Cybersecurity firm CloudSEK has raised $2 million in its pre-Series A funding led by Exfinity Venture Partner and Startup Speed. The firm which promises to build a risk-free digital security ecosystem will use the newly raised funds to evolve its flagship product XVigil, a unified risk management platform.
Commenting on the post-funding plan Sourabh Issar, the CEO, CloudSEK, said, “Being a product-only organization our revenues are generated primarily through license sales. This investment for us is a vote of confidence from some of the eminent architects of the Indian IT Industry. We plan to utilize the funds to develop the existing products and expand our presence in India as well as South East Asia.”
CloudSEK provides cybersecurity solution in the financial, e-commerce and transportation sector, and now it plans to target the pharmaceuticals, petrochemicals and retail industry. The startup’s AI-based cyber risk management product XVigil uses real-time data for detection and prevention of cyber threats. This flagship product is currently used by companies such as HDFC and Federal Bank amongst others. Beside X-Vigil, Cloudmon is another product by CloudSEK which tracks network and application related security issues.
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 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,” said Chinnu Senthilkumar, General Partner & CTO, Exfinity Venture Partners.
Founded in 2015 by Rahul Sasi, CloudSEK is a cybersecurity platform powered by machine learning. The company with its headquarter in Singapore and an operational center in Bengaluru, India, was seed funded in 2015 by Meeran Foundation the investment arm of Kochi based Eastern Group.