Skycure, a start-up that helps companies protect their employees’ office phones from security threats, has raised $16.5 million in a second round of founding led by Foundation Capital.
The fresh funds will help the firm expand its presence in Europe, West Asia, Africa, and the Asia-Pacific region, boost its customer base to 1,000 and invest further in developing its mobile threat defence platform.
This brings Skycure’s total funding to $27.5 million. It raised $8 million in March last year, preceded by a seed round of $3 million in November 2012.
“We’re in the midst of a massive security revolution driven by tiny devices,” Adi Sharabani, chief exuecutive officer and co-founder of Skycure said in a statement. “Mobile is the biggest challenge to enterprise security today and it requires vastly different considerations than desktop, network, or even cloud security.”
Skycure’s existing investors such as Shasta Ventures, Pitango Venture Capital and New York Life Investment Management participated in the latest funding round. Individual investors Peter McKay, a VMWare executive, Lane Bess, former chief executive of Palo Alto Networks, and Michael Weider, a known figure in the application security world, also took part in the so-called Series B round announced on Tuesday.
Foundation Capital general partner Paul Holland will take a seat on Skycure’s board of directors.
Founded by two Israeli intelligence veterans Sharabani and Yair Amit in 2012, Skycure has developed mobile applications for iOS and Android platforms and offers a management console to let organisations detect, protect and remediate security incidents on employee mobile devices. It can be deployed as a cloud-based solution or on-premises software.
Mobile devices are under increasing attack on multiple fronts with cyber criminals finding ways to work on compromised configuration vulnerabilities, rogue networks, content manipulation and malware.
“The more devices we carry to streamline business, the larger the attack surface to the organizations grows,” pointed out Yair Amit, chief technology officer and co-founder of Skycure. “With our new funding we can focus more on research and invest more in development, further enhancing our security innovation and expanding our product leadership in the market.”
Skycure claims its platform scans five times more apps and monitors 10 times more networks than last year. The number of devices and active users under Skycure protection expanded by more than 400% after its series A round.
Its mobile threat defence platform has performed over 150 million network tests and detected tens of thousands of malware installations including repackaged versions of super hit mobile game Pokemon Go.
“Enterprise mobile security is a burgeoning, multi-billion-dollar market,” Paul Holland, general partner at Foundation Capital observed.