Lucideus, the New-Delhi based cybersecurity startup has secured $5 million (around $36 crores) from Cisco Chairman Emeritus John Chambers in a funding round. The startup plans to utilize the funds to expand its presence across the United States, and existing markets like India.
Moreover, Lucideus plans to use the capital to strengthen the platform and enhance the security solutions offered to enterprise clients across banking and financial services, retail and several other verticals.
Founded by Saket Modi, Rahul Tyagi and Vidit Baxi in 2012, the startup was incubated by IIT Delhi and currently offers customers with training, consultancy and solutions to prevent and overcome largescale cyber attacks.
Talking about the investment, John Chambers, said, “All these things were there…I have picked up over 10 per cent share but don’t want to comment on the value…I am not a venture capitalist but I am more of a strategic advisor, I am a mentor and coach, I invest in early-stage companies.”
Lucideus has served more than 150 clients across 16 cities including NPCI, ICICI Bank, HDFC Bank, Softbank, Spicejet, IBM and Indigo, to name a few. The startup claims to have a tripe digit revenue growth every year and remained cash flow positive for the last few years.
Last year in October 2017, the startup raised $635,000 from a group of undisclosed investors. Rajan Anandan, VP Southeast Asia and India of Google, Anand Chandrasekaran, Facebook Messenger Executive and Govind Rajan, FreeCharge’s ex-CEO strongly backs Lucideus as its investors.
Lucideus competes with companies like AppSecure, HaltDos, AppsPicket and Security Brigade among several other startups. According to media reports, the global cyber security market is estimated to be worth $202 billion by 2021. It currently stands at $135 billion.