Protect.ai Secures $8.7 Million to Accelerate Global Cybersecurity Expansion

Founded in 2020, the Mumbai-based startup Protectt.ai has emerged as a game changer in mobile app cybersecurity by harnessing the power of artificial intelligence (AI) to not only monitor cyber threats but also remotely patch vulnerabilities. The company has just closed an $8.7 million Series-A funding round, led by the well-regarded Bessemer Venture Partners (BVP), setting the stage for its ambitious global expansion and product innovation plans.

A New Era in Mobile Cybersecurity

Protectt.ai is addressing an urgent problem: the vulnerability of mobile banking, UPI applications, and other app-based financial services. With over 900 million mobile users in India relying on their smartphones for essential services, securing these devices against cyber threats is more critical than ever. The startup has demonstrated early success with a diverse client base, including banks, stock exchanges, and financial apps like BSE, Yes Bank, IIFL Securities, Equitas Small Finance Bank, and Kinara Capital.

Key Developments:

• Innovative AI Application: Unlike traditional methods that require lengthy patching cycles, Protectt.ai’s technology can identify and fix vulnerabilities remotely, often eliminating the need for a manual update.
• Predictive Security: The company is pushing the boundaries by developing systems to predict cyber threats based on user and device behavior, thereby enhancing app security proactively.
• B2B Focus: Even though the startup also caters to consumers, its current trajectory is firmly aimed at the B2B market, centralizing its resources to serve enterprise-level clients more effectively.

Fueling Global Ambitions

In addition to its solid performance with an almost $5 million annual recurring revenue in FY25 and a trajectory to double its revenue in the next fiscal year, Protectt.ai is poised for global penetration. The funds will be instrumental in:

• Expanding Market Reach: The company has already marked its presence in the Middle East with a new office in Dubai and plans to establish a robust operational base in the United States by early April.
• Product Innovation: Protectt.ai is set to launch an AI-driven security platform modeled after its current mobile app system, with a target roll-out between August and September.
• Talent Development: In a bid to nurture the next generation of cybersecurity experts, the startup has partnered with academic institutions like IIT Madras to organize hackathons such as Binary Clash 360.

Vishal Gupta, partner and managing director at BVP, emphasized, "Cybersecurity remains pivotal as the digital revolution unravels new challenges. Protectt.ai’s breakthrough approach to mobile financial security is timely and vital for millions of users."

A Strategic Investment in a Growing Sector

Protectt.ai's founders, including CEO Manish Mimani—formerly the CIO at Aviva Life Insurance—and Mohanraj Selvaraj, bootstrapped the company with a $1 million initial investment by the founding team. Their focus on building the ideal talent pool and robust products led to achieving profitability in FY24, a benchmark that points toward a promising future.

Global investment in cybersecurity continues to witness considerable enthusiasm, with BVP already having nurtured around 30 investments in this sector. The confident backing from BVP and the outlined roadmap underscores a belief in the maturation of India's cybersecurity ecosystem and its potential on the global stage.

Protectt.ai’s journey highlights a transformative approach, blending artificial intelligence with cybersecurity to not only defend but also proactively secure mobile applications—a narrative that signals significant promise for the digital future.