Cybersecurity Startup FireCompass Raises $7 Million In Funding
FireCompass, a cybersecurity startup, has raised $7 million (around Rs 57.9 crore) in a funding round co-led by Cervin and Athera Venture Partners (formerly Inventus Capital).
Existing investor BIF (Bharat Innovation Fund), part of the Indian Institute of Management (IIM) Ahmedabad’s incubator Centre for Innovation, Incubation and Entrepreneurship (CIIE), also participated in the funding round.
As per the startup, the freshly raised funds will be used for scaling operations within India and the US, hiring and geographical expansion.
FireCompass | Continuous Automated Red Teaming and Attack Surface Management
Founded by Bikash Barai, Nilanjan De and Priyanka Aash in 2019, FireCompass is a Bengaluru and Boston-based startup that offers a software-as-a-Service (SaaS) platform for security assessments like Continuous Automated Red Teaming (CART) & Attack Surface Management (ASM).
Speaking about the development, Bikash Barai, Co-founder of FireCompass, said,
“At FireCompass, our vision is to make continuous automated red teaming (CART) available to all so that organisations can continuously discover and test all their assets at all times – just like the real attackers.”
The cybersecurity startup also provides a solution for cybersecurity preparedness, such as breach preparedness and cybersecurity maturity. It continuously indexes and monitors the deep, dark & surface web to map out an organization’s digital attack surface, including Shadow IT blind spots.
FireCompass counts firms like Sprint (which is now a part of T-Mobile), Nykaa, Manthan, Security Innovation, and Larsen & Turbo as part of its client portfolio.
The Indian cybersecurity services industry is expected to grow at a CAGR of about 21% to touch $13.6 billion by 2025, highlighted a report by NASSCOM -DSCI. In 2021, the cybersecurity services and product industry in India generated a revenue of USD 9.85 billion, as per a report by the Data Security Council of India (DSCI).
Last month, WhizHack, a Gurugram-based cybersecurity startup, raised pre-Series A funding of $3 million (around Rs 24.4 crore) from its existing investors Vedswasti Holdings and SAA Capital, which valued the company at $40 million. In 2022, several cybersecurity startups, including SubCom (Subconscious Compute), SafeHouse Tech, Securden, and BluSapphire Cyber Systems, raised funds.
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