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Wegilant, a start-up incubated by IIT-Bombay, has raised $500,000 (about ₹3.5 crore) from existing investors in a pre-institutional funding, which the company intends to use for corporate purposes. The mobile security services firm is also in the process of raising another funding of about $3-4 million.
“This is the second round of funding and the investors in this round are the same in the first round. We had raised about ₹1 crore in the first round,” Wegilant Chief Executive Officer Toshendra Sharma told BusinessLine .
The investors in the second round (pre-Series A Round) include Ravi Gururaj (Product Council Chairman at Nasscom), Gaurav Sharma (Director at Yahoo!) and Viswanath Ramachandran (former Chief Technology Officer, GupShup). Private equity firm RippleWave and a global IT security firm (name not divulged) were also part of the investment.
“The funds will be used for technology expansion, R&D and customer acquisition, while we are also expanding our services to iOS and Windows operating systems from the present Android environment,” Sharma added.
Eyeing more funds The company is also in talks with a clutch of venture capital firms for its third round of fund-raising of about $3-4 million. Sharma, however, declined to reveal the details.
Wegilant was founded in 2011 by Toshendra Sharma, and the company’s flagship product is Appvigil, a mobile reputation protection suite for enterprises.
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