9Unicorns, RPG Ventures, SAB Holdings, and various UHNIs.
The company aims to utilise the funding towards product enhancement, business growth in India and overseas markets, augmenting the India and US teams, and sales and marketing.
Com Olho
Launched in 2019 by Abhinav Bangia, Gurugram-based cyber security and IP-led analytics startup Com Olho uses deep learning and clustering to analyse enterprises’ data and identify fraudulent patterns with high probability of success.
The startup claims to be granted a patent for non-rule-based ad fraud detection. Using this, it will be able to provide at least 20 percent MoM savings to even cost per sale (CPS) campaigns and improve ad viewability by its safety toolkit.
Its product suite comprises an end-to-end AI based solution from identifying sources of malpractice, empirically proving the fraud, and providing a ready real time dashboard with interpretation resulting in deterministic savings.
The startup is also working towards first party data and encrypted digital governance. It works with some of the global financial and ecommerce companies like Indiabulls Group, Airtel, Aditya Birla Group, Revv etc.
In February 2022, it raised Rs 1.8 crore in a seed round led by Inflection Point Ventures.
The funds raised will be utilised towards tech hiring, tech attack improvement and aggressive market penetration (India, MENA & APAC).
WiJungle
Launched in October 2014 by Karmesh Gupta and Praveen Gupta, Gurugram-based network security platform WiJungle enables organisations to secure and strengthen their entire network through a single window.
The AI and ML-driven security platform offers a comprehensive security stack encompassing multiple standalone solutions like network firewall, web application firewall, hotspot gateway, SD-WAN, data leakage prevention, and vulnerability assessment, among others.
Its AI-powered capability and unified single-window network management ability empower enterprises to streamline their cybersecurity operations cost-effectively.
WiJungle is currently serving the government and private giants across industry verticals like hospitality, healthcare, education, defence, transportation, retail, BFSI and ITES, among others in pan India.
The startup claims that it is among the highest-rated vendors on Gartner in network security and caters to the cybersecurity needs of businesses across multiple countries.
The startup also professes that it has mitigated over three billion cyber threats and served 1500+ customers so far.
It is getting the highest traction from the cities like Delhi, Mumbai, Bengaluru, and Chennai. The platform is majorly targeting the organisations having less than $1 billion annual revenue.
Recently it raised an undisclosed amount in seed round at a valuation of $22 million from SOSV, a global venture capital firm based out of the United States that operates early-stage startup development programs.
The startup aims to leverage the capital to enhance technical capabilities and boost its sales expansion plans.
Source: yourstory.com
