 "Mobile security startup Appknox raises Rs 4.35 cr")
Mobile security startup Appknox has raised $650,000 (Rs 4.35 crore) in pre-series A funding led by SeedPlus Singapore Pte Ltd, a new seed-stage venture capital firm backed by Jungle Ventures, Infocomm Investments, Accel Partners and RNT Associates, the company said on Thursday.
The startup, which was co-founded by SPJIMR alumnus Prateek Panda, plans to use the newly infused capital to grow its range of offerings focusing on its cloud-based mobile security solution for businesses in the Southeast Asian market.
Appknox uses cutting-edge technology to enable businesses to run security analysis on cloud-based emulation engines without having to share any source code. Users can just go ahead and point to the URL of any app on the app store and Appknox will provide results within a few minutes.
Last year, the Singapore-based Appknox launched its mobile security solution starting with India. At present, it customer base includes leading e-commerce and payments businesses like Paytm, Times Internet, BigBasket and CitrusPay.
Tiang Lim Foo, Operating Partner at SeedPlus will be joining the Appknox Board.
"We are always on the lookout for start-ups with cutting-edge technology, promising ideas and a great founding team. Given the explosive growth in mobile apps and smartphone users globally, security will only be more important as the next billion smartphone users get online," Foo said. "Appknox is well poised to tap on this huge opportunity."
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The Singapore-based Appknox, which has more than 70 customers in India, is looking to expand operations in Southeast Asia. It has already signed up with companies like RedMart, a fast-growing online grocery service in Singapore, and HOOQ, a digital entertainment service.
The company is working with startups and a range of companies to help build a safe and secure mobile ecosystem. According to data collated by research firm Gartner, more than 75 per cent of mobile apps a likely to fail basic security checks by 2017.