Cybersecurity startup Securden secured $10.5M in a seed round led by Tiger Global
- ByStartupStory | April 13, 2022
Securden, an IT security startup based in Delaware and Chennai, announced on Wednesday that it had raised $10.5 million in a Series A fundraising round headed by Tiger Global. Together Fund is a software-as-a-service (SaaS) focused fund. The funds from the round will be utilized for leadership recruiting across North America, raising staff in India, and extending the product portfolio to investigate complementary opportunities in IT security, among other things.
Securden creates tools that protect access across IT, DevOps, and cloud environments, including managing passwords for IT teams, governing privilege access in servers and endpoints, and even enabling remote access without a VPN. Over the last 18 months, the company has grown by 20% month over month, and Venkatramani expects to complete the current calendar year with a 400% sales increase.
Securden is access security and governance platform for IT services, DevOps, and cloud settings. It was founded in 2017 by former Zoho executives Bala Venkataramani and Kumaran Balan. Small and medium businesses, major corporations, and Fortune 500 companies are all served by the startup. Secureden’s clients are mostly from North America and Europe, with a few from Australia-New Zealand, and the Middle East.
Securden’s core market is North America, which accounts for 45 percent of its customer base, followed by Europe and the United Kingdom, which account for 40 percent. While the business would not provide its sales figures, it is split evenly between enterprise and SMB, and mid-market customers. The company’s clientele is likewise shifting away from small and medium-sized firms and toward the mid-market and enterprise segments. Securden operates in five business categories, including big ones like cloud infrastructure security and DevOps security management, with total revenue of $50 billion.
The business now has a 30-person team in India, which it plans to triple in size over the next year in areas such as engineering, sales and marketing, customer support, and human resources. Investor interest has been rekindled as a result of the COVID-19 pandemic-driven digital transformation and increased cybersecurity spending. Securonix, a cybersecurity firm, raised $1 billion in February 2022 with the help of Vista Equity Partners. CloudSEK, on the other hand, raised $7 million in a Series A investment led by MassMutual in December 2021.
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