Data security company Induz on Tuesday said it has raised $780k in its first venture capital funding round led by investor YourNest Venture Capital, which contributed $750k while the remaining $30,000 was deployed by accelerator SanchiConnect as part of the YourNest-SanchiConnect Velocity Program 2024.
Founded in 2023, Induz provides secure, encrypted data management within confidential computing environments, ensuring that neither cloud providers nor Induz itself can access customers’ data.
Speaking on the funding round, Tirumalesh Chalamarla, Induz’s co-founder and CEO said, “The new investment will help the business expedite product development, obtain several paid proofs of concept (POCs) from clients, and obtain important security certifications. These certifications enhance client confidence and validate the security and dependability of Induz’s products, setting the business up for future expansion and long-term client relationships.”
The company aims to deploy the capital towards enhancing its offerings by obtaining key certifications and hiring specialist engineers within the coming year as Induz aims to launch Confidential Identity and Access Management (Confidential IAM) and an integrated data delivery solution.
The new offerings will cater to the needs of companies in insurance, fintech, banking, government sectors and enterprises.
“Induz’s turnkey solution for Confidential Compute and Secure Storage includes foundational zero-trust and hardware-level protections, and is reshaping the cloud landscape. This enables companies to retain full control over sensitive information with assurance,” said Ranjeet Shetye, Venture Partner, YourNest.
According to the company, the global data security market is valued at an estimated $50 billion. As per data platform Statista, India’s data security market is expected to grow to $66.75 million in 2024 at a compound annual growth rate (CAGR) of 16.17 per cent.