SAN FRANCISCO — Appthority, the global leader in enterprise mobile threat protection, has closed an additional $7 million in Series B funding 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.“