Tiger Global Leads $10.5M Funding Round in IT Security Startup Securden

Chenai: IT security startup Securden has raised $10.5 million in a funding round led by US private equity investor Tiger Global, its chief executive, Bala Venkatramani, told ET.

Accel and Together Fund were the other participants in the round, whose proceeds will be used for hiring executives across North America, growing the workforce in India and expanding the product portfolio to explore opportunities. adjacent in computer security, he said.

Securden, headquartered in Delaware, makes products that secure access to IT, DevOps and cloud environments, meaning they can manage passwords for IT teams, govern privileged access to servers and endpoints, and even allow remote access without a VPN.

The company has grown its business by 20% month-on-month over the past 18 months and expects to end the current calendar year with revenue growth of 400%, Venkatramani said.

Most of Secureden’s customers are in North America and Europe, with some in Australia-New Zealand and some Middle Eastern countries.

According to Venkatramani, in the coming months, Securden will seek to break into the North American market, which constitutes more than 45% of its distribution in the market.

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Venkatramani said identity theft, malware, ransomware and insider exploitation are emerging as big threats in the wake of explosive digital transformation after the onset of the pandemic.

The company is also seeing a diversification of its customer base from small and medium-sized businesses into the middle market and enterprise segments. The CEO said Securden operates in five business segments, including big ones like cloud infrastructure security and DevOps security management, totaling an enterprise size of $50 billion.

With this investment, scale seed investor Accel placed a deeper bet on another Chennai-based SaaS company such as Freshworks and Chargebee. Founded by SaaS entrepreneurs Girish Mathrubootham and Manav Garg, venture capitalist veteran Shubham Gupta and community evangelist Avinash Raghava, Together Fund will seek to deepen investment in the SaaS space as companies such as Securden seek to bolster their presence in key markets.

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