CloudSEK, an information security risk management SaaS-based start-up, on Wednesday, said it has raised ₹14 crore in a pre-Series A investment round led by Exfinity Venture Partners and StartupXseed.

CloudSEK will use the freshly raised funds to evolve its flagship product XVigil, a unified risk management platform. The company will also use the funds to expand its footprint in India and South-East Asia.

After establishing itself as a cyber security solutions provider in the financial, e-commerce and transportation sectors, CloudSEK now plans to target pharmaceuticals, petrochemicals and retail industry, Rahul Sasi, Founder, said.

Sasi founded CloudSEK in 2015 with headquarters in Singapore and an operational centre in Bengaluru.

CloudSEK offers cyber security platforms powered by machine learning and promises to build a risk-free digital security ecosystem.

X-Vigil is the outcome of the company’s four years of research and development efforts. Cloudmon, another product by CloudSEK, tracks network and application related security issues associated with the client.

The start-up was seed-funded in 2015 by ME Meeran Foundation, the investment arm of Kochi-based Eastern Group.

The losses due to cyber-related crimes, worldwide, are estimated to be upwards of $600 billion per annum. Globally, cyber attacks are on the rise and over 5,00,000 have already been reported in India in 2018.

Many of these attacks are targeted at BFSI networks, government departments and may potentially end up targeting power grids or oil and gas pipelines which can cripple an economy.

CloudSEK’s clients include Federal Bank, Go-Jek, Bank Bazaar, HDFC Bank and Grab Taxi.

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