New Delhi, Jan 13 Bengaluru-based cybersecurity firm CloudSEK on Tuesday announced that it has raised $10 million, or about Rs 90 crore, from Connecticut Innovations, the strategic venture capital arm of the US state of Connecticut.
With this investment, CloudSEK has become the first Indian-origin cybersecurity company to receive backing from a US state-backed venture fund, marking a major milestone for the firm as well as for India’s cybersecurity ecosystem.
The latest funding forms part of CloudSEK’s Series B2 round, completing its overall Series B fundraising.
Earlier, the company had raised $19 million in its Series B1 round. With this tranche, CloudSEK has now raised a total of around $39 million so far, at an enterprise valuation close to $200 million.
CloudSEK co-founder and chief executive officer Rahul Sasi said the investment strengthens the company’s global expansion plans and reflects growing global confidence in Indian cybersecurity innovation.
He said the funding from Connecticut Innovations is not just important for CloudSEK, but also a significant moment for the wider Indian cybersecurity industry.
Sasi said the fresh capital will be used to expand CloudSEK’s presence in the United States and create high-end, well-paying jobs.
The company currently has a five-member team in the US, which it plans to scale up to 15 by March and around 20 people over the next 12 to 18 months.
CloudSEK currently serves about 20 clients in the US and aims to expand this number to 200 customers over the next year.
Founded in 2015, CloudSEK started as a research-focused initiative and has since grown into a global cyber threat intelligence platform.
The company now serves more than 300 enterprises across sectors such as banking and finance, healthcare, technology and government.
CloudSEK currently employs around 250 people across markets and plans to increase its workforce to 300 by March, including a 200-member team in India.
Welcoming CloudSEK to its portfolio, Connecticut Innovations said it looks forward to supporting the company as it builds and scales its US operations.
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