Cyber Risk And Insurance Startup Mitigata Raises $15 Mn

Cyber risk and insurance startup Mitigata has raised $15 Mn (about ₹141 Cr) in its Series B funding round led by Bessemer Venture Partners. Existing investors Nexus Venture Partners, Titan Capital, and WEH Ventures also participated in the round. 

The startup plans to use the fresh capital to accelerate its international expansion, upgrade its AI-native technologies, and scale its domestic Security Operations Centre (SOC), which it aims to make India’s largest. It also aims to double its current team size by hiring across product, engineering, and customer success divisions.

Founded in 2023 by Mohit Anand, Sarthak Dubey, Mayank Morya, and Akshit Kaushik, Bengaluru-based Mitigata is a full-stack cyber resilience platform that aims to help companies manage both cybersecurity threats and financial losses due to the same. It claims to be India’s first IRDAI-regulated insurance broker focused exclusively on cyber insurance. 

Unlike traditional cybersecurity firms that focus primarily on threat prevention, Mitigata claims to combine AI-powered security operations, cyber risk intelligence, compliance automation, digital forensics, incident response and cyber insurance into a single platform. 

Its product stack includes security co-pilot Gordon AI for automated threat detection and incident response; RELIQ, a proprietary engine to assess and measure cyber risk; privacy governance and consent management platform Dranta; and Scan by Mitigata, a consumer-focused data exposure monitoring solution. 

The startup said it recorded 12X YoY growth and triaged more than 10 Lakh security incidents over the past year through its AI-powered SOC. It serves over 800 organisations across sectors such as BFSI, healthcare, manufacturing, automotive, and e-commerce. 

“Cybersecurity is entering an AI-first era, and resilience will become one of the defining capabilities of the modern enterprise. As AI becomes increasingly embedded into economies and critical infrastructure, security stops being just an IT problem. It becomes a question of trust, continuity and, increasingly, national security. We believe India has a unique opportunity to build world-class cyber resilience infrastructure from India, for the world,” said cofounder and CEO Anand. 

The significance of AI in cybersecurity has become a talking point of late, especially due to rising concerns over Anthropic’s Claude Mythos — an AI model designed to detect software security flaws. Anthropic has been rolling out access to Mythos in a restricted manner over fears that its potential to identify vulnerabilities could be misused. 

Markets regulator SEBI also recently constituted a new task force called cyber-suraksha.ai to assess cybersecurity risks posed by Mythos. 

Investors are increasingly backing AI-focused cybersecurity startups, betting on the sector’s significant market potential. For instance, Innefu Labs raised $30 Mn earlier this month. Prior to that, CloudSEK bagged $10 Mn to accelerate its US expansion and Mirror Security raised $2.5 Mn.

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