New Delhi-based Innefu Labs Pvt. Ltd, an Artificial Intelligence (AI) start-up has raised $2 million (Rs 13 crore) in Series A funding from IndiaNivesh Venture Capital Fund. This is the fifth investment made by IndiaNivesh, a Rs150 crore fund.

Innefu provides its cybersecurity products to defence research establishments, state police departments, intelligence agencies, state-run companies, banks and private-sector organisations. It also works in the field of cognitive learning for data analytics, open source intelligence, link analysis with pattern matching and fuzzy logic.

The company plans to use the capital for enhancing its AI platform, talent acquisition and expansion. Innefu also intends to enter Bangladesh and Sri Lanka, according to a press statement.

In a statement, Innefu, which makes IT security products primarily for the banking and financial services industry, said its clients also include the Border Security Force (BSF), Central Reserve Police Force (CRPF), and Mahindra and Mahindra Ltd.

“We are a completely ‘Made in India’ company providing indigenous products solutions to our customers in India and abroad. Our products have been developed using cutting edge technologies to provide customised solutions. We have the right blend of domain expertise with tech knowhow to compete with the best in the world,” Abhishek Sharma, Co-founder at Innefu, said.

Innefu Labs was founded in 2011 by Tarun Wig and Abhishek Sharma. Wig previously co-founded cybersecurity services and training providers Appin Knowledge Solutions and Appin Security Group. Sharma previously worked with Tata Consultancy Services.

Other local companies that monitor, identify and respond to cyber threats include TAC InfoSec Pvt. Ltd, Kratikal Tech Pvt. Ltd and Lucideus Tech Pvt. Ltd.