Tiger Global leads $10.5 million funding round in IT security startup Secureden

Accel and Together Fund were the other participants in the round, the proceeds from which will be used for leadership hiring across North America, increasing headcount in India, and expanding product portfolio to explore adjacent opportunities in IT security, he said.

Delaware-headquartered Secureden makes products that secure access across IT, DevOps and cloud environments, meaning they can manage passwords for IT teams, govern privilege access in servers and endpoints, and even enable remote access without VPN.

The company has been growing its business 20% month-on-month over the last 18 months and hopes to close the current calendar year at 400% revenue growth, said Venkatramani.

Most of Secureden’s clients are in North America and Europe, and some in Australia-New Zealand and certain Middle-eastern countries.

According to Venkatramani, in the coming months, Secureden will look to make inroads into the North American market, which constitutes over 45% of its market distribution.

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Venkatramani said identity thefts, malware, ransomware and insider exploitation are emerging as large threats in the wake of explosive digital transformation after the onset of the pandemic.

The company is also seeing a diversification of its clientele from small and medium-sized businesses into mid-market and enterprise segments. The CEO said Secureden is operating in five business segments, including large ones like cloud infrastructure security and DevOps security management, totalling a business size of $50 billion.

With the investment, seed-to-scale investor Accel has placed a deeper bet on another Chennai-based SaaS venture such as Freshworks and Chargebee. Founded by SaaS entrepreneurs Girish Mathrubootham and Manav Garg, venture capital veteran Shubham Gupta, and community evangelist Avinash Raghava, Together Fund will look to deepen investments in the SaaS space as companies such as Secureden look to deepen presence in key markets.