Cyber Security Solutions Provider, Innefu Labs Pvt. Ltd., has raised US $2 million in a series A round of funding from venture capital fund IndiaNivesh.
The raised capital, transaction facilitated by Sweat Equity Partners, will be primarily used to enhance its AI platform that is effectively supporting various law enforcement agencies for predictive intelligence and facial biometrics. Apart from this, capital will be invested in product and technology development, team expansion and overseas launches said the company which makes IT security products primarily for the banking and financial services industry
This is the fifth investment made by IndiaNivesh, an INR 150 crore fund. IndiaNivesh also invested in Leap India.
In a statement Innefu said, its clients also include the Border Security Force (BSF), Central Reserve Police Force (CRPF), and Mahindra and Mahindra Ltd.
Cyber Security Solutions Provider Innefu Labs was founded in 2011 by Tarun Wig and Abhishek Sharma in Delhi.
Innefu claims to have built on artificial intelligence technology to provide cyber security solutions pertaining to bio-metrics authentication and multi-factor authentication, besides data analysis to predict and prevent virtual threats.
“Our products have been developed using cutting edge technologies to provide customized solutions. We have the right blend of domain expertise with tech know-how to compete with the best in the world.” Sharma said in the statement.
Other local companies that monitor, identify and respond to cyber threats include TAC InfoSec Pvt. Ltd, Kratikal Tech Pvt. Ltd and Lucideus Tech Pvt. Ltd.
A report published by MarketsandMarkets in July 2016 forecasts the global cybersecurity market to grow from $122.45 billion in 2016 to $202.36 billion by 2021, growing at a compound annual growth rate of 10.6%.