Mumbai: Cyber security service provider Lucideus Tech Pvt. Ltd on Thursday said it has received angel funding from Amit Choudhary, director of Motilal Oswal Private Equity Advisors Pvt. Ltd. The company did not reveal the size of the investment.
In a statement, Lucideus said it plans to spend the money to expand its team and business operations.
This is the third angel investment received this year by the IIT-Bombay incubated start-up. Earlier, Anand Chandrasekaran, former chief product officer, Snapdeal and Sanjay Baweja, chief financial officer, Flipkart had invested in the company. “Each of them (the angel investors) have invested in the range of $50,000-$100,000”, said Saket Modi, co-founder and chief executive officer, Lucideus.
“We (Lucideus) look for mentorship in our angel investors. We (Lucideus) understand cyber security but we lack knowledge of how to develop a product; so for that, we got Anand on board as an investor who helps us with product development. In the same way, with Mr. Choudhary’s strong background in the finance, we are looking at having the right investment strategy in the future,” explained Modi.
The company monitors, identifies and responds to cyber threats pertaining to an organisation’s technology system.
A Delhi-based company, founded in 2012 by Modi, Vidit Baxi and Rahul Tyagi, Lucideus is a business-to-business provider of information security service.
Lucideus currently works with about 100 clients, such as National Payments Corporation of India (NPCI), Jet Airways, Indigo Airlines, ICICI Bank, e-commerce startup ShopClues, among others.
Currently, 20% of the clients are based outside India in cities such as Hong Kong, Amsterdam, San Francisco, said Modi.
In the next one year, the company plans to add 30-40 more clients across India, US and western Europe, Modi added.