US and India-based Securden Inc, an information technology (IT) security startup, on Wednesday said it has raised $10.5 million (around Rs 80 crore) as part of its Series A funding led by Tiger Global.
New investor Together Fund and existing investor Accel also participated in the round, Securden said in a statement.
Together Fund was floated last year by Girish Mathrubootham (Founder and CEO of Freshworks), Manav Garg (Founder and CEO of Eka Software), Shubham Gupta (former Matrix Partners executive), and Avinash Raghava (former Accel executive) to invest in early stage software-as-a-service (SaaS) companies.
Securden further said that the company will use the fresh capital to boost research and development (R&D), sales and marketing operations.
It will also deploy the funds to hire and to expand its product portfolio.
The startup, which was founded by former Zoho executives Balasubramanian Venkatramani and Kumaran Balan, provides "privileged access governance solutions" to help prevent cyberattacks, malware propagation and insider exploitation.
Its clients include banking and financial institutions, government agencies, healthcare firms, educational companies, IT service providers, and manufacturing companies across the globe.
Prior to this round, Securden raised $1.2 million in seed capital led by Accel in July 2020.
Other investors who pooled in capital at that time included Axilor Ventures, Freshworks CEO Girish Mathrubootham, Eka1.com CEO Manav Garg and CaratLane CEO Mithun Sacheti.
Cybersecurity startups have raised venture capital funding in the past as well.
In February this year, automotive cybersecurity platform SecureThings.ai secured pre-Series A funding of $3.5 million (around Rs 26 crore) led by tech-focused venture capital fund Inflexor Ventures.