
Emergent Ventures, along with others, is leading the financing round for Astra Security.
The new investment may be deployed in further developing Astra’s item offerings, hiring novel teams in the US area and bolstering AI-driven technologies
The company’s AI-powered program attempts to imitate a hacker’s perspective and recommend fixes to protection engineers to secure their systems.
SaaS-based Cybersecurity platform Astra Security has secured$ 2.7 Mn ( about INR 23.5 Cr ) in a funding round led by Emergent Ventures, along with a host of other investors, including Neon Fund, Blume Ventures and PointOne Capital.
Prior to this funding, the startup reportedly raised$ 120K (around INR 10.4 Lakh ) as part of Techstars Accelerators programme.
Talking to Inc42, Shikhil Sharma, founder and CEO, said that the new investment may be deployed in further developing its product offerings, hiring new teams in the US territory and bolstering its AI-driven technology.
According to Sharma,” The fresh funds will help the organization expand its footprint into the US market where we are looking to hire new clubs and we are looking to expand our providing into cloud safety.”
The Bengaluru-based startup is also looking to make a significant investment in developing AI-driven solutions that will enable developers and engineers to create security detections, according to a company statement.
Astra Security, a cybersecurity solutions company founded in 2018 by Sharma and Ananda Krishna, enables engineering teams to carry out continuous and scalable pentests ( simulating cyberattacks to identify cybersecurity threats ) for their systems and find vulnerabilities. The startup offers testing for web applications, APIs, network security and more.
The startup’s AI-driven technology tries to emulate a hacker’s mind and suggest fixes to security engineers to secure their systems. It claims to have run more than 3000 tests and found 2 million + vulnerabilities in systems, with an average of 30 000+ vulnerabilities discovered monthly for their clients.
The Blume Ventures-backed startup caters to multiple sectors such as healthcare, BFSI, and fintech along with others. Forty-five percent of the startup’s client base lies in the US. It counts Mamaearth, Dream 11, Muthoot Finance along with others as its clients in India.
The startup competes with TAC Security in India, and it lists Pentera, Traceable AI, and others as its main rivals globally.
the global pentesting market is expected to become a$ 3.9 Bn opportunity by 2029 growing at a , CAGR of 17.1 % for the next four years.