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Lucideus Cybersecurity raises $7 million fund

The Indian-based cybersecurity startup Lucideus reported a raise of fund led by MS&AD Ventures.

Lucideus is an Enterprise Cyber Security platform company. It protects Fortune 500 companies around the world with its Security Assessment Framework for Enterprises (SAFE) Platform – an Artificial Intelligence and Machine Learning backed Enterprise-Wide Cyber Risk Measurement and Mitigation.

The cybersecurity reported a rise in funding totaling to $7 million led by MS&AD Ventures – a corporate venture capital firm that focuses on big data businesses globally that are related to insurance and building a sustainable future.

The said funding doubled up the company’s valuation in 10 months. “Last year, we had a triple-digit revenue with a net promoter score (NPS) of 86, and we intended to continue growing at this pace next year,” said Saket Modi, Co-founder and CEO of Lucideus.

According to the company, it plans to 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 – SAFE.

“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 added.

Founded in 2012, Lucideus counts tech giant companies among its customers, including Google, Facebook, Xiaomi, Softbank, ICICI Bank, KFC and New Delhi Airport.

“Cybersecurity is one of the top concerns for CEOs globally and SAGE is at the epicenter of solving this problem. Cyber Risk Quantification (CRQ) is a disruptive new category and will become a strategic business enabler in the near future,” said John Chambers, former CEO at CISCO and also one of Lucideus backers.

Western Technology Investment (WTI) also participated in the round, investing via debt.