Encrypted Data Startup 'Induz' nets $780K in VC Funding round
As part of the YourNest-SanchiConnect Velocity Program 2024, data security solutions provider Induz has raised $780,000 in a fresh fundraising round led by YourNest Venture Capital, which invested $750,000. SanchiConnect, an accelerator, has also given $30,000.
According to a news statement from Induz, the new funding will be used to speed up product development, obtain several paid proofs of concepts (POCs) from customers, and obtain crucial security certifications.
Induz, which was co-founded in 2023 by Sreerama Mohan Gadam and Tirumalesh Chalamarla, intends to strengthen its capabilities by establishing unique hardware roots of trust and acquiring important certifications, demonstrating its dedication to delivering dependable and legal infrastructure. In order to complete a full range of data protection services for businesses, the platform also intends to introduce an integrated data delivery solution and Confidential Identity and Access Management (Confidential IAM).
The Hyderabad-based business stated that these new products are made to satisfy the demands of sectors including banking, insurance, FinTech, government agencies, and other businesses that depend on safe, legal AI model training with private information.
Market research estimates that the global data security market is worth $50 billion. According to Induz, it offers a smooth approach to data security, enabling businesses to completely manage and safeguard private, public, and hybrid cloud infrastructures without relying on unidentified infrastructure suppliers.
On this Funding round, Tirumalesh Chalamarla, Induz’s Co-Founder and CEO says, “The new investment will help the business expedite product development, obtain several paid proofs of concept (POCs) from clients, and obtain important security certifications. These certifications enhance client confidence and validate the security and dependability of Induz’s products, setting the business up for future expansion and long-term client relationships.”
“Induz’s turnkey solution for Confidential Compute and Secure Storage includes foundational zero-trust and hardware-level protections, and is reshaping the cloud landscape. This enables companies to retain full control over sensitive information with assurance,” he added.
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According to a news statement from Induz, the new funding will be used to speed up product development, obtain several paid proofs of concepts (POCs) from customers, and obtain crucial security certifications.
Induz, which was co-founded in 2023 by Sreerama Mohan Gadam and Tirumalesh Chalamarla, intends to strengthen its capabilities by establishing unique hardware roots of trust and acquiring important certifications, demonstrating its dedication to delivering dependable and legal infrastructure. In order to complete a full range of data protection services for businesses, the platform also intends to introduce an integrated data delivery solution and Confidential Identity and Access Management (Confidential IAM).
The Hyderabad-based business stated that these new products are made to satisfy the demands of sectors including banking, insurance, FinTech, government agencies, and other businesses that depend on safe, legal AI model training with private information.
Market research estimates that the global data security market is worth $50 billion. According to Induz, it offers a smooth approach to data security, enabling businesses to completely manage and safeguard private, public, and hybrid cloud infrastructures without relying on unidentified infrastructure suppliers.
On this Funding round, Tirumalesh Chalamarla, Induz’s Co-Founder and CEO says, “The new investment will help the business expedite product development, obtain several paid proofs of concept (POCs) from clients, and obtain important security certifications. These certifications enhance client confidence and validate the security and dependability of Induz’s products, setting the business up for future expansion and long-term client relationships.”
“Induz’s turnkey solution for Confidential Compute and Secure Storage includes foundational zero-trust and hardware-level protections, and is reshaping the cloud landscape. This enables companies to retain full control over sensitive information with assurance,” he added.
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