Cyber security firm Lucideus raises $5 Mn from Cisco's John Chambers

Cyber security firm Lucideus has scooped up $5 million from John Chambers. The fresh funding will be used to expands footprint in the US and existing market India.

In May last year, Lucideus had raised angel funds from Amit Ranjan (Chief Architect, Digilocker), Govind Rajan (ex CEO, Freecharge), Rajan Anandan (Managing Director, Google), and others.

According to Lucideus founder and CEO Saket Modi, the startup has been cash flow positive for the last few years and its revenues growing in triple digits year-on-year.

During the angel round, Modi had revealed that the company was growing at 700 per cent y-o-y (average) while being cash flow positive for the last 4 years.

The IIT Bombay-incubated startup Lucideus was founded in 2012 by Vidit Baxi and Rahul Tyagi. It is an IT Risk Assessment and Digital Security Platforms provider. It builds and delivers information security platforms and services to secure, monitor and respond to cyber threats to an organisation’s technology stack.

The startup's flagship product SAFE (Security Assesment Framework for Enterprises) claims that it can bring down threat detection to 70 odd days while the global average is about 240 days.

Lucideus Tech provides cybersecurity for the BHIM, NPCI, SoftBank, ICICI Bank, and others. It is currently present in New Delhi, Mumbai, Bangalore, and offshore markets such as Palo Alto, New York, and Boston.

In June 2017, the US-based networking giant Cisco’s executive chairman John Chambers had declared a fund of $70 million for Indian startups.

Besides Lucideus, he also invested in Uniphore and picked up 10 per cent stake in the Chennai-based startup.

The development was reported by ET.