The funding round of Astra Security is led by Emergent Ventures along with others
The fresh capital will be deployed in further developing Astra’s product offerings, hiring new teams in the US region and bolstering AI-driven technology
The startup’s AI-powered platform tries to emulate a hacker’s mind and suggest fixes to security 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 fresh capital will be deployed in further developing its product offerings, hiring new teams in the US region and bolstering its AI-driven technology.
“The new capital will help the organisation to expand its footprint into the US market where we are looking to hire new teams and in the next one year we are also looking to expand our offering into cloud security,” Sharma said.
According to a company statement, the Bengaluru-based startup is also looking to invest majorly in building AI-driven solutions that will help developers and engineers to build security detections.
Founded in 2018 by Sharma and Ananda Krishna, Astra Security is a cybersecurity solutions company which enables engineering teams to perform continuous and scalable pentesting, (simulating cyberattacks to identify cybersecurity threats) for their systems and detect 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 performed more than 3000 testings and have discovered 2 Mn+ vulnerabilities in systems with an average of 30,000+ vulnerabilities discovered every month 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.
In the Indian market the startup competes with the likes of TAC Security and globally it counts Pentera, Traceable AI along with others as its competition.
According to a report, 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.
