Lucideus raises $5 mn in funding led by John Chambers

Indian cyber security firm Lucideus Monday said it has raised USD 5 million (over Rs 36 crore) in funding, led by Cisco Chairman Emeritus John Chambers.

The funds will be used to expand "with razor sharp focus" its presence in the US as well as existing markets like India, Lucideus CEO and co-founder Saket Modi told PTI.

He added that the company has seen its revenues growing in triple digits year-on-year and has been cash flow positive for the last few years.

Lucideus had raised funding in May last year from a clutch of global executives like Google's Rajan Anandan, Facebook Messenger executive Anand Chandrasekaran and FreeCharge's ex-CEO Govind Rajan.

"The funds are being used to further strengthen our platform to provide more robust security to our enterprise customers that span across banking and financial services, retail and others," he said.

This is Chambers' second investment in India after speech recognition solutions company, Uniphore Software Systems.

He explained that he looks for factors like potential of the solution and the market opportunity as well as the founder/s and what the customers say before investing in a company.

"All these things were there...I have picked up over 10 per cent share but don't want to comment on the value...I am not a venture capitalist but I am more of a strategic advisor, I am a mentor and coach, I invest in early stage companies," he explained.

According to reports, the global cyber security market will be worth USD 202.36 billion by 2021, up from USD 135 billion this year.