Cybersecurity Startup Sequretek Raises $8M Funding to Expand Its AI-Driven Security Ecosystem for Enterprises
Sequretek, a cybersecurity firm offering AI-based products for Security Monitoring, has secured $8 million (Rs 66.6 crore) in a Series A funding round led by Omidyar Network India.
As per the startup, the freshly raised funds will be used to scale its global operations, go-to-market strategies and drive the adoption of cybersecurity solutions for businesses in India and other markets.
The funding will also enable the startup to increase market share and profitability in the small and medium businesses segment. Narottam Sekhsaria Family Office and Alteria Capital also participated in the funding round, which was a mix of equity and debt infusion. In the round, $5.5 million was raised via equity, while the remaining $2.5 million was the debt component in the round.
SEQURETEK | AI-powered Percept Cloud Security Platform
Founded by Pankit Desai and Anand Naik in 2013, Sequretek is a cybersecurity startup that offers protection to businesses from cyber breaches using their artificial intelligence (AI)-powered percept cloud security platform (CSP).
The startup offers end-to-end security in the areas of enterprise threat monitoring, incident response (Percept XDR), device security (Percept EDR), identity & access governance (Percept IGA) through its AI-driven Percept Cloud Security Platform (PCSP).
Speaking about the development, Pankit Desai, Co-founder and CEO of Sequretek, stated that in the post-pandemic world, small and medium businesses have increasingly become more susceptible to cyber-attacks. Desai continued and highlighted that although SMBs have realized the need for efficient cybersecurity management, due to a lack of budget-friendly solutions and inadequate in-house resources, there is a large security gap in the sector.
He added,
“With our consolidated offerings and the backing of our investors, we’re channeling our efforts to increase accessibility and create awareness with an integrated cybersecurity management for SMBs.”
Statement from the Investor
Commenting on the development, Shilpa Kumar, Partner at Omidyar Network India, highlighted Omidyar’s focus on driving accessibility of privacy and data governance solutions, especially for small and mid-sized businesses.
Talking about Sequretek’s successful implementation of taking cutting-edge AI-driven cybersecurity products to underserved sectors in India in the last decade, Kumar added,
“Their digital plus working model has also demonstrated the business viability in catering to the burgeoning Indian SMB sector, which often lacks dedicated information security resources.”
As per the startup, it protects 150+ businesses globally and helps them meet regulatory/compliance needs. It claims to have clients across sectors such as banking and financial services (BFSI), media, healthcare, pharmaceuticals, manufacturing, retail, and logistics sectors in Tier-1, Tier-2, and Tier-3 cities.
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