Quick Heal Technologies, a Pune-based antivirus software and data protection provider, has invested Rs 2 crores (around $263,765 at current exchange rates) in Singapore headquartered networking and wireless technology startup Ray.
“The team at Ray’s is building futuristic solutions keeping Internet of Things (IoT) and cloud computing technologies in mind which makes them an ideal partner,” Kailash Katkar, MD and CEO of Quick Heal Technologies said in a statement.
Founded by Hemal Patel in 2019, Ray offers software-as-a-service (SaaS) and internet of things (IoT) based solutions for enterprises to improve their wireless technology using its flagship open-source operating system. Its operating system, RayOS, has an inbuilt app store which extends the wifi functionality. It also improves the overall performance of IoT devices by providing intuitive user experience.
The investment will help Ray adopt Quick Heal’s cybersecurity protection tools. Patel said the company will use the funding to accelerate product innovation and expand reach in multiple geographies.
Quick Heal has been making investments in disruptive solutions to strengthen its portfolio. In November last year, it bet $300,000 in Tel Aviv headquartered cybersecurity startup L7 Defense to ramp up its own enterprise digital security platform Seqrite.
Quick Heal, in its earnings for the final quarter of the financial year 2019-20, reported a fall in revenue for Q4 by 25% on year to Rs 64.3 crore from Rs 86 crore. The company attributed the decline to disruption in the distribution of products via its channel partners due to Covid-19 pandemic. For FY20, the revenues declined 9% to Rs 286 crore from Rs 315 crore in the previous year.
As of March 31, 2020, the company claims to have over nine million customers globally, including retail and enterprise. It counts Indian Navy, Urban Company, Just Dial, Serum Institute of India, BITS Pilani among its enterprise customers.