India-based cybersecurity firm raises funds from NTT Netmagic

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Netmonastery NSPL, a security information and event management (SIEM) solution provider, has raised funds of an undisclosed amount in Pre-series A round from Sharad Sanghi, CEO NTT-Netmagic in his personal capacity.

The funding gives Sanghi a “significant minority stake” in the company, and will be used to increase Netmonastery’s market presence across the globe, added an Economics Time report.

“For more research on core technologies and building capabilities, there is a need for companies that have the vision to change existing paradigms and lead cyber tech innovation. I see that in Netmonastery whose enterprise-grade DNIF HyperScale SIEM with strong analytic capabilities is a definite game-changer. This strategic investment in my personal capacity is an attempt at securing the digital infrastructure in India and a step towards my vision of partnering with such companies and mentoring them to strengthen the ecosystem,” said Sharad Sanghi.

Founded in 2002, Netmonastery delivers security solutions through its product DNIF HyperScale SIEM, a single-window cybersecurity solution designed for enterprise Security Operations Centers (SOC) that includes a combination of a SIEM, User and Entity Behaviour Analytics (UEBA) and Security Orchestration, Automation and Response (SOAR). DNIF is part of the cybersecurity nerve centre for companies in finance, banking, government, media, manufacturing and electronic commerce.

“Cybersecurity is not the biggest problem, the volume of data that companies face is the challenge which makes it cost-prohibitive. We have been able to crack this at a fraction of the cost. Sharad Sanghi has shown confidence in us with this investment,” said Shomiron Das Gupta, founder and chief executive officer of Netmonastery.

Das Gupta stated that the current investment will help it market in global geographies.

Sanghi added that while professionally he has worked with the security company for many years, Netmonastery’s recent foray into cloud solutions was a key driver for the investment, the report added.

“DNIF is now delivered through the cloud so users don’t have to wait for new hardware deployment on a customer’s premise, then take two to three weeks to set up. And then constantly worrying about upgrading the hardware. As the data increases. Now they can put their security needs on a public cloud, and it works nicely, and scales seamlessly,” said Sanghi.

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