Web and Mobile Security Solutions Innovator RiskIQ Secures $10 Million Series A Investment from Summit Partners
SAN FRANCISCO, July 18, 2013 /PRNewswire/ -- RiskIQ, a leading provider of website security, mobile application security and anti-malvertising solutions beyond the firewall, today announced it has received $10 million in Series A funding from Summit Partners, a global growth equity firm. Summit Partners' investment, the first institutional funding accepted by four-year-old RiskIQ, will allow the company to expand development of its unique cybersecurity product offering, and increase investments in sales, marketing, and other business development activities.
In its short history, RiskIQ has achieved a remarkable level of penetration among large corporations seeking better visibility into threats beyond the firewall. Currently serving many Fortune 500 companies, RiskIQ uses a global proxy network spanning nearly 40 geographic locations to monitor key websites and mobile applications that reside outside of corporate control. The company's proprietary technology continuously scans tens of millions of web pages each day, alerting corporate customers to millions of potential threats including malware, phishing, stuffing, click fraud, brand abuse, intellectual property violations and more.
Monitoring the full range of external threats beyond the firewall is an expensive task that requires a truly web-scale platform for threat and policy scanning, along with the analytics and intelligence to understand how a website element or mobile application can damage a company's reputation, customers, or business. RiskIQ's comprehensive solutions detect zero-day threats by addressing four critical problem areas: web scanning, mobile app security monitoring, brand and trademark protection, and malicious ad (malvertisement) prevention. No other solution on the market offers the combination of broad coverage, extensive reach, and depth of analysis that RiskIQ does.
"As our success to date has proven, enterprises of all types are concerned about the changing threat environment. Many of their most valuable digital assets lie outside company firewalls where hackers can perpetrate fraud or steal confidential data," said Elias Manousos, Chief Executive Officer and co-founder of RiskIQ. "This major capital infusion from Summit Partners will allow us to continue accelerating the pace of innovation with our proprietary approach to web and mobile security, while expanding our global customer base."
Having gained an early leadership position, RiskIQ will use the Summit Partners investment to grow its footprint globally with strategic expansions in all areas of sales, marketing and product development.
"Summit has a long track record investing in category-defining security software businesses that achieved rapid growth and profitability prior to raising outside capital. We believe that RiskIQ's unique software platform allows customers to extend security beyond the enterprise perimeter and to protect the reputation of a business, along with the health of its digital business network. With borderless computing networks becoming the norm for companies of all sizes, RiskIQ is turning unknown threats—malware distribution, brand abuse, affiliate fraud and other risks—into known and addressable situations," said Greg Goldfarb, Managing Director, Summit Partners. "With its robust and differentiated technology, RiskIQ has a clear opportunity to lead the external security threat detection market."
RiskIQ is a leading provider of enterprise security solutions beyond the firewall. The company's proprietary technology intelligently interacts with websites and mobile applications, modeling user behavior to detect anomalies, policy violations and previously undetected threats. Armed with a purpose-built, worldwide proxy network that spans the globe, the company scans millions of web pages and mobile applications to provide enterprises with visibility and control beyond their corporate borders. As active participants of the Online Trust Alliance (OTA) and the Cloud Security Alliance (CSA), RiskIQ is at the forefront of defining security for emerging digital ecosystems. RiskIQ is headquartered in San Francisco and is backed by growth equity firm Summit Partners. To learn more about RiskIQ, visit www.riskiq.com.
About Summit Partners
Founded in 1984, Summit Partners has raised nearly $15 billion in capital, and provides equity and credit for growth, recapitalizations, and management buyouts. Summit has invested in more than 365 companies globally in technology, healthcare and other growth industries. These companies have completed 130 public offerings, and more than 135 have been acquired through strategic mergers and sales. Notable Summit investments in the security market include AVAST! Software, McAfee, NetWitness (acquired by EMC Corporation), Postini (acquired by Google), SafeBoot Holdings BV (acquired by McAfee), and Sybari Software (acquired by Microsoft). Summit Partners maintains offices in Boston, Menlo Park, London and Mumbai. For additional information, visit www.summitpartners.com.
In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20–22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.