India: AI start-up Innefu Labs raises $2m from IndiaNivesh

Cyber-security solutions provider Innefu Labs Pvt. Ltd Monday said it has raised $2 million in a series A round of funding from venture capital fund IndiaNivesh.

The Delhi-based company will invest the funds in product and technology development, team expansion and overseas launches.

This is the fifth investment made by IndiaNivesh, a Rs150 crore fund.

In a statement, Innefu, which makes IT security products primarily for the banking and financial services industry, said its clients also include the Border Security Force (BSF), Central Reserve Police Force (CRPF), and Mahindra and Mahindra Ltd.

Founded in 2011 by Tarun Wig and Abhishek Sharma, Innefu claims to have built on artificial intelligence technology to provide cyber security solutions pertaining to biometrics 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 knowhow 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%.

This story was first published on Livemint

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.