IDGVI News: Portfolio News 2010

The High Five

Businessworld | 20 March, 2010

By Vishal Krishna

iViz Techno solutions (IT software)

When Bikash Barai, co-founder and ceo of iViz Techno Solutions, wanted to enter the world of ethical hacking in 2006, he was hard put to find investors. So, he put up his own paintings, about 12, for sale and raised seed capital of Rs 1 lakh to start iViz. Within three months, he was able to sign on eRev Max, a UK-based IT company as a strategic investor.

The security management start-up, headquartered in Kolkata, provides on-demand automated penetration testing to customers. “While conducting one penetration testing exercise, it dawned on us that even as a security expert we cannot detect all multi-stage attack path possibilities,” says the 27-year-old Barai. To overcome this, they explored the use of artificial intelligence to simulate all multi-stage attack possibilities. The resultant product simulates a human hacker’s intelligence to detect attacks on a system or network, and suggests remedies.

The product currently has a patent pending with United States Patent and Trademark Office. So far, over Rs 5 crore has been invested in the business (Bangalore-based venture capital firm IDG Ventures India invested $2.5 million) and while revenue growth is robust, the company is not profitable yet. Barai projects $1.5 million revenues in 2009-10. Today Barai and co-founder Nilanjan De, chief technical officer, iViz, plan to reach out to 25 markets including Europe and the US. The two IIT-Kharagpur graduates seem to have a tough road ahead.