Venture capital firm Helion Venture Partners is in talks to invest in security software company Seclore Technology, which was incubated at IIT Bombay. Helion will invest Rs.19 crore ($ 3.5 million) in the Mumbai-based company. Existing investor Ventureast Tenet Fund is expected to put in an additional Rs.13.6 crore. At the end of this round of funding, the two institutional investors could own 35% of the company.
Founded by IIT graduates Vishal Gupta and Abhijit Tannu, Seclore offers technology that can reduce the risk arising out of information breaches and regulatory non-compliance. Some of its customers include IT services major Capgemini, the Adecco Group and Essar Group.
Source: Economic Times
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