Cloud-based security provider Appthority has raised a $6.25 million Series A round led by Venrock and U.S. Venture Partners. The company helps the enterprise identify and manage risks hidden in mobile apps, a growing concern as more employees bring their own tablets and smartphones to work. As part of the deal, Ray Rothrock, a partner at Venrock and newly elected chairman of the NVCA, and Steve Krausz, a partner at USVP, have joined the board. In February, Appthority was named the “Most Innovative Company” at the RSA Conference, an annual global security conference.
Appthority Secures Funding to Rate Risky App Behavior
Series A Funding Led by Venrock and US Venture Partners Will Fuel Company Growth and Create Single Authority on App Reputation
SAN FRANCISCO – May 2, 2012 – Appthority, The Authority in App Security™, has secured $6.25 million in a Series A financing round led by Venrock and US Venture Partners (USVP). Ray Rothrock and Steve Krausz, partners at Venrock and USVP respectively, will join Appthority’s board of directors. Appthority will use the funding to fuel company growth, scale to meet market demand for partners and customers alike, and expand its footprint in San Francisco. Gunderson Dettmer also participated in the round.
“Appthority has incredible market potential because they’re addressing a critical security need,” said Ray Rothrock, partner at Venrock. “The demand for enterprises to gain control over the millions of mobile apps and ultimately desktop apps is huge. The opportunity is not just malware detection, but data control and protection. Employees are bringing their own devices to work at an ever increasing rate and change them out every six months or so. By scanning each app for risky behaviors and general data management and control, Appthority can determine which apps could be compromising your organization.”
With more than one million mobile apps available (some with multiple versions), the trend toward the consumerization of IT and BYOD, and mobile malware growing at an exponential rate, organizations are faced with new security risks from mobile apps. Recently named the most innovative company at RSA Conference 2012, Appthority provides best-in-class App Reputation. The company automates the tedious and expensive manual app review process, building whitelists and blacklists based on app behaviors, and bringing power and information back to the hands of IT.
“Appthority is addressing a critical component of the mobile security ecosystem,” said Steve Krausz, general partner at US Venture Partners (USVP). “With Appthority, organizations can take set mobile policies based on the actual behaviors of the app, and then match the right permissions to every level of an organization.”
Possible risky behaviors include malware, corporate data exfiltration, location tracking, keystroke recording, insecure sending of sensitive data, and intellectual property exposure. Whether it’s a commercially available app or one from an enterprise app store, Appthority screens mobile app behavior for malware, privacy, and security concerns that put an organization at risk. These findings are the core component of Mobile App Risk Management.
“With new tablets and smartphones entering the workplace, our solution is helping fill a serious security gap for the enterprise,” said Domingo Guerra, president and co-founder of Appthority. “We are thrilled to be working with Venrock and USVP, who bring an impressive track record of building successful companies. Ray and Steve are both phenomenal partners who know the security industry inside and out. With their advice, the Appthority team is committed to enabling a safer enterprise mobile experience. This financing will help us become the authority on app reputation, serve new customers, and on-board additional partners.”
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Appthority — The Authority in App Security™ — helps the enterprise identify and manage the risks hidden in mobile apps. The cloud-based Appthority Platform™ automatically identifies and grades risky behavior in mobile apps including known and unknown malware, new malware used in targeted attacks, corporate data exfiltration, and intellectual property exposure. The Appthority Platform integrates with the enterprise’s existing mobile solutions, adding app reputation and risk analysis capabilities to Enterprise Mobility Management (EMM), Mobile Device Management (MDM), Mobile App Management (MAM), Enterprise App Catalogs, and Enterprise Mobile App Developers’ Software Development Lifecycle (SDLC) process. For more information on Appthority please visit www.appthority.com.