Singapore-headquartered SaaS-based cybersecurity startup CloudSEK has raised $1.97 Mn in a Pre-Series A funding round led by Exfinity Venture Partners and StartupXseed.
Bengaluru, 28 Nov, 2018. RedNewswire/-
CloudSek, founded in 2015 by Rahul Sasi, provides a cloud-based platform for cyber risk & threat detection.The product x-Vigil scans the web covering surface and dark web for the enterprise-focused data relevant to its client identified as IP, pattern and/or keywords.
According to an official statement, CloudSEK will use the funds to expand in India and Southeast Asia. It also plans to dedicate proceeds to develop XVigil, its risk management platform, and to target new industries such as pharmaceuticals, petrochemicals and retail.
The company was seed funded by ME Meeran Foundation, the investment arm of Kochi-based Eastern Group. Today, CloudSEK’s clients include Federal Bank, Go-Jek, Bank Bazaar, HDFC Bank and Grab. The start-up promises to build a risk-free cyber security ecosystem in Asia.
“Being a product-only organization, our revenues are primarily generated through license sales. This investment for us is a vote of confidence from some of the eminent architects of the Indian IT Industry,” said CloudSEK CEO Sourabh Issar.
Chinnu Senthilkumar, General Partner & CTO, Exfinity Venture Partners,said, “The dark web is moving faster than Law Enforcement agencies. The losses due to cyber-related crime, worldwide, is estimated to be upwards of USD 600 Billion. Globally, Cyber Attacks are on the rise and about 500,000+ Cyber Attacks have already been reported in India in 2018. Many of these attacks are targeted towards BFSI networks, Government Departments and may potentially end up targeting power grids, oil and gas pipelines which 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 the CSOs to strengthen the Cyber-Defence.”
Speaking of its investment, Ravi Thakur, Partner, StartupXseed Ventures said, “Technology is redefining the way Risk Management is being practiced and CloudSEK has forayed into that space with applications in Cyber Security. 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.”