Bengaluru, India-based security services and products firm Network Intelligence Inc (NII) has raised Rs 33-crore funding (approximately $4.8 million) from private equity firm Helix Investments. The money will be used for product development and to expand operations in the U.S. and Europe. The investment values the firm at $22.7 million.

NII was founded in 2001, and provides information security services, consultancy and products. It offers assessment, advisory, remediation, training, and managed services; and is an Indian VAR for leading global security firms and products -- such as McAfee, Imperva, Cyber-Ark and FortiGate. NII also sells its own products, Firesec and Insight.

Firesec delivers an analysis of firewall rules for medium to large enterprises. It can purge redundant rules, group similar rules, and find vulnerable rule patterns. Insight is a vulnerability management suite that can manage assets, assess vulnerabilities, and determine compliance status.

"We are going to deploy the funds for two purposes," said KK Mookhey, CEO of NII: "expanding to the US and Europe and to enhance product development initiatives. Around 60% of our revenues are from the banking, financial services and insurance (BFSI) sector and the rest from critical infrastructure like oil and gas and also from IT."

NII employs around 450 people, primarily in India and the Middle East. Its operations centers are in Mumbai and Dubai, and it has recently established operations in the U.S. and Singapore.

Helix Investment is an India-focused private equity fund that aims to invest around $20 million annually in India -- typically at around $5 million to $15 million at a time. The fund is sponsored by Culbro LLC, the private equity investment vehicle of the Cullman family of New York and by Bloomingdale Properties, a US based investment and real estate company.