SecurAX raises an undisclosed amount from Axilor and Parampara Capital

Cloud-based solutions provider SecurAX Tech Solutions (I) Pvt Ltd has secured an undisclosed amount of funding from early stage investor Axilor Ventures, Parampara Early Stage Opportunities Fund and a clutch of angel investors, a report stated.

The Bengaluru-based company will use the funds raised to upgrade its technology, widen its customer base and expand operations across India and the Middle East as per the reports.

Founded by former Infosys employees, Prasanna Kotha, Praveen Reddy and Deepak N Belavadi in 2012, SecurAX is a business-to-business SaaS (software as a service) platform which aims to reduce costs for companies.

It provides cloud-based security solutions, such as biometrics, radio frequency identification (RFID) systems, geo-tracking for workplaces and similar surveillance products. It caters to markets in India, the Middle East and Africa.

Belavadi said, "The SecurAX platform is being used by 75,000 users across 125 customers. We have grown our SaaS user base 2.5 times in the last six months."

Among the many startups that have emerged in the cloud-based solutions space, one of the most active is Freshdesk Inc, which last week acquired software-as-a-service (SaaS) startup Pipemonk for an undisclosed amount.

This was Freshdesk's seventh acquisition in the last 16 months, and is part of the firm’s overall strategy to create an ecosystem of interlinked Freshdesk and third-party products for businesses.

The firm counts Accel India, Sequoia Capital, Tiger Global, Google Ventures and Google Capital as investors. Another player in the field is Capillary Technologies, which provides cloud-based software solutions to retailers.

Capillary is funded by Warburg Pincus, Sequoia Capital and Norwest Venture partners, and has raised over $80 million over the past few years.

The latest additions to Axilor Venture’s portfolio include Bangalore-based events marketplace Events High, which secured an undisclosed amount of funding last month.