Lucideus

Lucideus is an international Cybersecurity and Digital Business Risk Quantification enterprise headquartered in Palo Alto, California.[1][2]

Lucideus
TypePrivate
IndustryCyber Security
Founded2012 (2012)
FounderSaket Modi, Vidit Baxi & Rahul Tyagi
HeadquartersCalifornia,
USA
Area served
Worldwide
ProductsSAFE
Number of employees
200
Websitelucideus.com

"Lucideus" is derived from ‘Lucifer’ which means Fallen Angel or darkness and ‘Deus’ which is the Latin word for God or Deity of Light.[3][4]

History

Lucideus was incubated in IIT Bombay in 2012. While in his final year of engineering, Saket started Lucideus at the incubator of IIT Bombay, along with Vidit Baxi and Rahul Tyagi.[5][6]

The first customer of Lucideus was Tata Sky.[3] In 2013, Lucideus launched its enterprise cyber-security services. The company's clients range across BFSI, manufacturing, consumer goods, consumer internet and other areas.[7][8]

In 2014, they moved into their first office premise in New Delhi, India. The company launched SAFE in 2017 which helps businesses and governments quantify, identify and mitigate their cyber risks in real-time.[9][10][11][12] The product earned two awards for the company.

The SAFE platform has been integrated with various technology vendors, including Symantec, McAfee, Tanium, and IBM to provide real-time digital business risk quantification.[13]

After a Series A funding by John T. Chambers, the former executive chairman and CEO of Cisco Systems,[14] Lucideus expanded its operations to the USA. In 2019, they shifted their headquarters to Palo Alto, California and expanded their business across markets in Europe.[15]

The company's clients range across BFSI, manufacturing, consumer goods, consumer internet and other areas.[16][17]

SAFE

SAFE is a cybersecurity product in the Cybersecurity and Digital Business Risk Quantification industry and enables an enterprise to measure and mitigate its cyber risk in real-time.[18] SAFE gives an output both in the form of a Breach Likelihood score (between 0-5)[18] and the Dollar Value Risk an enterprise faces, along prioritized actionable insights based on technical cybersecurity signals, external threat intelligence, and business context of what and where the "weakest links" across people, process and technology are.[2][19]

The scoring model has been built as joint research at MIT (Massachusetts Institute of Technology) that incorporates signals and feeds this data into a Bayesian Network of a Supervised Machine Learning scoring. The breach likelihood scores are calculated both at a macro and micro level and can also be measured for particular Lines of Business (LoB) / Crown Jewels / Departments. The SAFE scores enterprises to have a "common language" across teams to align them to a consistent risk metric.[2][19]

Work for the Indian Government

In 2016, Lucideus was responsible for the security assessment of the Bharat Interface for Money (BHIM) application, an Aadhaar-based mobile payment platform built by National Payments Corporation of India.[20] for which the company won an accolade at the national entrepreneurship awards organised by the Ministry of Skill Development and Entrepreneurship.[21][22][23][24]

Partnership

Lucideus has signed R&D agreements and conducts research on cyber security at Technion University[3] and MIT.[13] It has also partnered with the University of Delhi on a year-long postgraduate diploma course in cyber security.[25][3] In 2019, Lucideus signed a pact with Bombay Stock Exchange to provide a cybersecurity operations centre (SOC).

Fund raising

In 2017, Lucideus raised its first angel investment round of $2 million with investors such as Sri Shivananda (CTO, PayPal), Rajan Anandan (Managing Director, Sequoia Capital), Victor Menzes (ex- Senior Vice chairman, Citibank), Vikas Agnihotri (Operating Partner, Softbank Group), Mickey Doshi (CEO, Credit Suisse, India), among others.[26][27]

In November 2018, Lucideus announced its Series A Funding of $5 million, led by John Chambers.[28][29][30]

In December 2019, Lucideus raised $7M in a fresh round of funding led by MS&AD ventures, the venture capital division of MS&AD Insurance Group Holdings.[31][32][33]

Awards and Honors
Awards and Honours
Year Name of Award/Honor Awarding Organization
2020 Best CyberSecurity Startup[34] Start Up India, Department for Promotion of Industry and Internal Trade, Government of India
2018 Innovation in Cyber Security[35] Aegis Graham Bell Award
2018 Emerging Cyber Security Vendor of the Year Frost & Sullivan
2018 India Emerging Twenty (IE20)[36] London & Partners (Mayor of London)
2018 Most Innovative CyberSecurity Product of the Year[37] NASSCOM & Data Security Council of India
2018 Tech Companies to Watch Out For[38] BusinessWorld TechTors
2017 Best IT Startup of India[39] National Entrepreneurship Awards, Government of India
2017 Industrial Innovation Award[40] Confederation of Indian Industry (CII)

