Cybersecurity startup FireCompass raises $7 million in early-stage funding

Other investors, who participated in the round, were Bengaluru-based Athera Venture Partners and Ahmedabad-based Bharat Innovation Fund (BIF), a deeptech investor. BIF had previously made undisclosed investments in the startup.

FireCompass co-founder and CEO Bikash Barai told ET that the fresh capital raised will be used for innovating on its existing line of products, exploring new product adjacencies and expanding operations across India, the United States, the Middle-East and Europe.

Founded in 2019 by Barai and Priyanka Aash, FireCompass protects enterprises from data breaches by continuously scanning the deep, dark and surface webs using artificial intelligence-based tools.

Its solutions include Software-as-a-Service (SaaS)-based tools such as external attack surface management (EASM), continuous automated red teaming (CART), attack surface management, digital footprint and shadow IT and ransomware risk assessment.

FireCompass, which generates about 60% of its revenues from the US, claims it is a category creator with CART, a system that helps enterprises continuously discover and test assets at all times. The solution runs continuously without the need for software, hardware or additional employee resources.

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FireCompass, which is based out of Boston as well as Bengaluru, launches safe attacks, mimicking real attackers to help identify attack paths that are otherwise missed by conventional tools. Barai had earlier founded another cybersecurity startup, iViZ Security, which was funded by Chiratae Ventures. Later, Nasdaq-listed Synopsys acquired iViZ Security.

The company’s clientele include three telecom companies, including T-Mobile, in the United States, financial companies Future Generali and Airtel Payments Bank, system integrators L&T Technologies Services e-commerce firm Nykaa.

Last year, IBM had announced acquisition of Randori, another Boston-based offensive security startup, that also combines attack surface management (ASM) with continuous automated red teaming (CART) to help organisations bolster their cyber defences.