Uniken, a digital security firm, raised IRs 12 crores from Exfinity Venture Partners, a Bengaluru-based venture capital fund formed by veterans like TV Mohandas Pai, V Balakrishnan, Girish Paranjpe and Deepak Ghaisas. The funds raised will be channelled to fuel international expansion and to establish market leadership in India.
Uniken has emerged as a market heavyweight in securing digital services within India and has successfully launched its flagship product, REL-ID in Israel. With its digital connectivity and access platform REL-ID, Uniken enables rapid growth of digital connections, securely. Uniken has garnered over 2 million users who actively use this platform across 23 different installations pan India including leading banks like ING Vysya Bank, Yes Bank, Axis bank, Bank of India and State Bank of India. Uniken’s technology has also been adopted by Indian Defence organizations like WESEE and NSG. In Israel, Uniken has set up an office in Tel Aviv, and has partnered with a leading Israeli system integrator Bynet.
Balakrishnan V, Chairman of Exfinity Venture Partners said “The worldwide cyber security market is defined by market sizing estimates that range from $71 billion in 2014 to $155+ billion by 2019. Global spending on mobile and network security is estimated at $11 billion annually, and growing. As organizations worldwide become more and more aware of the risks posed by the lack of protection against cyber threats, information security spending will continue to increase. The increasing ferocity and scope of cyber-attacks worldwide, growing awareness of the problem, and the steady blurring of the lines between cyber security and our personal, financial, and national security has led to a significant global upswing in investment over the past two years. Uniken provides a digital connectivity and access platform (software) – REL-ID – that creates a scalable private digital network of users, apps and devices. Exfinity’s philosophy is to back companies that create disruption and Uniken fits the bill perfectly.”
Uniken has previously raised first round of funding from Nexus Venture Partners last year. Since the initial funding, Uniken has grown substantially in India and made a successful foray in Israel. With Exfinity coming on board, Sandeep Singhal, Co-founder Nexus Venture Partners said “Uniken provides a world class solution to address the issues of phishing and man-in-the-middle attacks in large scale environments and after proving their mettle in Israel, undoubtedly the hardest market for an external security provider to enter, the partnership with Exfinity will help the company expand into other global markets.”
Uniken will employ the new investments in further cementing its position in the Indian digital security space and establishing itself in the U.S. market by investing in people, technology, brand and infrastructure.
Commenting on this announcement, Mr. Sanjay Deshpande, CEO, Uniken said, “Given the high credentials and deep global experience of the partners in Exfinity, this milestone reinforces the belief in the growth story of Uniken in the digital security space. Over the last year, we have made successful forays into the global markets and received endorsements for REL- ID in Israel and US. With this partnership with Exfinity, we aim to make REL-ID a strategic asset for global enterprises to rapidly grow their digital business.
Uniken recently inducted Dr. Thane Plambeck and Greg Whitehead to the board as Technology Advisors and cyber-security strategist, Menny Barzilay, former CISO of Israeli Defence Forces, in the capacity of Chief Security Evangelist.