References
  1. Sen, Abik (7 December 2020). "'We want to become the Netflix of cybersecurity'". www.fortuneindia.com. Retrieved 21 December 2020.
  2. "Lucideus: Are your passwords, personal details available on the dark web? With SAFE Me, Lucideus wants to redefine digital security - The Economic Times". m.economictimes.com. Retrieved 16 December 2020.
  3. Chaudhary, Deepti (26 October 2018). "Why John Chambers loves Saket Modi's Lucideus". Fortune India.
  4. "Lucideus Tech: Hacking for the Right Reasons". Silicon India.
  5. Jain, Aashika (24 February 2017). "This Entrepreneur is a Password to Security". Entrepreneur.
  6. Tyagi, Chhavi (20 December 2016). "When it comes to cyber security, even RBI banks on Lucideus Tech". The Economic Times.
  7. "Lucideus raises $5 mn in funding led by John Chambers". The Economic Times. 30 October 2018.
  8. Suneja, Chitrakshi (13 July 2016). "Lucideus : Building and Delivering Information Security Platforms And Services". Businessworld.
  9. "Play Safe With Lucideus". NDTV. 12 May 2017.
  10. "Saket Modi: Hacking for the greater good". Forbes India. Retrieved 19 November 2019.
  11. "Lucideus Launches SAFE to Keep Customers Safe from Cyber Threats". Deccan Chronicle. 10 May 2017.
  12. "DSCI Excellence Awards 2017". Data Security Council of India.
  13. "Lucideus launches SAFE platform to secure enterprises from cyber risks". The Economic Times. 10 May 2017.
  14. Choudhury, Karan (30 October 2018). "Cisco's John Chambers invests in Lucideus; eyes IoT space in India". Business Standard. Retrieved 14 November 2018.
  15. "Cyber Security Platform Lucideus Raises $5 Mn From John Chambers". Inc42 Media. 30 October 2018. Retrieved 16 December 2020.
  16. "Lucideus raises $5 mn in funding led by John Chambers". The Economic Times. 30 October 2018.
  17. Suneja, Chitrakshi (13 July 2016). "Lucideus : Building and Delivering Information Security Platforms And Services". Businessworld.
  18. "How safe are you online? Lucideus Tech's 'Safe Me' app will assess that risk for you". The Indian Express. 3 December 2020. Retrieved 16 December 2020.
  19. "As Cyber Attacks Increase, Lucideus Launches SAFE Me To Provide Cyber Risk Score". Inc42 Media. 2 December 2020. Retrieved 16 December 2020.
  20. Tyagi, Chhavi (20 December 2016). "When it comes to cyber security, even RBI banks on Lucideus Tech". The Economic Times. Retrieved 12 August 2018.
  21. "BHIM App: All you need to know about functionality and app security". Digit. Retrieved 12 August 2018.
  22. Alawadhi, Neha (2017). "How Team Lucideus spent sleepless nights to make BHIM invincible". The Economic Times. Retrieved 12 August 2018.
  23. "PM Modi Launches BHIM, RuPay And SBI App In Singapore". The Quint. Retrieved 12 August 2018.
  24. PM Modi launches BHIM app for digital payments | The Economic Times Video, 30 December 2016, retrieved 12 August 2018
  25. "Delhi University launches PG diploma in cyber security and law". CISCO.in. 18 September 2018.
  26. Ghoshal, Anirban (11 May 2017). "Lucideus Tech secures funds from angel investors". Mint.
  27. Sarkhel, Aritra (9 May 2017). "Lucideus Tech raises funding from Rajan Anandan, Govind Rajan & others". The Economic Times.
  28. "Why John Chambers loves Saket Modi's Lucideus". Fortune India. Retrieved 14 November 2018.
  29. Singal, Aastha (1 November 2018). "Tale of a 15-Second Pitch That Left Ex-Cisco Chairman John Chambers Impressed". Entrepreneur. Retrieved 14 November 2018.
  30. Choudhury, Karan (30 October 2018). "Cisco's John Chambers invests in Lucideus; eyes IoT space in India". Business Standard. Retrieved 14 November 2018.
  31. Kar, Sanghamitra (4 December 2019). "Cybersecurity startup Lucideus raises $7 million". The Economic Times.
  32. "Lucideus raises $7 million in funding led by MS&AD Ventures, to hire 100 people in 3 months". Hindustan Times. 4 December 2019.
  33. Alawadhi, Neha. "Cybersecurity firm Lucideus raises $7 mn, valuation nearly doubles to $100 mn". Business Standard.
  34. "Security-National Startup Awards 2020". www.startupindia.gov.in. Retrieved 12 December 2020.
  35. "innovation in cyber security award".
  36. "India's best companies selected for Mayor of London's IE20 business programme". London and Partners News. Retrieved 12 December 2020.
  37. Michu, Sandhya (29 January 2018). "DSCI's Annual Cyber Security Summit urges privacy and data protection readiness". Express Computer. Retrieved 21 December 2020.
  38. "5 cybersecurity startups to look out for in 2020". BW Disrupt. Retrieved 28 December 2020.
  39. "Lucideus declared the best IT Startup by Ministry of Skill Development and Entrepreneurship". The Economic Times. Retrieved 12 December 2020.
  40. "Academic incubators giving rise to start-ups that are attracting notable investments, and commercializing products". dsci.in.
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