Mumbai-based Wegilant Net Solutions Pvt Ltd, which provides IT security solutions to Android developers and CIOs, has raised Rs 1 crore ($160,000) from a group of investors, including Ravi Gururaj of HBS Alumni Angels, Gaurav Sharma of Yahoo India, and Vishwanathan Ramachandran (formerly GupShup), a top executive of Wegilant told Techcircle.in.
The round also saw participations from IIT-Bombay's startup incubator SINE, besides an unnamed strategic investor.
The startup diluted about 20 per cent stake in exchange for the capital. As per the deal, Sharma will join the board of Wegilent.
"The funds will be used to add new features to our product and get more clients, besides expanding the team," said Toshendra Sharma, founder and CEO, Wegilant.
Wegilant offer strategies, capabilities and technologies necessary to help businesses protect their Android apps & IT infrastructure from threats. It offers Appvigil, a cloud-based Android app security scanner that scans security loopholes in Android applications.
According to the company, Appvigil helps developers and CIOs identify security and privacy vulnerabilities during the app development lifecycle and reduces the chances of being damaged on production level where cost of recovery is huge.
The firm claims to have four clients in India, Hong Kong and the US.