Delaware, US, and Chennai-based IT security firm on Wednesday said it raised $10.5 million in a Series A funding round led by Tiger Global. Software-as-a-Service (SaaS) focused Together Fund and returning investor Accel also participated in the round.
Freshworks CEO Girish Mathrubootham and Manav Garg, Founder of Eka1.com — who set up Together Fund with others — were some of the early investors in Securden during its seed round of $1.2 million in July 2020.
Securden will utilise the capital to scale its research and development, sales, and marketing operations. It will also use the funds to grow its global team, accelerate executive hiring, and expand its product portfolio, the company said in a statement.
Founded in 2017 by former Zoho executives Bala Venkataramani and Kumaran Balan, Securden offers access security and governance platform for IT services, DevOps, and cloud environments. The startup caters to small and medium businesses, large enterprises, and Fortune 500 companies.
“Access security today is siloed, complex, and broken. Organisations have to deploy multiple point products and security tools, which lead to multiple configurations, numerous training and consultancy sessions, and significant spending,” said Bala Venkataramani, CEO of Securden Inc, in a statement.
He added, “The siloed approach often leaves them vulnerable to breaches and attacks. Securden vastly simplifies access security with one platform offering holistic, organisation-wide protection across environments; automated, just-in-time, just enough zero-trust access; and analytics-driven security ensuring 360-degree visibility — all at point-and-click simplicity.”
Securden counts North America as its primary market, with a 45 percent customer base, followed by Europe and the UK at 40 percent. While the startup did not disclose its revenue figures, it is split equally between enterprise customers and SMB plus mid-market segments.
“We count on many large banking and financial institutions, manufacturing companies, healthcare organisations, IT service providers, government agencies, and educational institutions across the globe as our customers. Some of the most prominent brands are our customers,” Bala told YourStory.
He added the startup has a 30-member team in India, which it aims to grow by 3X over the year across streams, including engineering, sales and marketing, customer support, and HR.
The COVID-19 pandemic-led digital transformation and increased cybersecurity spending have seen renewed investor interest. Cybersecurity company Securonix raised $1 billion led by Vista Equity Partners in February 2022. On the other hand, CloudSEK raised a Series A round of $7 million led by MassMutual in December 2021.
Edited by Suman Singh