IDG Ventures India invests $2.5 Mn in iViZ
By siliconindia   |   Wednesday, 12 December 2007, 20:30 IST
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Bangalore: IDG Ventures India, a $150 Million early stage technology venture capital fund, has announced a $ 2.5 million investment in iViZ, an innovative network security startup in the Security and Vulnerability Management market with Automated and On Demand Penetration Testing product. Kolkata based iViZ is addressing a global market which is currently over $10 billion in size and growing annually at over 18 percent. "It is our privilege to support iViZ founded by Bikash Barai and Nilanjan De. This investment is based on our thrust of investing in disruptive software product firms out of India with a potential to scale globally. Security is a key market for us," said Sudhir Sethi, Chairman and Managing Director, IDG Ventures India. iViZ was amongst the Asia’s Top 5 Security Startups in the Global Security Challenge held by London Business School in September 2007. The company plans to utilize the investment to build its sales team in North America, Europe, Middle East, APAC, and India and to significantly enhance its product development initiatives. "Our vision is to be a global leader in the Security and Vulnerability Management market with Automated Penetration Testing and Security Risk Management as our first offering. We partnered IDG Ventures for the global IDG Platform and the strategic help that iViZ will derive in realizing its vision from the presence of investor nominees Sudhir Sethi and Hemir Doshi on the Board," said Bikash Barai, Co-founder and CEO of iViZ. "We have used Artificial Intelligence techniques and simulation of next generation hacking techniques to build the product," said Nilanjan De, Co-founder and CTO of iViZ, “Unlike current Penetration Testing process, which is manual and non comprehensive, our product can detect vulnerabilities and also its corresponding remedies in a completely automated way," he added. Sudhir Sethi and Hemir Doshi will join the Board of Directors at iViZ representing IDG Ventures India.

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