Induz Secures $780K in Funding Round Led by YourNest to Advance Data Security Solutions
- ByStartupStory | November 6, 2024
Hyderabad-based data security solutions provider, Induz, has successfully raised $780,000 in a new funding round, predominantly led by YourNest Venture Capital, which invested $750,000. The remaining $30,000 was contributed by accelerator SanchiConnect as part of the YourNest-SanchiConnect Velocity Program 2024. This new funding will bolster Induz’s product development, support the execution of multiple paid proof of concepts (POCs) for clients, and enable the company to secure critical security certifications.
According to a press release by the company, the funds are intended to accelerate Induz’s mission to create secure and compliant infrastructure that empowers enterprises to manage and protect sensitive data in the age of AI-driven innovation.
Co-founded in 2023 by Tirumalesh Chalamarla and Sreerama Mohan Gadam, Induz is committed to advancing data security across industries. The company is on track to launch Confidential Identity and Access Management (Confidential IAM) and an integrated data delivery solution. These offerings are poised to enhance Induz’s existing suite of services and cater to industries such as insurance, FinTech, banking, and government sectors, which require strict data protection and compliance with regulations for AI model training involving sensitive information.
“Our new offerings, designed with industry needs in mind, aim to address the ever-evolving requirements for secure and compliant AI model training and data protection. We are dedicated to building reliable data security solutions for enterprises,” stated the Induz team.
In its commitment to advancing data protection, Induz is also focusing on developing proprietary hardware roots of trust and pursuing essential certifications to validate its security measures. By implementing robust hardware and software solutions, Induz intends to position itself as a leader in the data security market, which is valued at an estimated $50 billion globally.
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