The round also saw participation from VC firm Dallas Venture Capital, Binny Bansal-backed xto10x, RPG Ventures and Merisis Venture Partners
With its full-stack AI and predictive analytics platform, the startup helps clients prevent sophisticated cyberattacks
The fresh capital will be used to grow its SaaS platform rapidly across North America and India
Cybersecurity startup BluSapphire Cyber Systems has raised $9.2 Mn in a Series A funding round led by Barings Private Equity India.
The round also saw participation from VC firm Dallas Venture Capital, Binny Bansal-backed xto10x, RPG Ventures and Merisis Venture Partners. ValueBridge Capital was the sole advisor for this transaction.
Hyderabad-based BluSapphire is a cybersecurity SaaS platform. With its full stack AI and predictive analytics platform, it helps clients to prevent sophisticated cyberattacks across cloud, on-prem and hybrid work environments.
The startup was founded by cyber professional Kiran Vangaveti. While it was incorporated in 2014, it started operations in 2017. It is currently operating in India and the US.
“Building resilience against sophisticated cyber-attacks is the key to business survival. BluSapphire operates with this vision,” Kiran Vangaveti, founder and CEO of BluSapphire Cyber Systems said.
With the fresh capital, the startup aims to continue to build and grow its SaaS platform rapidly across North America and India, Vangaveti added.
“BluSapphire offers a full stack cybersecurity platform, which helps automate cybersecurity operations. The efficiencies offered by their platform can reduce SOC operating expenses by close to 70% with cutting edge detection and response times,” Arul Mehra, partner of Barings Private Equity India, said.
According to Shyam Penumaka, partner at Dallas Venture Capital, BluSapphire’s Unified Platform’s capabilities include threat detection and prevention in a proactive manner.
“BluSapphire has acquired reputed customer portfolio and has also built an impressive list of partners, including leading MSSPs both in India and the USA,” he added.
Over the past year, many cybersecurity startups such as Securden, Silence Laboratories, CloudSEK, have raised funds.
The global cyber security market is projected to grow from $155.83 Bn in 2022 to $376.32 Bn by 2029, at a compound annual growth rate (CAGR) of 13.4% during the forecast period, according to a report.
