Using algorithms, Innefu thwarts virtual threats
Delhi-based Innefu Labs develops biometrics authentication and predictive intelligence for governments, public sector undertakings, corporate, and law-enforcement agencies.
Based on machine-learning algorithms, these products can predict and thwart virtual threats and reduce dependency on humans.
Founded by Tarun Wig and Abhishek Sharma in 2011, the firm has raised $2 million in Series-A round from IndiaNivesh Venture Capital Fund.
The company’s clients include Defence Research and Development Organisation, Border Security Force, Central Reserve Police Force, and Mahindra and Mahindra.
Drawing revenue from one-time licence fee and yearly maintenance, the company claims to be profitable so far. In the next two years, it aims to net 15 clients in Southeast Asia for full-fledged deployment of its products. By doing so, it looks to garner revenues worth ~30 crore.
Although it faces competition from Palantir, SAS, and IBM, the company also stares at a bigger pond, with the cyber security market estimated to grow from $122.45 billion in 2016 to $202.36 billion by 2021, at a compound annual growth rate of 10.6 per cent, according to a report by MarketsandMarkets.
“We are a completely ‘Made in India’ company, providing local solutions to our customers in India and abroad. We have the right blend of domain expertise with tech know-how to compete with the best in the world,” said co-founder Abhishek Sharma.
The company intends to invest in talent acquisition and in forays into Bangladesh and Sri Lanka.