Posted by Bangalore: CloudSEK, an information security risk management SaaS-based startup, has raised ₹14 crores in its pre-Series A investment led by Exfinity Venture Partners and StartupXseed. CloudSEK will leverage the freshly raised funds to evolve its flagship product XVigil, a unified risk management platform. The startup will also use the funds to expand its footprints in India and South East Asia. After establishing itself as a preferred cybersecurity solution in the financial, e-commerce and transportation sector, CloudSEK now plans to target the pharmaceuticals, petrochemicals and retail industry.
Rahul Sasi, founded CloudSEK in 2015 with headquarter in Singapore and an operational center in Bangalore. CloudSEK, a cybersecurity platform powered by machine learning, entails Sasi’s journey from being a college dropout to becoming a successful tech entrepreneur. Being criticized for dropping out of engineering college and predicted for a career failure, Sasi continued his journey as an ethical hacker and security expert through his successful career. Before co-founding CloudSEK, he has worked with software company Citrix Systems.
Commenting on the post-funding plan Sourabh Issar, CEO – CloudSEK, said; “Being a product-only organization, our revenues are primarily generated 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 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. Cloudmon, another product by CloudSEK, tracks network and application related security issues associated with the client. The startup was seed funded in 2015 by M.E. Meeran Foundation, the investment arm of Kochi-based Eastern Group.
“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, cyberattacks are on the rise and about 500,000+ cyberattacks 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.
Speaking of its investment, Ravi Thakur, Partner, StartupXseed Ventures said, “Technology is redefining the way Risk Management is being practiced and CloudSEK has forayed into that space with applications in Cyber Security. Looking at their product, clientele and growth rate, they have struck the right chord to crack the business. Moreover, what fascinated us is their way of solving the problem which is very effective and scalable at large along with strong team background and execution capabilities.”
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, five of which are unicorns.
“Federal Bank and CloudSEK have had a relationship since July 2017 and it is a relationship that has grown over the last few months. Cybersecurity is a key risk for the financial services industry and CloudSEK has played an important role in mitigating some of the risks we experience in the fast-changing digital world,” said Shalini Warrier, CFO – Federal Bank.
“It has been a great experience working with the team at CloudSEK, their focus on building a Machine Learning driven Digital Risk Management platform is commendable,” said Sameer Ratolikar, EVP & CISO – HDFC Bank.
CloudSEK has been helping organizations by providing them timely, specific and actionable intelligence, thereby preventing digital security infractions. The start-up promises to build a risk-free cyber security ecosystem in Asia. The exclusive gamut of cyber security tools offered by CloudSEK is all set to make India ready for what is being assumed to be the next phase of the digital revolution