Data Security Startup Induz Raises USD 780K Funding Led by YourNest Induz will use the funding to obtain industry certifications, develop proprietary hardware, hire specialised engineers, and launch Confidential IAM and integrated data delivery solutions, enhancing its secure infrastructure offerings.
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Induz, a startup specialising in data security and confidential computing, has successfully raised USD 780,000 in its first venture capital funding round, led by YourNest Venture Capital.
Of the total investment, YourNest contributed USD 750,000, while deeptech accelerator SanchiConnect added USD 30,000 as part of the YourNest-SanchiConnect Velocity Programme 2024.
Induz plans to utilise this funding to gain key industry certifications, advance proprietary hardware development, and recruit skilled engineers. The company also aims to launch Confidential Identity and Access Management (Confidential IAM) and an integrated data delivery solution, expanding its secure infrastructure offerings.
Tirumalesh Chalamarla, Induz's co-founder and CEO, noted, "The new investment will expedite product development, secure paid proofs of concept (POCs) from clients, and help achieve essential security certifications. These certifications will not only build client confidence but also validate the security and reliability of Induz's solutions, paving the way for future growth and sustained client relationships."
Induz's story begins with the Capital One security breach in 2019 in the US and Canada, which affected over 100 million individuals, sparking concerns about data security.
Reflecting on the incident, Chalamarla and Sreerama Mohan Gadam, Induz's CTO, saw an urgent market need for resilient data infrastructure solutions. They founded Induz in Hyderabad in 2023, intending to address data security challenges.
Induz has positioned itself as the world's first Confidential Storage SaaS provider, offering a unique approach to data security. Through its Confidential Storage solution, the company promises a zero-trust model that empowers businesses to safeguard sensitive data across public, private, and hybrid clouds without reliance on third-party infrastructure providers.
Powered by Intel SGX technology, Induz's solution ensures secure, encrypted data management within confidential computing environments, preventing cloud providers or even Induz itself from accessing clients' data.
Targeting sectors such as insurance, FinTech, banking, government, and enterprises involved in secure AI model training, Induz's solutions address critical security and compliance needs.
Ranjeet Shetye, Venture Partner at YourNest, commented, "AI, data, and cloud will shape the future economy, yet recent data breaches have underscored the need for secure solutions. Induz's approach, with zero-trust and hardware-level protections, reshapes the cloud landscape, ensuring businesses retain full control over sensitive data. We believe Induz has established a new benchmark in confidential compute and secure storage, exemplifying the innovative disruption YourNest champions."
