Security solution startup, InstaSafe bags $2.2M (Rs 15 Cr) of seed funding from e-governance solution provider ABN Knowledgware in a stock-exchange filing. The company has signed definitive parts over next 12-15 month. In this process, ABN will acquire stakes owned by CIO angle network in InstaSafe for an undisclosed amount.
The Bangalore-based startup, InstaSafe was founded in November 2012 by Sandip Panda who was Ex-National Channel Manager for Wipro Technologies; Biju George and Prashanth Guruswamy. The company evolved from the fourth batch of Microsoft Ventures accelerator program in 2014. InstaSafe is a cloud security-based startup focused on enabling businesses to adopt cloud computing technologies and applications. The Company provides a cloud-based platform acting as an intermediary and addressing all the concerns for cloud adoption. It helps organizations become more productive by extending the ability of its key stakeholders to work from any location or device.
The Indian Angel Network (IAN) said that we are excited that InstaSafe is the part of the deal. “We saw great potential for growth and scope for InstaSafe cloud-based technology and were very confident about them ever since we had invested,” said Vishal Khare, the IAN’s lead investor.
InstaSafe is likely to benefit from access to growth capital from ABM’s networks. The CEO, Mr. Panda said, “the transaction also involves the infusion of fresh funds into the tech product company, which will use the capital to improve technology, expand internationally, and hire sales and marketing personnel.”
InstaSafe has different investors like Artha Indian Ventures, CIO Angel Network, Citrix startup Accelerator, Indian Angel Network, Microsoft Accelerator, Sanjay Mehta and Sunil Pilla. Currently, there are 40-50 employees working for InstaSafe. Read more Indian Startup News.