Netmonastery NSPL, a cyber security intelligence solutions provider, has raised an undisclosed amount in its pre-Series A funding round Sharad Sanghi, chief executive officer, NTT-Netmagic in his personal capacity.
The funding will be used to increase Netmonastery’s market presence, the company said in a statement.
Founded in 2002, Netmonastery delivers through its product DNIF HyperScale SIEM (security information and event management), a single window cybersecurity solution designed for enterprise security operations centers (SOC) that includes a combination of a SIEM, user and entity behaviour analytics (UEBA) and security orchestration, automation and response (SOAR).
The product pioneers threat attribution using subjective machine intelligence and detects multi-stage threats without human arbitration. DNIF is part of the cybersecurity nerve center for leaders in finance, banking, government, media, manufacturing and electronic commerce, the company added.
“Sharad Sanghi is a pioneer in the Indian IT (information technology), data centers and cloud computing space with a remarkable track record of having steered Netmagic to become a leader in the data center space. His vision for the ecosystem is remarkable and his investment in Netmonastery and guidance and wisdom will be an enabler for us,” said Shomiron Das Gupta, founder and chief executive officer, Netmonastery.
The DNIF Hyperscale SIEM platform enables easy ingestion and unlimited retention of high volumes of data, claims the company. DNIF enables customers to operate at hundreds of thousands of events per second on-premise to millions of events per second in the cloud, the company said, adding that its competitors offer solutions that work well with only thousands of events per second.
In 2012, Sanghi, a pioneer in the Indian data centre business, had told VCCircle in an interview that Netmagic had partnered Netmonastery, without giving any further details.
Sanghi had founded Netmagic Solutions in 1998 and eventually sold it to Japan’s telecom major NTT Communications in 2012, at a valuation of over $150 million. The company is largely into high growth niche services like disaster recovery, cloud technology and application hosting.
“The cybersecurity market in India is slated to grow to $3.05 billion by 2022. Although this is big, given the recent outrage of cybercrimes and attacks, there is a pressing need for improved cyber resilience through technologies providing better visibility into the threat landscape,” Sanghi said.
Sanghi, an Electrical Engineer from IIT Bombay and holder of a Master’s degree from Columbia University from New York, has previously invested in security solutions startup Sequretek IT Solutions Pvt. Ltd. In 2019, he also was the sole bidder to acquire debt-ridden Jyothi Structures Ltd under the bankruptcy law.