Pune-based cyber security startup, Uniken which has operations in India, Israel and US, has raised Rs 12 crore as bridge funding from Exfinity Ventures backed by ex-Infosys veterans V Balakrishnan and TV Mohandas Pai. Exfinity looks to invest in tech companies focused on cloud, data analytics and digital security.
The firm had raised series A funding of Rs 30 crore from Nexus Venture Partners earlier this year. According to research firm Gartner, the information security market is projected to grow to $95 billion (Rs 5.9 lakh crore) by 2017.
The raised funding will be used for expand its client base in its operational countries. The firm claims to have seen growth of 200% year-on-year. “This is a bridge round for us, before we go in for a larger series B round. The aim of this round was not just to raise money, but to gain from the expertise of the Exfinity team,” said Sanjay Deshpande, CEO and cofounder of Uniken.
Uniken has developed a digital security platform, REL-ID, a solution for end users and a platform for enterprises which provides a single unified secure digital access solution for varying requirements across users, apps, devices and networks. Its Indian clients include Axis Bank, Yes Bank, Kotak Mahindra Bank, and Bank of India among others. It’s competing with EMC Corp, Symantec, and Vasco.