Bessemer Venture Partners led the Series A funding round for Protectt.ai, a mobile app cybersecurity and fraud control platform, which raised Rs 76 crore, or about $8.7 million.
In addition to supporting its global expansion initiatives in the US, Middle East, and Asia, the proceeds will be utilized to accelerate product innovation, build new AI security solutions, and improve the platform for AI-driven mobile app security solutions.
Manish Mimani and Mohanraj Selvaraj founded Protectt.ai, a company that provides a range of mobile app security solutions aimed at protecting mobile apps against new frauds and cyberthreats. Additionally, it acts as a worldwide compliance center for mobile app developers who must adhere to rules set forth by organizations like the RBI, SEBI, NPCI, and others.
Its mobile app, XDR Platform, provides cutting-edge defense against malicious attacks, fraud, and evolving cyberthreats, guaranteeing the security of mobile users and businesses everywhere.
Over 300 million smartphones are reportedly protected by Protectt.ai, which processes about 2 billion mobile app sessions each month and stops 200 million fraud and cyberthreat incidents annually.
The platform also acts as a compliance center, guaranteeing compliance with rules set forth by regulatory bodies like the National Payments Corporation of India, the Securities and Exchange Board of India, and the Reserve Bank of India.
