The cybersecurity service provider, Network Intelligence has raise funds amounting to Rs 33 crore from a non-public fairness agency known as Helix Investments. After the completion of this funding round, the company valuation has crossed Rs 155 crore.
The company has plans to utilize these funds for product development and expanding operations abroad to the US and Europe. The security company has been growing and expanding extensively over the past few years and is looking to sustain a compound annual growth rate (CAGR) of 40-50% in the near future.
The CEO of the company Kanwal K Mookhey said, “The cybersecurity market is booming, and we want to continue to be well-positioned to meet the demand. Helix Investments is committed to supporting our opportunity in cybersecurity services, while at the same time investing in security product development.”
Network Intelligence Pvt Ltd was founded in 2001 by Mookhey and is a committed and well-recognized provider of services, solutions and products in the cybersecurity sector. The company has also received special honour at numerous national and international forums and conferences. NII has operations centers in Mumbai and Dubai, which provide managed security services to clients globally. The company has also recently set up operations in the US and Singapore.
On the other hand, Helix Investments is a private equity fund that provides growth capital to small and mid-sized companies in India. The company’s objective is to work with dynamic entrepreneurs and management teams and provide them with the capital and strategic plan to assist in their future growth. The company invests in both private and public sector but mainly focuses on private sector firms.
“We have been following the cybersecurity market for some time, and when we spoke to NII’s clients, we heard tremendous enthusiasm for its work,” said David Danziger, director of Helix Investments.
With the growing problems regarding privacy and cybersecurity, the growth of cybersecurity companies has become very necessary. Increased funding for such firms like Network Intelligence is a move in the right direction for the purpose of securing user data in crucial times.