Delhi-based AI startup Innefu Labs is making buzz for raising USD 2 million in funding from IndiaNivesh Venture Capital Fund. As per news, the series A funding will see the investors picking up a minority stake in the company, Innefu Labs said in a statement.
Founded in 2011 by Tarun Wig and Abhishek Sharma, Wig had earlier co-founded cybersecurity services and training providers Appin Knowledge Solutions and Appin Security Group while Sharma had a stint at Tata Consultancy Services. news reports suggest that the current fund infusion would be used to enhance the AI platform that is used by law enforcement agencies for predictive intelligence and facial biometrics.
Meanwhile, the startup is also planning to step up talent acquisition in countries like Bangladesh and Sri Lanka. Some of Innefu Labs clients include central government agencies such as BSF, DRDO, law enforcement agencies and corporate behemoths such as Mahindra.
The information security startup, has a gamut of products such as AutoShield – Two Factor Authentication. According to the startup, Tactical Internet interception and Monitoring System have been used by Law Enforcement Agencies to investigate hacking attacks while Two Factor Authentication system ensures secure and safeguards online/credit card transactions by creating a dynamic password every time the user wishes to log in.
Sharma spoke in a statement, “Our company is completely ‘Made in India’ and we are providing indigenous product solutions to our customers in India and globally. We have the right blend of domain expertise with tech know-how to compete with the best in the world”.
Reportedly, IndiaNivesh Venture Capital that has a purse of INR150 crore fund has invested in 5 startups to date.
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Richa Bhatia is a seasoned journalist with six-years experience in reportage and news coverage and has had stints at Times of India and The Indian Express. She is an avid reader, mum to a feisty two-year-old and loves writing about the next-gen technology that is shaping our world.