Singapore-headquartered cyber security vendor Cloudsek is set to bolster its presence across Asia Pacific, the Middle East and North America after successfully completing a $7 million Series A investment round.
The investment round, which was led by Boston-based venture capital firm MassMutual Ventures, brings Cloudsek’s total funding to date to around $10 million.
Founded in 2015 by chairman Rahul Sasi, Cloudsek leverages artificial intelligence (AI) technology to underpin a rapid detection, analysis and alert system that is designed to provide swift detection across internet sources, precision analysis of threats and prompt resolution with minimal human intervention.
Specifically, Cloudsek employs unique data sets, proprietary machine learning (ML) models, and non-intrusive techniques to identify, analyse and resolve cyber threats proactively.
Against the backdrop of an ever-evolving threat landscape, Cloudsek continuously evolves its flagship digital risk monitoring platform, XVigil, which currently caters to organisations across verticals, including some of the world’s top banks, technology companies, healthcare organisations and retail giants.
“Humans can accurately predict rain with the help of data sources and mathematical models,” said Sasi, who is based in India. “Cloudsek aims to do something similar in the cyber space.
“Our technology focus is to predict cyber-attacks, even before they occur, by leveraging our AI platform. To achieve this, we have assembled a world class team of engineers, researchers and cyber security experts.
“This approach has taken us from six customers to 100-plus customers, and we aim to acquire another 300 customers in the next two years,” he added.
The current round of funding will be leveraged to accelerate Cloudsek's sales and marketing efforts across the Asia Pacific, Middle East and North America regions.
Cloudsek will also ramp up its research and development to combat an increasingly sophisticated global threat landscape.
“Since our last funding, we have enjoyed accelerating adoption of Cloudsek XVigil across APAC, Middle East and North America,” said Cloudsek CEO Sourabh Issar, who is also based in India. “Marquee anchor customers in each region, coupled with our extremely high customer satisfaction rates, have allowed us to consolidate our presence in these regions.
“We have seen great results with our 'Remote First'' go-to-market approach, which we refined and perfected during the pandemic. We intend to use the new funding to rapidly scale up this approach globally and quickly expand to new markets.
“The participation of all our investors, in the latest round, is a validation of our approach and direction,” he added.
The investment comes at a good time for Cloudsek, with spending on cyber security around the world set to grow as high as 10 per cent this year, to US$60.2 billion, following claims that 2020 saw record high levels of data breaches, compromised records and ransomware attacks.