Bengaluru-based cybersecurity company CloudSEK has secured $10 million from Connecticut Innovations, the venture capital arm of the US state of Connecticut. This investment makes CloudSEK the first Indian cybersecurity firm to receive funding from a US state-backed venture fund, marking a significant achievement for both the company and India’s cybersecurity sector.
The funding, which is part of CloudSEK’s Series B2 round, completes its overall Series B fundraising efforts. Previously, the company had raised $19 million in its Series B1 round, bringing its total funds raised to approximately $39 million, with an enterprise valuation nearing $200 million.
CloudSEK’s co-founder and CEO, Rahul Sasi, emphasized that this investment will bolster the company’s global expansion strategies and underscores the increasing global confidence in Indian cybersecurity innovations. He highlighted the importance of the funding from Connecticut Innovations for CloudSEK and the broader Indian cybersecurity industry.
The fresh capital infusion will be utilized by CloudSEK to expand its footprint in the United States and create high-quality, well-compensated job opportunities. Currently, the company has a five-member team in the US, with plans to expand this to 15 by March and further to around 20 within the next 12 to 18 months.
CloudSEK, established in 2015 as a research-focused initiative, has evolved into a prominent global cyber threat intelligence platform. Serving over 300 enterprises spanning various sectors like banking, healthcare, technology, and government, the company aims to grow its workforce to 300 employees by March, including a 200-member team in India.
Connecticut Innovations expressed its anticipation in supporting CloudSEK as it develops and scales its operations in the United States.
