Mobile threat defence (MTD) start-up Protectt.ai plans to raise $10-12 million in Series A funding.
In a prelude, Manish Mimani, promoter and CEO, said the company is in advanced talks to raise about $3 million and the pre-series A fund round is expected to conclude in the March quarter.
“While we cannot reveal the details at this point, a prominent Mumbai-based fund and another Bengaluru-based VC are likely to be part of the pre-Series A funding,” he added.
Protectt.ai will use the funds to further innovation advancements in the RunTime Application Self Protection driven Mobile Threat Defense. Mimani emphasises that his company’s distinct approach is to come up with RunTime Application Self Protection-based mobile threat defence mechanism-driven Mobile Threat Defence (MTD), which is a new concept in the global cyber security value chain.
“A portion of the funds will also be used to complement our expansion pursuits. We aim to nurture talent in mobile cyber security space to contribute towards building world class, homegrown cyber security solutions,” said Mimani.
The RASP (Runtime application self-protection) based mobile app security solution provides Mobile Banking, Financial and Government Services Apps security against cyber threats and frauds and can be embedded to protect the CBDC (Central Bank Digital Currency) Mobile app.
Mimani explains further, “In a mobile-first-digital-first world that we live in, more specifically in the post-pandemic world, the need of the hour is to make the end-user more secured and empowered from a cyber security perspective.”
The company intends to provide mobile app and device security, covering 2 billion mobile app sessions every month, spanning over 200 million smartphone users in India.
Protectt.ai has several products – AppProtectt, AppProtectt Lite, AppBind, MProtect Biz+, RealTimeProtectt and Platform – for corporates and SMEs. It has set up offices in Gurgaon, Mumbai and Chennai, including an innovation centre where a team of dedicated product and cyber security experts solve complex mobile cyber security challenges.