Protectt.ai secures $8.7 million for global expansion

Protectt.ai, a cybersecurity startup based in Mumbai, has raised $8.7 million in a funding round led by Bessemer Venture Partners. The company focuses on using artificial intelligence to monitor cyber threats and fix app vulnerabilities remotely. Founded in 2020, Protectt.ai aims to use the new funds for global expansion and product innovation. The startup's clients include banks and stock exchanges, with a particular focus on mobile banking and payment applications. Co-founder Manish Mimani noted that these sectors are often targeted by malware. Protectt.ai aims to predict cyber threats based on user behavior and device activity to enhance mobile app security. Bessemer Venture Partners views cybersecurity as crucial, especially with over 900 million mobile phone users in India relying on their devices for financial transactions. Protectt.ai reported its first profitable year in FY24 and aims to achieve the same in FY25, with annual recurring revenue nearing $5 million. Currently, Protectt.ai plans to emphasize its business-to-business (B2B) offerings, while its consumer segment is secondary. The company is expanding into the Middle East and the U.S., launching an office in Dubai and aiming to be operational in the U.S. by early April. Protectt.ai also seeks to innovate its products, including developing a new AI security platform by August or September. Additionally, the company partners with IIT Madras to nurture cybersecurity talent through hackathons. The founders initially bootstrapped the company with $1 million before seeking external funding.