IDG, Axilor Ventures Pump Seed Investment in Bot Protection Platform
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The growing bot traffic on the internet has been a serious concern to online businesses and has resulted in significant losses in the last few years. Launched in March 2016, InfiSecure, a real-time bot detection and protection platform, today raised $600,000 in seed funding from IDG Ventures and Axilor Ventures.
InfiSecure is a bot protection platform that sanitizes a website's traffic and improves business metrics using a 24x7 active SaaS solution. The company is already protecting several global online businesses from scraping, bot abuse, fake traffic fraud, content theft, form spam and other online frauds that are caused by bots. InfiSecure gives businesses insights about their bot traffic and eliminates bad, unwanted or suspicious behavior in real-time.
Founder Abhilash Pandey said, "There cannot be a more relevant time for InfiSecure's bot protection platform than now, when bots constitute more than half of the global internet traffic. With evolving technologies, bot frauds have reached new heights, negatively impacting every online business in more ways than ever before. With InfiSecure, we help businesses keep their websites secured so that they can focus on their core businesses."
"Bot protection is an emerging space and we believe has a large global market potential. We are very impressed with InfiSecure team and are happy to partner with them in this journey", said Venkatesh Peddi, Executive Director, IDG Ventures
With the funds raised, the company plans to invest more on research and global business development. There will be a strong focus on technology innovation to cover more aspects of website protection.
Mr Ganapathy Venugopal, Co-founder and CEO of Axilor, added, "The demand for cybersecurity solutions is on the rise among online businesses to protect them from growing bot traffic. The InfiSecure team is well placed to solve this problem."
Inception of the idea
"The ideation of InfiSecure took place when we were working at Microsoft. We knew that the growth rate of 'Online Bots' was very high, and it was becoming a significant worrying factor for online businesses. More and more businesses globally were complaining of not knowing their true website traffic, let alone the frauds that they were witnessing. The online bots are increasingly becoming serious security threats to all online businesses, both big and small. Moreover, an in-house solution is time consuming, requires very large expenses and requires tremendous amounts of maintenance efforts. So an effective plug and play bot protection solution that is cost effective was needed," Co-founder Sandeep Singh said.
The need for VC funds
Talking about the seed round of funds Sandeep said, "We did not raise any funds when we started up, we kept things bootstrapped. We had been awarded cloud worth $120k by Microsoft for the technology that we were building, so bootstrapping became a lot more easier. Post launch of the product, we saw a swarm of incoming product demo requests, and things thereafter worked in our favour with multiple global businesses signing up for our SaaS service. That was when we needed to hire more people to be able to support the incoming traction, and so we approached IDG, where our first meeting itself had set the ball rolling."