Automotive/Mobility Cybersecurity Provider SecureThings
MOUNTAIN VIEW, Calif., Feb. 15, 2022 (GLOBE NEWSWIRE) — SecureThings, a pioneer in in-vehicle cybersecurity solutions for the automotive and mobility sectors, today announced the completion of $3.5 million pre-Series A funding round led by tech-focused VC fund Inflexor Ventures. The funding round also saw participation from 9Unicorns, RPG Ventures, SAB Holdings, and various UHNIs.
Since November 2020, Inflexor Ventures has invested in six companies from its Fund II, including Atomberg, GramCover, and Vitra.ai. The company will utilize the funding for product development, business growth in India and overseas markets, augmenting the India and U.S. teams, and sales and marketing.
SecureThings provides specialized machine learning-based cybersecurity solutions for virtually any vehicle, including commercial vehicles, passenger vehicles, electric vehicles, and motorbikes. SecureThings’s unique 6-layer protection approach provides comprehensive, real-time security to the automotive ecosystem. The company is headquartered in California, USA, and has a large R&D center in Pune, India to support existing customers in India & the APJ (Asia Pacific and Japan) market.
Vishal Bajpai, co-founder and CEO of SecureThings, spent over 15 years in various roles at Symantec where he identified the growing need for automotive cybersecurity. “With the increasing automation in vehicles, the sources of attacks are ever-expanding,” he said. “We realized that automotive cybersecurity is unique; it requires not only a focused solution to protect the supply chain, but also to rebuild the current protection stack to work in the challenging environment of an automobile.”
“Connected vehicles are highly prone to cyberattacks and this has led regulators across the globe to prescribe stringent protection measures,” continued Bajpai. “Our highly innovative cybersecurity solution for electric vehicles and motorbikes in India has seen phenomenal uptake. This round of funding will help strengthen our customer base in India & APJ, which continues to be a strategic and essential market for us, as well as expand our footprint in the U.S. market. We look forward to working with our new investors who bring valuable expertise to help the company scale up.”
“What drew us to SecureThings was their deep expertise in cybersecurity and its various problem statements; everything ranging from telematics systems to cloud platforms to intelligent automation,” said Venkat Vallabhaneni, managing partner, Inflexor Ventures. “The multi-layer solution they have developed will have wide-ranging impacts in the automotive sector in the years to come. Coupled with the large-scale adoption of IoT that is underway and the regulatory push by authorities worldwide, we believe that SecureThings has tremendous market potential.”
Sandeep Singhal, senior advisor Avaana Capital and ex-MD Nexus Venture Partners, said, “As the EV revolution transforms our vehicles into ‘computers on wheels’ with connectivity to central servers and personal devices, cybersecurity has become a mission-critical issue. SecureThings is bringing the cybersecurity paradigm from the computing world to the automotive space and addressing threats at each layer of the connected vehicle. There is a global market to target, and we are excited with the traction that the team is experiencing.”
Key Venture, led by Nidhi Saraf, acted as the sole advisor for the round.
About Inflexor Ventures
Inflexor Ventures is a sector-agnostic VC firm that invests in deep and emerging technology startups from Pre-Series A to Series-A+ stages. The team at Inflexor Ventures brings decades of experience in fund management and investments, serial entrepreneurship with exits to US-listed companies, and global technology and operational roles. Inflexor co-founders were early investors in startups like Atomberg, PlayShifu, Entropik, Bellatrix, CloudSek via their Parampara Fund.
SecureThings offers end-to-end solutions through its five-pronged approach to vehicle security: detection, response, recovery, identification, and protection to OEMs, Tier1 suppliers, and subsystem manufacturers using patented machine learning-based technologies. The company’s threat intelligence and cloud protection platforms offer complete control, comprehensive monitoring, and effective resolution methodologies to OEMs, shared services operators, and fleet managers.
SecureThings’s Cloud platform provides an active defense that searches for external vulnerabilities, and new attack chains are integrated with the automotive security operations center correlation engine. The platform provides insights and accurate information about fleets’ vehicle vulnerabilities, thus creating actionable plans to mitigate risks. For OEMs, critical and dangerous cybersecurity vulnerabilities are detected and resolved using secure Over-The-Air updates.