As part of the YourNest-SanchiConnect Velocity Program 2024, data security solutions provider Induz has raised $780,000 in a new funding round led by YourNest Venture Capital, which contributed $750,000. SanchiConnect, an accelerator, has also contributed $30,000.
According to a press release from Induz, the new funding will be used to speed up product development, obtain several paid proofs of concepts (POCs) from customers, and obtain crucial security certifications.
Tirumalesh Chalamarla and Sreerama Mohan Gadam co-founded Induz in 2023 with the goal of strengthening its products by securing important certifications and creating proprietary hardware roots of trust, demonstrating its dedication to delivering dependable and legal infrastructure. The platform intends to complete a full range of data security services for businesses by introducing an integrated data delivery solution and Confidential Identity and Access Management (Confidential IAM).
These new offerings, according to the Hyderabad-based company, are intended to satisfy the demands of sectors like banking, insurance, FinTech, government, and other businesses that depend on safe, legal AI model training with sensitive data.
The global data security market is estimated to be worth $50 billion based on market research.
By offering a smooth approach to data security, Induz asserts that businesses can completely manage and safeguard confidential data across public, private, and hybrid cloud infrastructures without relying on unidentified infrastructure suppliers.
