Incubated out of IIT Bombay in 2012, Lucideus, the leader in Enterprise Cyber Security services & solutions has announced it has raised $5 million in Series A funding led by Cisco’s Chairman Emeritus, John Chambers from his personal venture arm JC2 Ventures picking a little over 10% stake in the company.
With over 160 customers, Lucideus today secures over 11% of India’s urban GDP. For the last 3 years, it has been responsible for the end-to-end cyber security assessment of the BHIM Payments Application launched by the Prime Minister of India and has the highest market share of over 60% for the complete security assessments of UPI Payments enabled applications such as Whatsapp, Google Tez, BookMyShow, MiPay, Truecaller among others. Lucideus has seen a triple-digit revenue growth year on year, over the last few years.
Commenting on the funding, John Chambers, Chairman Emeritus, Cisco said, “Lucideus is a game-changer in the cybersecurity space with their AI and ML backed Security Assessment Framework for Enterprises (SAFE). It is becoming the leader in answering the number one question that CEOs and Government Leaders have about their environment i.e. to clearly understand the degree of exposure to their cyber security issues and have a realistic view of how they stand versus others, both in terms of continuous monitoring but more importantly, what actions do they need to take to close the gaps. Their cutting-edge SAFE platform could transform the entire cybersecurity industry.”
SAFE - SECURITY ASSESSMENT FRAMEWORK FOR ENTERPRISES
SAFE is a first of its kind Artificial Intelligence and Machine Learning backed cybersecurity solutions. It is a Real-Time Enterprise platform that helps measure and mitigate cyber risk. SAFE allows enterprises to objectively visualize and manage enterprise-wide cyber risk related to people, process and technology, both at a macro and micro level with an output in the form of one number between 0 to 5 along with providing actionable insights to remediate the identified gaps.
Commenting on the funding Saket Modi, CEO & Co-Founder, said, “We truly believe that real-time quantified measurement and mitigation of cyber risk will be a part of the digital transformation journey of enterprises around the world and Lucideus is uniquely positioned across industries to lead this market transition. Now with John backing us, the man who predicted and championed over a dozen such transitions over the last 3 decades, we are thrilled to have him not only as an investor but as our strategic advisor and mentor as we continue to aggressively scale our business globally, with a laser-sharp focus on the US market.”