Mumbai headquartered Sequretek, one of India’s fastest growing cyber-security company, has raised Rs 27 crores (~ US$3.7 million) in a bridge round. The round has been led by Unicorn India Ventures and co-investors include GVFL and Sharad Sanghi, MD & CEO, Netmagic. Both Unicorn India Ventures and GVFL invested in Sequretek last year in a pre Series A round. Sharad Sanghi has invested in this round in a personal capacity. This is 2nd institutional round raised by Sequretek.
Launched in late 2013, by Anand Naik, former India and Saarc head, Symantec and Pankit Desai, Sequretek uses artificial intelligence (AI) and deep learning to download malware and dissect it to get to the signature of the malware designer. It Immediately issue industry wide advisory and warn of a possible attack. Conduct phishing campaigns within client environment. With an aim to provide cutting edge products and solutions in the area Information Security, Sequretek has articulated its vision to build out a strong product footprint in each of the areas that it operates, and using it as a force multiplier to solve complex enterprise security needs.
Pankit Desai, Co-founder & CEO, Sequretek says, “The Company has been growing much faster than expected. Our enterprise client base is expanding with newer segments such as manufacturing, pharma, services and retail coming on board whilst maintaining a strong traction in the financial sector. These freshly infused funds will help Sequretek scale up faster in India as well as internationally too.”
Sequretek is gearing up for international debut in North America, world’s biggest cyber security market. The freshly raised funds will be used to set up offices there, hire local talent and sign top clients in spanning industry segments BFSI, tech, retail and online brands.
The Company is also a week away from announcing its enterprise grade endpoint security solution – EDPR.
Anand Naik, Co-founder & CEO, Sequretek says, “We are a few days from the commercial roll out of EDPR, which is an AI powered endpoint security solution for enterprises. The funds raised will help us achieve international industry benchmarking for EDPR as we believe this will a game changing product in the endpoint security space.”
Unicorn India Ventures and GVFL, who made their first investment in Sequretek last year, have invested in this round with the former leading the round.
Anil Joshi, Managing Partner, Unicorn India Ventures says, “At Unicorn India, our belief is to identify passionate entrepreneurs with an acute business sense and a drive to scale up their ventures. We see that quite clearly in Sequretek. We want to continue to be their growth partners and hence we decided to lead this round to provide them with runway in order achieve the milestones they have set for themselves.”
Sequretek currently works with more than 50 enterprise clients in BFSI, media, tech, pharma and manufacturing. The Company employs more than 300 professionals and is operationaly break even.
Its been after a long time that a cybersecurity startup has raised a funding despite of the fact that India needs more such cybersecurity innovations in order to handle ever growing security breach in cyber space of the country. According to an IBM study conducted by Ponemon Institute, while the average cost of a data breach in 2017 decreased by 10 per cent globally when compared to the 2016 figure, but for the Indian enterprises, it grew by 12.3 percent from Rs 97.3 million in 2016 to Rs 110 million in 2017.
John Shier, Senior Security Expert at the Abingdon, UK-headquartered Sophos, had said that India has well-trained, well-educated and capable IT people. The country has got access to all the tools it needs to secure its systems. Yet, in the case of a big cyber attack, India is still unprepared.
In March last year, we reported about Block Armour, an another Mumbai-based cybersecurity startup, which is harnessing the potential of blockchain and emerging technology to reclaim the world of cybersecurity.