Cyber-security solutions provider Innefu Labs Pvt. Ltd Monday said it has raised $2 million in a series A round of funding from venture capital fund IndiaNivesh.

The Delhi-based company will invest the funds in product and technology development, team expansion and overseas launches.

This is the fifth investment made by IndiaNivesh, a Rs150 crore fund.

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.

Founded in 2011 by Tarun Wig and Abhishek Sharma, Innefu claims to have built on artificial intelligence technology to provide cyber security solutions pertaining to biometrics authentication and multi-factor authentication, besides data analysis to predict and prevent virtual threats.

“Our products have been developed using cutting edge technologies to provide customized solutions. We have the right blend of domain expertise with tech knowhow to compete with the best in the world." Sharma said in the statement.

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.

A report published by MarketsandMarkets in July 2016 forecasts the global cybersecurity market to grow from $122.45 billion in 2016 to $202.36 billion by 2021, growing at a compound annual growth rate of 10.6%.

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