SecurAX, a Bangalore-based startup which provides cloud based biometric workforce tracking solutions, has today announced that it has raised an undisclosed amount of funding from Axilor, Parampara Early Stage Opportunities Fund and a group of angel investors.
The company has not revealed the name of angel investors who participated in the current funding round. With the new capital coming to the company, it is now planning to further enhance its technology offerings, expand its customers base and scale up its operations across India and the Middle East.
Commenting on this fundraising round, Deepak Belavadi, cofounder, SecurAX, said,
The SecurAX platform is being used by 75,000 users across 125 customers. We have grown our SaaS user base 2.5 times in the last six months. The investment from Axilor Ventures and Parampara will help us scale operations.
Srinath Batni, cofounder of Axilor Ventures also commented on their investment as under:
Cloud-based technologies are driving new business models. SecurAX is well positioned to build on its leadership in the biometrics space and scale its SaaS offering, globally.
SecurAX is a Business-to-Business (B2B) Software-as a-Service (SaaS) platform that enables customers through biometrics, mobile app and geo tracking to effectively track their workforce and enhance productivity, resulting in cost savings.
The SaaS model from the firm helps its client companies to reduce physical-infrastructure investment, maintenance and software licensing costs. It also helps customers reduce operational overheads through a pay-as-you-go pricing model.
Axilor Ventures, which invested in the current round, is a new generation platform for supporting early stage entrepreneurs. It was founded by S.D. Shibulal, Kris Gopalakrishnan, Srinath Batni, Professor Tarun Khanna and Ganapathy Venugopal. Through its various programs, which include Accelerator, Scale-up and Early Stage Funding, Axilor is aiming to support early stage entrepreneurs and improve their odds of success.