App security company NowSecure raised $15 million in its latest funding round, money it said will be used to accelerate product development and scale operations.
Cybersecurity-focused investment company ForgePoint Capital led the financing and will work with the company on its growth plans, focusing on providing app security testing products for the enterprise market.
NowSecure CEO Alan Snyder said in a statement the company is trying to address a “fundamental, global-scale problem that puts businesses and consumers at direct risk” by helping app developers identify security threats, compliance gaps and privacy problems.
A recent investigation of 250 popular Android apps conducted by the company found more than 70 per cent leaked data that could leave users vulnerable to fraud and identity theft.
“Every business is becoming mobile first, yet millions of people are using apps on a daily basis that have major security and privacy issues,” Snyder added. “This is an issue that mobile app developers must address by adhering to basic, secure programming standards and protocols.”
NowSecure has raised a total of $27.5 million to date, including $12.5 million from a funding round in 2014.Subscribe to our daily newsletter Back