Cybersecurity platform BluSapphire raises $9.2 million in Series A funding
Full-stack cybersecurity platform BluSapphire Cyber Systems announced that it has raised $9.2 Mn as part of its Series A funding. The funding round was led by Barings Private Equity India along with the VC firm Dallas Venture Capital.
The investors, who also participated in the funding, include Binny Bansal backed xto10x, RPG Ventures & Merisis Venture Partners. According to various sources, ValueBridge Capital was the sole advisor for this transaction.
According to the founder Kiran Vangaveti, the majority of the latest cash injection will be primarily used to “improve our feet on the ground and presence in North America” and “build a first-level contact and engagement with customers”. The rest will be used to improve existing offerings and hire new talent as the company is currently driving growth from the India base.
Arul Mehra, Partner, Barings Private Equity India, said, “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.”
He also added that the product has strong validation from reputed defence and corporate sector clients and it has won various awards. Barings is privileged to partner with them in this growth journey.
The Hyderabad, Telangana-based startup was founded by Kiran Vangaveti in 2014. The company’s predictive analytics platforms empower clients to prevent sophisticated cyberattacks across cloud, on-prem and hybrid work environments.
The funding comes at a time when many startups, unicorns and decacorns are facing a lack of funding, in what is called a “funding winter”. Many tech startups like Byju’s, EPAM and more are also going through a layoff cycle, with many cutting jobs in thousands.
“Regarding layoffs and funding winter, what I am hearing from the investment community is that growth at all costs is no longer an option. Companies need to be prudent and frugal with their cash. Companies need to have a positive EBITDA and a strong Total Addressable Market and such companies will continue to get funded is what I am hearing. For BluSapphire, it is a good time to get good talent organically from the market and grow organically,” Vangaveti told People Matters.