Cervin, Athera co-lead $7 mn funding round in FireCompass

By K Amoghavarsha

  • 06 Feb 2023
Bikash Barai, co-founder at FireCompass

Cybersecurity startup FireCompass, on Monday said it has raised $7 million (around Rs 57.9 crore) in a funding round co-led by Cervin and Athera Venture Partners (formerly Inventus Capital).   

The round also saw participation from existing investor BIF (Bharat Innovation Fund), part of Indian Institute of Management (IIM) Ahmedabad's incubator Centre for Innovation, Incubation and Entrepreneurship (CIIE).   

The startup plans to use the fresh funds for scaling of operations within India and the US, hiring and geographical expansion.  

“At FireCompass, our vision is to make continuous automated red teaming (CART) available to all so that organisations can continuously discover and test all their assets at all times – just like the real attackers” said Bikash Barai, co-founder, FireCompass.  

In 2020, the Bengaluru and Boston-based startup had raised $1.89 million in a seed funding round from Bharat Innovation Fund and Sansar capital.  

Founded in 2019 by Barai, Nilanjan De and Priyanka Aash, FireCompass offers a software-as-a-Service (SaaS) platform for security assessments. It also provides a solution for cybersecurity preparedness such as breach preparedness and cybersecurity maturity.  

The company counts firms like counts Sprint (which is now a part of T-Mobile), Security Innovation, Nykaa, Manthan and Larsen & Turbo as part of its client portfolio.  

"FireCompass' automated red teaming and attack surface discovery capabilities provide visibility into risks." said Preetish Nijhawan, managing partner, Cervin

Cybersecurity startups have been gaining investors’ interest for quite some time now. Last week, cybersecurity startup WhizHack has secured pre-Series A funding of $3 million from its existing investors Vedswasti Holdings and SAA Capital.   

In December last year, cybersecurity startup SafeHouse secured a pre-Series A funding of $6 million led by investor Gonpo Tsering. 

Prior to that, cybersecurity startup Traceable AI raised $60 million as a part of its Series B funding led by Institutional Venture Partners (IVP), with participation from Tiger Global Management.