Japan’s MS&AD Ventures invests in Indian cyber security startup Lucideus

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New Delhi-based cyber security startup Lucideus Technologies Tuesday said it has raised $7 million in funding led by MS&AD Ventures, the venture capital arm of Japan’s MS&AD Insurance Group Holdings.

The latest funding has almost doubled the company’s valuation in 10 months, which is now nearing $100 million, PTI reported. The round also saw participation from Western Technology Investment (WTI), which invested via debt.

Lucideus Technologies will use the funds to ramp up operations in the US, double its engineering and sales teams in the next three months, and scale up its flagship platform – Security Assessment Framework for Enterprises (SAFE).

“Last year, we had a triple digit revenue growth with a net promoter score (NPS) of 86, and we intend to continue growing at this pace next year. With this intent, we feel this new round of investment has a strategic overlap for our platform to reach out to a larger audience across the world, while continuing to strengthen our leadership across Asia,” Saket Modi, Co-founder & CEO, Lucideus, said.

Lucideus, which was co-founded by Modi, Vidit Baxi and Rahul Tyagi in 2012, provides cyber risk assessment services and platforms to multiple Fortune 500 companies and governments across the globe, according to its LinkedIn profile. It has offices in Palo Alto, Boston, Mumbai & Bangalore.

The company raised $5 million led by Cisco Chairman Emeritus John Chambers in October last year. Prior to that, it raised angel funds from Amit Ranjan, chief architect, digilocker, Govind Rajan, ex-CEO, Freecharge, Rajan Anandan, managing director, Google, among others in May 2017.

 

Singapore Reporter/s

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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.