Representative Image Cybersecurity startup Lucideus has raised $7 million in a funding round led by California-based MS&AD Ventures. The startup is founded in 2012. Palo Alto based startup is backed by John Chambers, the former chairman and CEO of networking gear maker Cisco.
The funding round is done along with the participation of Western Technology Investment, a Venture Capital firm.
It is expected that the company uses the funds to ramp up the operations in the United States, double engineering and sales team in the next three months. Also planned to Scale up the company’s platform – Security Assessment Framework for Enterprises (SAFE) – which helps businesses to measure and mitigate cyber-risks in real-time.
Saket Modi, Co-founder, and CEO of Lucideus said that “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.”
According to some researches on the Global Cybersecurity market, the size of the market is forecast to grow to about $248 billion by the year 2023. Although the cybersecurity market space is bigger, the funding opportunities are comparatively lower.
John T. Chambers, founder, and CEO of JC2 Ventures, a Venture Capital firm based on Palo Alto, California, said, “Cybersecurity is one of the top concerns for CEOs globally and SAFE is at the epicenter of solving this problem. CRQ – Cyber Risk Quantification is a disruptive new category and it will become a strategic business enabler in the near future.”