Cyber security provider Lucideus raises angel funding

Aiming to expand its team and business operations, cyber security provider Lucideus Tech Pvt. Ltd has raised angel funding from Amit Choudhary, the director of Motilal Oswal Private Equity Advisors Pvt. Ltd. The amount remained undisclosed.

Saket Modi, the co-founder and chief executive officer, Lucideus, “Mr. Choudhary’s strong background in the finance, we are looking at having the right investment strategy in the future.”

This is the third angel investment received this year by the IIT-Bombay incubated start-up. “We look for mentorship in our angel investors. We understand cyber security but we lack knowledge of how to develop a product; so for that, we got Anand on board as an investor who helps us with product development,” said Modi.

Anand Chandrasekaran, the former chief product officer, Snapdeal and Sanjay Baweja, chief financial officer, Flipkart had earlier invested in the company. “Each of them (the angel investors) have invested in the range of $50, 000-$100, 000,” added Modi.

Founded in 2012 by Modi, Vidit Baxi and Rahul Tyagi, Lucideus is a business-to-business provider of information security service. The Delhi-based company monitors, identifies and responds to cyber threats pertaining to an organisation’s technology system.

According to Lucideus, it currently works with about 100 clients, such as National Payments Corporation of India (NPCI), Coca-Cola, Jet Airways, Indigo Airlines, ICICI Bank, e-commerce startup ShopClues, among others.

Modi further added that In the next one year, the company plans to add 30-40 more clients across India, US and western Europe and currently, 20% of the clients are based outside India in cities such as Hong Kong, Amsterdam, San Francisco, said Modi.