Full-stack cybersecurity platform BluSapphire Cyber Systems has raised $9.2 million in its Series A round led by Barings Private Equity India with participation from cross border VC firm Dallas Venture Capital, Binny Bansal-backed xto10x, RPG Ventures and Merisis Venture Partners.
The Hyderabad-based startup will utilise the proceeds to build and grow the SaaS platform across North America and India.
Started by Kiran Vangaveti in 2014, BluSapphire is a hyper growth cybersecurity SaaS platform that empowers clients to prevent sophisticated cyberattacks across cloud, on-prem and hybrid work environments. The company claims that the efficiencies offered by the platform can reduce SOC operating expenses by close to 70% with advanced detection and response times.
The startup targets small and medium businesses in highly regulated industries, including healthcare and financial Services.
In the Indian cybersecurity space, BluSapphire competes with the likes of Seconize, WiJungle, Lucideus, Sequretek, Securitybulls, AppsPicket and FireEye among others.
In India, Barings Private Equity Asia has invested in Hexaware, Virtusa, Citius Tech, Coforge (formerly called NIIT Technologies), CMS, AGS Health and RBS Bank. In May this year, Dallas Venture Capital (DVC) announced that it had closed an oversubscribed $80 million fund (the intended amount was $75 million).