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Lucideus raises funding from global tech, finance executives

Press Trust of India  |  New Delhi 

Indian cyber security firm Lucideus has raised an undisclosed amount from global executives like Google's Rajan Anandan, Messenger Director Anand Chandrasekaran and FreeCharge's ex-CEO Govind Rajan.

The angel funding was raised over the past few months and is being used to build a new platform and ramp up workforce across locations, including its lab in the US.

Other investors include Vellayan Subbiah (Cholamandalam MD), Amit Ranjan (Digilocker), Anurag Goel (Cactus Communication), Jonathan Boutelle (ex-Technology Director LinkedIn/SlideShare), Rahul Chawla (Deutsche Bank), Salil Donde (ex-EVP at NASDAQ), Sunil Kalra and Victor J Menezes.

"We received a lot of interest from investors but we chose these because we wanted to bring in experts from the world of technology and finance, who could help us with insights on the security platform that we are building," Lucideus CEO and co-founder Saket Modi told PTI.

He added that the company has seen its revenues growing at 700 per cent y-o-y, while being cash flow positive for the last four years.

"The funds are being used to build a platform to provide more robust security to enterprises. We will target banking and financial services, retail and others with the product," he said.

Modi added that the company will also aggressively push the platform in international markets, especially the US as the North American market accounts for a lion's share of the global cyber security market.

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

Modi said the company is also increasing its headcount, roping in experts.

"We hope to have a team of 200 people by the end of the year, from the current 110 people," he added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 09 2017. 22:32 IST
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