Cybersecurity firm Sequretek has announced an $8 million investment in its Series A financing round. The round was led by Omidyar Network India, with participation from the Narottam Sekhsaria Family Office and Alteria Capital.
The capital raised will be allocated to scaling operations and to increase the adoption of cybersecurity solutions among businesses, with a focus on small and medium-sized businesses (SMBs), said a statement.
Sequretek, established in 2013 by Pankit Desai and Anand Naik, offers a range of cybersecurity products and services through its AI-based Percept Cloud Security Platform (CSP). This platform includes solutions for detection and response to threats, identity governance, and managed security services.
The company targets SMBs in sectors such as banking, healthcare, media, and manufacturing, which reportedly comprise three-quarters of its clientele. Sequretek claims to assist these businesses not only with cybersecurity defense but also with regulatory and compliance requirements.
With this new funding, Sequretek aims to expand its market share, especially among SMBs, which the company suggests are more at risk of cyber threats now than ever before. Desai, CEO of Sequretek, emphasises the importance of accessible cybersecurity solutions for these businesses, which may not have the necessary resources to protect themselves.
“Small and medium businesses have increasingly become more susceptible to cyber-attacks in the post-pandemic world. While more SMBs have realised the need for efficient cybersecurity management, lack of budget-friendly consolidated solutions and inadequate in-house resources, have created a large security gap in the sector,” said Desai.
Highlighting the importance of cybersecurity for the end-point consumer, Omidyar Network India's Partner, Shilpa Kumar said that her company is focused on driving accessibility of privacy and data governance solutions especially for small and mid sized customers.
“In the last decade, Sequretek has successfully implemented its vision of taking cutting-edge AI driven cybersecurity products to underserved sectors in India at affordable price points. Their digital plus working model has also demonstrated the business viability in catering to the burgeoning Indian SMB sector which often lacks dedicated information security resources,” Shilpa said.
The company also highlights its growth, citing a 50% compound annual growth rate over the past five years. With a workforce exceeding 450 employees, Sequretek is focusing on strengthening its services in the competitive cybersecurity market.