Using algorithms, Innefu thwarts virtual threats

The start-up raised $2 mn in Series-A round from IndiaNivesh Venture Capital Fund

Delhi-based Innefu Labs develops biometrics authentication and predictive intelligence for governments, public sector undertakings, corporate, and law-enforcement agencies.

Based on machine-learning algorithms, these products can predict and thwart virtual threats and reduce dependency on humans.

Founded by Tarun Wig and Abhishek Sharma in 2011, the firm has raised $2 million in Series-A round from IndiaNivesh Venture Capital Fund.

The company’s clients include Defence Research and Development Organisation, Border Security Force, Central Reserve Police Force, and Mahindra and Mahindra.

Drawing revenue from one-time licence fee and yearly maintenance, the company claims to be profitable so far. In the next two years, it aims to net 15 clients in Southeast Asia for full-fledged deployment of its products. By doing so, it looks to garner revenues worth Rs 30 crore.

Although it faces competition from Palantir, SAS, and IBM, the company also stares at a bigger pond, with the cyber security market estimated to grow from $122.45 billion in 2016 to $202.36 billion by 2021, at a compound annual growth rate of 10.6 per cent, according to a report by MarketsandMarkets.

“We are a completely ‘Made in India’ company, providing local solutions to our customers in India and abroad. We have the right blend of domain expertise with tech know-how to compete with the best in the world,” said co-founder Abhishek Sharma.

The company intends to invest in talent acquisition and in forays into Bangladesh and Sri Lanka.