San Francisco-based Appthority, a provider of mobile enterprise security services, announced this week it has raised $10 million in Series B funding from existing investors U.S. Venture Partners and Venrock, as well as new investors Blue Coat Systems and Knollwood Investment Advisory. The company previously raised $6.25 million in a Series A round in 2012 soon after it was named the “Most Innovative” company at the RSA Conference’s startup competition that year.
Appthority Announces Unprecedented Company Revenue and Performance in 2015
Strong Customer Demand, Partner Integration and Investor Support to Protect Against Increasing Mobile Application Threats
Appthority, the leader in enterprise Mobile Application Risk Management, today announced unprecedented company revenue and performance in 2015. The company’s Q4 year-over-year growth rate reached 248 percent, making this the strongest quarter since the company’s inception in 2011. In addition, the renewal rate for customers reached an all-time high at 93 percent. The company has also seen a rapidly growing customer base, including the acquisition of two Fortune 50 customers in Q4. At the end of the year, Appthority closed a $10 million Series B funding round, positioning the company to further capitalize on the increasing market demand for mobile app security in 2016.
Series B investors included existing investors U.S. Venture Partners and Venrock, and new investors Blue Coat Systems and Knollwood Investment Advisory.
“Enterprise and government workforces depend on mobile solutions for productivity, yet they are vulnerable to breach through increasingly sophisticated application attack methods,” said Paul Stich, CEO, Appthority. “By powering the industry’s first all-in-one mobile application security service, we’ve successfully closed a record-breaking year with the support of our customers, partners and investors. In the year ahead, we will continue to deliver on our commitment to manage and reduce mobile risks to the enterprise, and look forward to making 2016 another record-breaking year.”
Uncovering mobile threats like Quicksand and XcodeGhost
According to Forrester’s 2016 predictions, employee mobile application adoption will surge—as will the number of malicious mobile security attacks, expected to at least double from last year.
- Appthority has found that close to 80 percent of mobile apps exhibit hidden behaviors that put sensitive corporate data at risk.
- There were three critical malware iOS vulnerabilities found in Apple’s App Store in late 2015, including XcodeGhost, mobiSage, and YouMi. In all three cases, Appthority had updated its analysis engines and made detection and remediation available to all of its customers within 48 hours.
- In 2015, Appthority further helped protect customers by discovering a critical iOS sandbox vulnerability: Quicksand.
Securing mobility for financial, government and healthcare customers, and more
In 2016, accelerating mobile threats will continue to force businesses to invest in security solutions to reduce those daily threats.
- Given last year’s explosive growth in breaches, companies spanning every major industry turned to Appthority for help in securing enterprise data, including automotive, energy, insurance, manufacturing and telecommunications.
- In 2015, Appthority’s top three high-demand customer industries were financial services, government and healthcare.
- With active proof-of-concepts in more than twenty Fortune 500 enterprises, Appthority is expecting continued strong customer growth in 2016.
Strong partnerships for strong security
In today’s mobile workforce, mobile security management and mobile device management have both become business critical needs for the enterprise.
- In 2015, Appthority expanded its deep integration with leading mobile device management partners like AirWatch and MobileIron to include even richer integrations that provide enhanced customer workflow and ease of deployment.
- Appthority also entered an exclusive partnership with the Global Enterprise Mobility Alliance (GEMA), providing enterprise mobility managed services for multinational organizations.
Having analyzed over three million apps for malware, security vulnerabilities, and corporate data exfiltration risks, Appthority brings together a powerful, automated suite of mobile app risk detection capabilities, coupled with remediation actions for compliance to corporate policies and regulations. To learn more, please visit: https://www.appthority.com/products/.
“With its transformative solution, Appthority is addressing a critical component of the mobile security ecosystem: the threat of data loss from mobile apps. Last year’s record setting numbers are an indication of the strength of this market and Appthority’s ability to capture it.” – Steve Krausz, general partner at U.S. Venture Partners (USVP)
“Emerging mobile threats are now a CISO-level concern. Appthority is the solution for managing those threats.” – Ray Archer, SVP and CISO, Scotiabank
“Our global customers are facing escalating risks from mobile apps in the enterprise. We chose Appthority as our exclusive mobile application security partner because they have the richest, most comprehensive solution we can offer our customers.” – Jim Haviland, chief strategy officer, GEMA and Vox Mobile
Appthority provides the industry’s first all-in-one App Risk Management service that employs dynamic and behavioral analysis to immediately discover the hidden actions of apps and empower organizations to apply custom policies to prevent unwanted app behaviors. Having analyzed more than three million apps for its Global 2000 and government customers, only Appthority combines the largest global database of analyzed public and private apps with advanced policy management tools to automate control over risky app actions and protect corporate data. By delivering trust to the app ecosystem, Appthority allows enterprises to securely benefit from the proliferation of useful apps. Headquartered in San Francisco, Appthority is venture-backed by U.S. Venture Partners and Venrock, Blue Coat Systems, and Knollwood Investment Advisory. More information on Appthority can be found at https://www.appthority.com/.