Bessemer Venture Partners bets on cybersecurity firm Mitigata

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Using an unordered list, summarize the following article with between 4 and 8 key points. Mitigata founders (L to R) Sarthak Dubey (Co-founder and COO), Mayank Morya (Co-founder and CTO), Bhranti Shah (Chief Underwriting Officer), Akshit Kaushik (Co-founder and CBO), Mohit Anand (Co-founder and CEO)
Bengaluru-based cybersecurity startup Mitigata has raised $15 million (Rs 142 crore) in a Series B funding round led by Bessemer Venture Partners, with participation from existing investors Nexus Venture Partners, Titan Capital and WEH Ventures.

The fresh capital will be used to expand the company’s artificial intelligence capabilities, scale its security operations centre, support international expansion and strengthen its engineering, product and customer success teams.

Founded in 2023 by Mohit Anand, Sarthak Dubey, Mayank Morya and Akshit Kaushik, Mitigata provides a cyber resilience platform that combines security operations, cyber risk intelligence, compliance automation, incident response and cyber insurance services.

The startup serves more than 800 organizations across sectors, including banking and financial services, healthcare, manufacturing, automotive, technology, retail and e-commerce. It said its AI-powered security operations centre has triaged more than 1 million security incidents over the past year.

“When we started Mitigata, we weren’t trying to build another cybersecurity company,” said co-founder and CEO Mohit Anand. “We believed enterprises needed a different operating model, one that brings security operations, cyber risk intelligence, response and insurance together on a single AI-native platform.”

Mitigata claims to have achieved more than 12-fold year-on-year growth and is looking to expand its AI-driven cyber resilience offerings amid rising cyber threats.

“The accelerating number of AI-driven malicious attacks, combined with a severe shortage of cybersecurity talent, has resulted in a perfect storm for Indian enterprises,” said Pankaj Mitra, partner, Bessemer Venture Partners.

Mitigata operates as an IRDAI-regulated cyber insurance broker and offers products such as Gordon AI, a security co-pilot for threat detection and response; RELIQ, a cyber risk quantification platform; and Dranta, a privacy governance and consent management solution.Get daily update with our newsletter Subscribe Now !Subscribe to Newsletter