India: Skycure raises $16.5m in Series B funding round led by Foundation Capital

From Mint

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.

This article was published on Livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.