Data security solutions provider Induz raises $780K led by YourNest

Data security solutions provider Induz has secured $780,000 in a new funding round led by YourNest Venture Capital, which contributed $750,000, along with an additional $30,000 from accelerator SanchiConnect as part of the YourNest-SanchiConnect Velocity Program 2024.

The fresh funds will be directed towards accelerating product development, securing multiple paid proof of concepts (POCs) from clients, and achieving critical security certifications, Induz stated in a press release.

Co-founded in 2023 by Tirumalesh Chalamarla and Sreerama Mohan Gadam, Induz aims to enhance its offerings by obtaining key certifications and developing proprietary hardware roots of trust, underscoring its commitment to providing reliable and compliant infrastructure. The platform is also planning to launch Confidential Identity and Access Management (Confidential IAM) and an integrated data delivery solution, completing a comprehensive suite of data security services for enterprises.

The Hyderabad-based company noted that these new offerings are designed to meet the needs of industries such as insurance, FinTech, banking, government sectors, and other enterprises that rely on secure, compliant AI model training with sensitive data.

According to market research, the global data security market is valued at an estimated $50 billion.

Induz claims to provide a seamless approach to data security, empowering enterprises to fully control and protect sensitive information across public, private, and hybrid cloud infrastructures without dependency on hidden infrastructure providers.