CloudSEK, an information security risk management SaaS (software as a service) based start-up, has raised $2 million in its pre-series A investment led by Exfinity Venture Partners and StartupXseed.
Founded in 2015 by Rahul Sasi, the tech start up is headquartered in Singapore and has an operational centre in Bengaluru.
CloudSEK will leverage the freshly raised funds to evolve its flagship product XVigil, a unified risk management platform. The company will also use the funds to expand its footprints in India and South East Asia. After establishing itself as a preferred cyber security solution in the financial, e-commerce and transportation sector, CloudSEK now plans to target the pharmaceuticals, petrochemicals and retail industry.
The start up offers cybersecurity platform powered by machine learning and promises to build a risk-free digital security ecosystem. X-Vigil, CloudSEK’s SaaS-based flagship product is an outcome of the company’s four years of diligent research and development efforts. Similarly, Cloudmon, another product by CloudSEK tracks network and application related security issues associated with the client. It was seed funded in 2015 by ME Meeran Foundation, the investment arm of Kochi based Eastern Group.
CloudSEK already includes leading banks, e-commerce and technology organizations in its clientele.
Federal Bank, Go-Jek, Bank Bazaar, HDFC Bank and Grab Taxi are in CloudSEK’s client list.
“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,” said Sourabh Issar, chief executive officer, CloudSEK.
The dark web is moving faster than law enforcement agencies. The losses due to cyber-related crime, worldwide, is estimated to be upwards of $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 (Banking, Financial Services & Insurance) 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 and chief technology officer at Exfinity Venture Partners.