Protectt.ai, a leading mobile app cybersecurity and fraud prevention platform, has raised Rs 76 crore ($8.7 million) in a Series A funding round led by Bessemer Venture Partners. The company plans to leverage this capital to enhance its AI-driven security platform, introduce new AI security solutions, and expand its presence globally across the US, Middle East, and APAC.
About Protectt.ai
Founded by Manish Mimani and Mohanraj Selvaraj, Protectt.ai offers a comprehensive cybersecurity and fraud control platform specializing in mobile app security. The company’s XDR (Extended Detection and Response) platform delivers real-time threat detection and protection for mobile applications, ensuring secure digital transactions and data integrity.
Currently, Protectt.ai protects over 300 million smartphones and manages approximately 2 billion app sessions monthly, preventing around 200 million cyber threats and fraud incidents. The platform also ensures businesses remain compliant with regulatory standards established by entities like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and National Payments Corporation of India (NPCI).
Significance of the Funding
The Rs 76 crore funding is a major milestone for Protectt.ai, positioning the company to expand its AI-driven cybersecurity solutions and bolster its market presence. With the rise in mobile app usage, the threat landscape has become more sophisticated, making Protectt.ai’s innovative security solutions essential for businesses and consumers.
This financial boost will empower the company to enhance its product offerings, drive technological innovation, and expand into key global markets. Additionally, Protectt.ai will continue to strengthen its compliance capabilities, helping organizations meet strict regulatory requirements effectively.
How Protectt.ai Plans to Use the Funds
Protectt.ai will allocate the funding to:
- Enhance AI Security Solutions: Invest in cutting-edge AI technologies to develop next-generation cybersecurity solutions that address evolving mobile threats.
- Global Expansion: Establish a robust presence in the US, Middle East, and APAC regions, increasing access to its security platform.
- Product Innovation: Expand its cybersecurity product portfolio with advanced AI-powered fraud detection and prevention solutions.
- Strengthen Compliance Support: Provide businesses with enhanced compliance management tools to meet regulatory guidelines from RBI, SEBI, and NPCI.
Founders’ Perspective
Manish Mimani and Mohanraj Selvaraj expressed their excitement about the investment, emphasizing the need for heightened cybersecurity measures as digital threats continue to rise. They highlighted Protectt.ai’s commitment to delivering robust security solutions that protect both businesses and consumers from evolving cyber risks.