Protectt.ai raises $8.7 mn in funding round led by Bessemer Venture Partners
Summary
Mobile apps cybersecurity startup Protectt.ai said on Monday it has raised around $8.7 million at an undisclosed valuation in a Series-A funding round led by global venture capital firm Bessemer Venture Partners (BVP).The Mumbai-based company aims to use the funds to drive global expansion, undertake product innovation and nurture talent.Protectt.ais clients include a mix of banks, stock exchanges and stock-related apps. We saw adoption and early traction from these sectors," co-founder and chief executive Manish Mimani told Mint.Founded in 2020, Protectt.ai uses artificial intelligence (AI) as part of its offerings to not just monitor cyber threats, but also to patch out vulnerabilities within apps remotely, without the need for an update. We are working on a concept of predicting cyber threats based on user behaviour and device behaviour to figure out how theyll impact mobile apps," Mimani, who was earlier the chief information officer of Aviva Life Insurance, said.Also Read: Healthify aims for profitable India business amid US entry and AI innovationsSome of the startups clients include the BSE, Yes Bank, IIFL Securities, Equitas Small Finance Bank and Kinara Capital.Cybersecurity is a core area of focus for us. The overall lifecycle of the system ranges between one and three months.Global expansion was on the cards even prior to the fundraise, and the company has already expanded into the Middle East with an office in Dubai that is expected to go live by the end of March. The company is targeting a release between August and September this year.As part of its efforts to nurture cybersecurity talent in India, Protectt.ai partnered with IIT Madras where it runs Binary Clash 360, a hackathon for professionals, cyber security enthusiasts and students.Also Read: Shrinking AI: India Inc rushes to build smaller-scale AI models as cost-effective personalised toolsThe company was bootstrapped by co-founders Mimani and Mohanraj Selvaraj and two other partners who cumulatively put in $1 million on their own.