Mobile application vulnerability detection start-up, Appknox is in talks to raise funds from Singapore-based Jungle Ventures, along with a slew of angel investors including Google India head Rajan Anandan. While the quantum of the funding could not be confirmed, the startup is understood to be selling around 20 per cent stake in this round.
Besides Anandan, the funding is also likely to see participation from Pratyus Patnaik, co-founder of start-up firm Appurify, which was acquired by Google in June this year, sources said.
Another prominent angel investor Sunil Kalra is also understood to be considering participation in the funding round, which is expected to be officially announced next month, sources said.
Appknox refused to comment on the development. “The company could have raised the entire funding from the venture capital firm, but the founding team insisted on bringing on board the angel investors in order to get access to their experience and network,” a source having direct knowledge of the development said.
Appknox, part of the recently concluded batch of Microsoft Ventures’ accelerator programme, offers an automated testing tool to identify and fix security loopholes in mobile applications. The company offers testing-as-a-service to developers through regular security audits for their applications and alerts them in case a vulnerability arises.
While the company is headquartered out of Singapore, five of its six personnel are based out of India.
Founded in January 2014 by Harshit Agarwal, Subho Halder and Prateek Panda (who is also the founder of Bengaluru-based startup blog 'The TechPanda'), Appknox has so far audited over 900 applications, and found over 1,000 threats.
The company has also published a study revealing that 80% of the most prominent 100 mobile applications have security vulnerabilities. Appknox has previously discovered vulnerabilities in applications of Facebook, Google, Microsoft, Skype, Yahoo and PayPal, the company's website says.
The company counts mobile commerce company Paytm, and Singapore-based online super market RedMart, as its clients.
Prior to this funding round, Appknox was backed by Singapore's The Joyful Frog Digital Incubator, which had invested $25,000 in the startup.
With the funds raised in this round, Appknox will look to grow its presence in India and other Asian countries, an industry source said. While Singapore and India are Appknox's key markets currently, the company will next eye growth in countries like Vietnam.
