Prevalent AI, co-founded by Malayali, raises ₹210 cr; eyes Kochi expansion

Kochi: Prevalent AI, a London-based cybersecurity and enterprise AI company co-founded by a Malayali, has raised $22 million (around ₹210 crore) in equity investment from US-based private equity firm Integrity Growth Partners.

The investment is expected to pave the way for the expansion of the company's development centre at Infopark in Kochi and create more employment opportunities in Kerala, co-founder and Chief Operating Officer Arun S Raj said.

Founded in 2017 by Arun Raj and UK national Paul Stokes, Prevalent AI has so far focused primarily on markets in Europe, Australia and Singapore. The company now plans to adopt a more global approach, including expanding its presence in the US, Arun said.

He added that as part of this push, the company would expand operations in Kerala as well.

Nine years without external funding
The investment marks the first time Prevalent AI has accepted external funding since its establishment in 2017. For nearly nine years, the company funded its operations and expansion entirely through revenue generated from its business.

The new investment is expected to support the company's expansion in the US market and development of technologies aimed at preventing financial crime, alongside its existing cybersecurity offerings.

Prevalent AI's advisory board includes Sir Ian Lobban, former director of the UK's intelligence agency GCHQ.

Cybersecurity and enterprise AI
Prevalent AI provides cybersecurity and enterprise AI data solutions to multinational corporations. Its clients include banks, telecommunications companies, insurance firms and other businesses.

The company develops technologies to help organisations secure their data and systems while using artificial intelligence, with a focus on cybersecurity and financial crime prevention.

The company operates its development centre from Infopark, Kochi, which is expected to be expanded following the latest investment.