Appthority Secures $7M Series B Funding
SAN FRANCISCO, CA, Appthority, the global leader in enterprise mobile threat protection, today announced the closing of an additional $7 million in Series B funding.
The round was led by Trident Capital Cybersecurity, with participation by U.S. Venture Partners, Venrock, Blue Coat Systems and Knollwood Investment Advisory. This financing brings the company's total Series B funding to $17 million.
Appthority also announced accelerated business momentum in the rapidly growing mobile security market. The company achieved year-over-year growth of 106 percent for the first half of 2016, a 98% renewal rate, and closed its strongest ever revenue and bookings quarter in Q2 2016. Its rapidly expanding customer base included three wins from the Forbes Global 500 list, and growing demand from vertical sectors. Nineteen percent of first-half revenues were from the government sector, 20 percent from financial services and 24 percent from manufacturing. The company also achieved significant traction from international markets with 25 percent of first-half revenues coming from international customers.
'Mobile security has not kept up with mobile adoption and app consumption. CISOs and their teams must be able to proactively identify and mitigate risk from mobile apps without impacting employee productivity or hindering compliance,' said Paul Stich, CEO of Appthority. 'The market response to our mobile threat solution and ability to protect employees and corporate data in near real time from millions of potential mobile app threats speaks for itself. With additional funding to grow key functions and markets, we are incredibly well placed to capture the lion's share of this important segment of the security market.'
Appthority's mobile threat prevention solutions extend the corporate security perimeter to the endpoint of employee mobile apps which today represent one of the biggest blind spots in enterprise cyber security strategy. Appthority mobile threat solutions ensure company data is protected, users are knowledgeable about mobile risk and compliance, and risky apps are prevented from entering the enterprise ecosystem. The company has built a clear technology and innovation advantage to alternative solutions through unprecedented scale, automation and customization of its mobile threat solutions.
'Mobile is fast becoming the weakest link with respect to corporate data breaches,' said Sean Cunningham, Managing Director of Trident Capital Cybersecurity, who now joins the Appthority Board of Directors. 'Appthority's momentum and product innovation in mobile security is an outstanding opportunity for investment. The mobile security initiative within enterprises has become a funded priority supported by the Board of Directors and CISOs due to the proliferation of malicious mobile applications on employee devices with access to the corporate network.'
Appthority, the global leader in enterprise mobile threat protection, delivers proactive visibility into mobile risk with the most comprehensive mobile application analysis available. Appthority's extensive and ongoing threat intelligence eliminates mobile risk blind spots and combines the widest array of customizable policy and remediation options to tailor threat protection to the unique needs of individual enterprises. Customers benefit from Appthority's mobile app as they extend the enterprise's security perimeter to employees, ensuring everyone is knowledgeable about mobile risk and compliance, while helping to prevent risky apps from ever entering the ecosystem. With Appthority, security teams are informed, employees are productive and enterprise data is kept private and secure. Appthority is trusted by organizations needing the most effective threat protection at scale, including several of the Global Forbes 100 as well as top government agencies in the U.S. Europe and Asia. For more information, please visit www.appthority.com.
About Trident Capital Cybersecurity
Trident Capital Cybersecurity is a venture capital firm that invests in early-stage companies leveraging emerging technologies in cybersecurity. The firm is a spinout of Trident Capital, which in 1998 became one of the pioneers of cybersecurity venture capital investing. Managing Directors Alberto Yepez, Don Dixon and Sean Cunningham jointly lead the cybersecurity investment team. Renowned as the venture capital firm with the most valuable network of cybersecurity relationships, Trident Capital Cybersecurity relies on input from a 40-plus-person Cybersecurity Advisory Council, consisting of industry CEOs, customers and former top-level government leaders. Appthority is the firm's fourth investment. Other investments include Bayshore Networks, IronNet Cybersecurity and 4iQ. For more information, visit www.tridentcybersecurity.com.
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