Lucideus Has Raised $7 Million In A Fresh Round Of Funding Led By MS&AD Ventures

Team Startup CityAccording to reports first published by Inc42. , Cybersecurity startup Lucideus has risen $7 Million in a recent round of funding led by MS & AD Ventures. MS&AD is one of Japan’s leading insurance companies. The fresh round of investments has doubled Lucideus’s value in ten months, making it India’s most valuable Cybersecurity startup India. It also saw the participation from Silicon Valley-based Western Technology Investment in the form of venture depts.

Lucideus was founded by Saket Modi, Rahul Tyagi, and Vidit Baxi in 2012, at IIT Bombay. The startup builds information security platforms and services and offers them to companies to secure real-time monetary threats. The company later moved to the domain of Cyber Risk Quantification (CRQ), after that it started to work on SAFE, which helps companies to monitor cybersecurity risks in real-time. SAFE allows a score to businesses to indicate their security preparedness.

The funds will be mainly used to increase the company’s operational strength by doubling the size of its engineering and sales team in the next three months and scale up the company’s flagship platform - Security Assessment Framework for Enterprises (SAFE).

At present, Lucideus has a team of 200 employees and its customers in India include HDFC, Delhi airport, Indigo, Spice jet, TATA sky, Kotak Mahindra and Pizza Hut. In 2019 Lucideus had a triple-digit revenue growth with a Net Promoter Score (NPS) of 86. Company Founder Saket Modi reported to Inc42 that this new round of investment has a strategic advantage to reach out to a larger audience.