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Nexus Venture to invest Rs 30 crore in digital security company Uniken

“We expect to further leverage the massive market opportunity,” said Sanjay Deshpande, 42, chief executive of Uniken.

, ET Bureau|
Updated: Jan 23, 2014, 11.26 AM IST
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“We expect to further leverage the massive market opportunity,” said Sanjay Deshpande, 42, chief executive of Uniken.
“We expect to further leverage the massive market opportunity,” said Sanjay Deshpande, 42, chief executive of Uniken.
BANGALORE: Venture Capital firm Nexus Venture Partners will invest Rs 30 crore in digital security technology provider Uniken, which will use the funds to expand into global markets such as the US and Israel.

Uniken, which has offices in the United States and Pune, was founded by a team of senior executives who quit Infosys. Its client list includes Bank of India and Axis Bank.

“We expect to further leverage the massive market opportunity,” said Sanjay Deshpande, 42, chief executive of Uniken, which competes with bigger rivals, such as RSA — a division of EMC — Symantec and Vasco.

Deshpande, an alumnus of University of New Brunswick, worked as a research associate at Centre for Development of Advanced Computing and as a scientist at Tata Research Center. He later headed the mobile computing and life sciences division. He co-founded Uniken along with his Infosys colleagues Nanjundeshwar Ganapathy and Nilesh Dhande and friend Prakash Salve, who worked at IMRglobal which was acquired by IT firm CGI.

“Prakash kept working for some time and invested his salary to make sure the lights remain on,” said Deshpande. Now around one million customers, employees and vendors of various organisations spread across industries such as banking, financial services and insurance are using its flagship product REL-ID platform — a secure digital platform developed at the company’s innovation centre in Pune.

The firm has filed three patents and expects to file 12 patents in next one year. “Uniken is disrupting the digital security space with this platform that provides military grade security with rich digital experience,” said Sandeep Singhal, managing director at Nexus.

This is first investment in digital security space for Nexus which recorded blockbuster exits from early-stage investments in India that included portfolio firms such as Cloud.com, Gluster and Netmagic — acquired by large multinational companies. The information security market is projected to reach $67 billion (Rs 4.1 lakh crore) in 2013 and grow to $95 billion (Rs 5.9 lakh crore) by 2017, according to research firm Gartner.
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