Sistema Asia Fund, the proprietary venture capital fund of Russian conglomerate Sistema JSFC has invested in Mumbai-based technology startup Seclore. This was the Series B funding of the startup venture co-founded by ex-IITians Vishal Gupta and Abhijit Tannu and a sum of $12 million of was raised in the round. The round also saw participation from Helion Ventures, VentureEast and India Alternatives Private Equity Fund.
Seclore, enables organisations secure information shared externally. It is a leading provider of enterprise digital rights management (ERDM) solutions and has a growing roster of Global 5000 companies which use its technology to protect sensitive information from cyberattacks. Seclore also has offices in the US. Seclore’s CEO Vishal Gupta said there had been an uptick in demand for EDRM as organisations are finding that persistent, granular file-centric security is the best defence against cyberattacks and other risks associated with sharing of sensitive information.
Sistema floated this fund earlier this year with an initial tranche of $50 million (about Rs 340 crore) to support Indian startups operating in technology and niche consumer-centric segments. Singapore-based Sistema Asia Fund is being advised by Insitel Services, a wholly-owned Indian arm of Sistema JSFC. Kirill Kozhevnikov, managing director of Insitel Services, said in a statement:
“In the modern, global world of cloud and mobile technology, it is extremely difficult to balance effective external collaboration with strict information usage policies and Seclore has reinvented EDRM with innovations in ease-of-use and simplified connectivity to accelerate adoption of information-centric security,”
Sistema JSFC’s chief financial officer Vsevolod Rozanov had recently said Sistema Asia Fund’s investment committee was examining proposals from five to seven companies. Rozanov also sits on the boards of SAF’s management committee and Sistema’s Indian mobile venture, Sistema Shayam Teleservices.
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