CloudSEK Bags $1.97 Million Pre-Series A Funding To Push Global Expansion The start-up promises to build a risk-free cybersecurity ecosystem in Asia.
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The cybersecurity industry had been in the news recently after some tech giants faced some of the biggest data breaches. This has given rise to numerous startups ready to protect companies from cyber threats.
Singapore-headquartered information security risk management start-up CloudSEK offers cybersecurity platform powered by machine learning and promises to build a risk-free digital security ecosystem.
The startup's SaaS-based flagship product X-Vigil is a unified risk management platform, and the result of the company's four years of diligent research and development efforts. Another product named Cloudmon, tracks network and application related security issues associated with the client. CloudSEK, recently, raised $1.97 Million in its Pre-Series A investment led by Exfinity Venture Partners and StartupXseed.
Expanding The Global Footprint
The startup will leverage the freshly raised funds to evolve its product XVigil. Furthermore, it 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. Federal Bank, Go-Jek, Bank Bazaar, HDFC Bank and Grab Taxi are in CloudSEK's client list, five of which are unicorns.
Brainchild of Rahul Sasi, CloudSEK entails his 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, Rahul continued his journey as an ethical hacker and security expert through his successful career.
Commenting on the post-funding plan Sourabh Issar, the chief executive officer, 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."
Building A Risk-free Ecosystem
CloudSEK has been helping organizations by providing them with timely, specific and actionable intelligence, thereby preventing digital security infractions. The start-up promises to build a risk-free cybersecurity ecosystem in Asia.
According to Chinnu Senthilkumar, General Partner & chief technology officer, Exfinity Venture Partners, the losses due to cyber-related crime, worldwide, is estimated to be upwards of USD 600 Billion. Globally, Cyber Attacks are on the rise and about 500,000+ Cyber Attacks have already been reported in India in 2018.
"Many cyber 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," he said.