Noida-based Data Resolve Technologies Pvt. Ltd, which runs cybersecurity and cyber intelligence startup Data Resolve, has raised over $1 million from IDFC Parampara Early Stage Opportunities Fund, said a company statement.
The company will use the funds to expand its sales and tech teams, expand across India and the Middle East, and launch products, said Dhruv Khanna, CEO, Data Resolve.
The development was first reported by The Economic Times.
In January, IDFC Alternatives, the private equity arm of IDFC group, announced it was partnering venture capital firm Parampara Capital to launch an early-stage fund. It had said the fund will look to make Series A investments in sectors where technology, intellectual property and innovation are key differentiators.
Just before the joint venture was inked, Parampara Early Stage Opportunities Fund, Axilor Ventures and a clutch of angel investors had invested an undisclosed amount in cloud-based security solutions provider SecurAX Tech Solutions (I) Pvt. Ltd.
Email queries sent to IDFC-Parampara seeking comment didn't elicit an immediate response.
Jatin Desai, general partner at IDFC-Parampara, said Data Resolve's products in cybersecurity, covering insider threat, mobile security and user behaviour analytics, are in line with the fund's theme of investing in intellectual property and innovation-based tech startups.
Dexter Capital was the adviser to Data Resolve for the funding round.
Data Resolve, which was incubated at IIT-Kharagpur, offers enterprises a cloud-based information security platform to address issues related to corporate fraud, data leaks and employee productivity.
Data Resolve was one of the six startups selected as winners of the Next Big Idea contest by Mumbai-based accelerator Zone Startups India, the government of Ontario, Canada and Ryerson University, Toronto, in November 2016.
The report added that Data Resolve has signed up with more than 100 clients ranging from startups, small- and medium-sized businesses to multinationals. It had earlier raised angel funding from a couple of German investors.