Induz, a data security company has raised $780,000 in its first venture capital funding round led by YourNest Venture Capital.
YourNest contributed $750k while the remaining $30,000 was deployed by accelerator SanchiConnect as part of the YourNest-SanchiConnect Velocity Program 2024.
The funding will be used to enhance its offerings by obtaining key certifications and hiring specialist engineers within the coming year as Induz aims to launch Confidential Identity and Access Management (Confidential IAM) and an integrated data delivery solution.
The new offerings will cater to the needs of companies in insurance, fintech, banking, government sectors and enterprises, addressing the need for secure AI model training with sensitive data.
“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,” said Tirumalesh Chalamarla, Induz’s co-founder and CEO.
Ranjeet Shetye, Venture Partner at YourNest, said, “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.”
Founded in 2023 in Hyderabad by Tirumalesh Chalamarla and Sreerama Mohan Gadam, Induz focuses on data security and confidential computing solutions. Induz provides secure, encrypted data management within confidential computing environments, ensuring that neither cloud providers nor Induz itself can access customers’ data.
Induz was founded in response to the 2019 Capital One security breach, which revealed significant market demand for reliable infrastructure solutions.
