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Cybersecurity startup Lucideus raises $7 million

The startup, founded in 2012 and based in Palo Alto, is backed by John Chambers, the former chairman and CEO of networking gear maker Cisco.

, ET Bureau|
Updated: Dec 04, 2019, 09.09 AM IST
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saket-modi
The global cybersecurity market size is forecast to grow to about $248 billion by 2023, according to research firm Statista. (Pic: Lucideus co-founder, Saket Modi)
Bengaluru: Cybersecurity startup Lucideus has raised $7 million in a funding round led by California-based MS&AD Ventures, along with participation by venture capital firm Western Technology Investment.

The company is expected to use the funds to ramp up operations in the United States, double engineering and sales teams in the next three months and scale up the company’s platform - Security Assessment Framework for Enterprises (SAFE) - which helps businesses measure and mitigate cyber-risks in real-time.

The startup, founded in 2012 and based in Palo Alto, is backed by John Chambers, the former chairman and CEO of networking gear maker Cisco.

“Last year, we had a triple-digit revenue growth with a net promoter score (NPS) of 86. 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,” said Saket Modi, co-founder and CEO of Lucideus.

The global cybersecurity market size is forecast to grow to about $248 billion by 2023, according to research firm Statista, although funding in the space has been comparatively lower.

“Cybersecurity is one of the top concerns for CEOs globally and SAFE 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 Chambers, who is the founder and CEO of JC2 Ventures, a venture capital firm.

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