Innefu Labs Pvt. Ltd, a startup which uses artificial intelligence to develop cyber security solutions has raised Rs 13 crore (about US$2 million) in its Series A funding from IndiaNivesh Venture Capital Fund.
This would make the fifth investment by IndiaNivesh, a Rs 150 crore fund sponsored by IndiaNivesh Capital and First Bridge Capital Partners.
The transaction was facilitated by Sweat Equity Partners which had oversee the exchange of capital for a minority stake in the company.
The startup based in New Delhi was founded in 2011 by Tarun Wig and Abhishek Sharma who are experienced entrepreneurs. Wig previously co-founded cyber security services and training providers Appin Knowledge Solutions and Appin Security Group, while Sharma had worked with Tata Consultancy Services as a business consultant.
Innefu exists as a platform to provide cyber security solutions pertaining to biometrics and multi-factor authentication, as well as data analysis to predict and prevent virtual threats. It makes IT security products primarily for the banking and financial services industry.
The company also counts among its client base major government institutions and intelligence agencies, including DRDO, Border Security Force (BSF), and CRPF, apart from corporates like Mahindra & Mahindra.
“We are a completely made in India company providing indigenous products solutions to our customers in India and abroad. We have the right blend of domain expertise with tech know-hows to compete with the best in the world,” said Abhishek Sharma, the co-founder at Innefu.
The startup has been continuously working on its AI prowess to develop innovative frameworks in biometrics authentication and predictive intelligence for governments, public undertaking, corporates, and law enforcement agencies.
It also works in the field of cognitive learning for data analytics, open source intelligence, link analysis with pattern matching and fuzzy logic.
With the latest capital, Innefu Labs plans to use the capital to enhance its AI platform to effectively support various law enforcement agencies for predictive intelligence and facial biometrics.
Besides, the company will also invest part of its fund in talent acquisition and market expansion, playing a strategic role in Innefu’s entry into Bangladesh and Sri Lanka.
By Vivian Foo, VCNewsNetwork
This news is published on Reuters.