Cybersecurity & Cyber intelligence startup Data Resolve raised $1 Million of angel funding from newly tied-up IDFC Group and Parampara Capital. This is the first investment made after the merger. The startup has raised its previous funds from a couple of German Investors.
IDFC Alternatives partners with Parampara Capital started the early-stage fund in January 2017. They plan to raise around Rs100 crore by March 2017. They will start seeking to make series-A investments in companies across sectors where technology, intellectual property and innovation are the primary differentiators.
Parampara Early Stage Opportunities Fund has invested an undisclosed amount in cloud-based security solutions provider SecurAX Tech Solutions (I) Pvt. Ltd along with Axilor Ventures and a clutch of angel investors.
Data Resolves is a Noida-based startup founded in the year 2008. The IIT-Kharagpur incubated startup offers enterprises a cloud-based information security platform to address issues related to corporate fraud, data leaks and employee productivity.
Data Resolve is one of the six startups which got selected as winners for ‘The Next Big Idea’ conducted by Mumbai-based accelerator Zone Startups India, the government of Ontario, Canada and Ryerson University, Toronto, in November 2016.
The startup has more than 100 clients, which include startups, small and medium-sized businesses and multinationals firms. The startup will use its funds to expand its sales and tech teams. They also planning the expansion across India and the Middle East, and launch products.
On the investment, Jatin Desai, General Partner at Parampara Capital said, “We are quite bullish on security and within the vertical; cyber security is a fast-evolving market. India has a very long way to go.”
Recently, Cybersecurity startup ecosystems have witnessed much funding. A total of 29 cyber-security startups has been funded. Druva, cyber-security cloud startup received $112 Million from Sequoia India, EDBI and Blue Cloud Ventures. Seclore received Series B funding of $12 Million from Sistema Asia funds. Read more about Cyber-Security.