NEW YORK, November 12, 2015 /PRNewswire/ --
AppDome, the market leader in dynamic mobile application security-as-a-service, announced today that it closed $13 million in Series A funding, led by Menlo Ventures. The round includes participation from original investors JVP (Jerusalem Venture Partners) and OurCrowd, together with new investor Draper Nexus.
AppDome's dynamic app wrapping technology protects enterprise and consumer apps along with their data. The solution is used globally to defend mobile apps from attack vectors such as malware, man-in-the-middle, pharming, and data harvesting.
Recently named by Gartner as the 2015 Cool Vendor in Mobile Security, AppDome offers enterprises the ability to secure their apps by uploading the fully developed APK/IPA to a cloud-based security wrapping service. Following the wrapping process, the company can download a secure version of the app within minutes and distribute it via the App Store or Google Play.
"AppDome's technology is part of a large transformation in mobile application security," said Tal Gilat, CEO of AppDome. "Until now, high-level mobile app security has only been available to enterprise apps and was out of reach for customer-facing and partner-facing apps. Our technology makes it possible to seamlessly protect any type of mobile application - including financial, healthcare, and other customer-facing apps."
Gilat added, "Menlo Venture's investment is a giant vote of confidence in our ability to deliver comprehensive, cutting-edge, enterprise-grade mobile security across any app running on iOS or Android. We have every intention of leveraging this opportunity to expand our global presence."
Avi Yehuda, CTO of AppDome, notes that "Using a dynamic wrapper is the most effective, scalable and affordable way to provide the highest level of security against the growing threat of known and unknown malware. AppDome recently researched over 100 US-based financial and healthcare apps and found that over 40% were highly vulnerable to very basic confidential data theft, phishing and fraud cyber-attacks."
Avery More, Venture Partner at Menlo Ventures, said: "We have encountered multiple game-changing technologies, and AppDome clearly leads the mobile application security market with a solution requiring minimal time-to-market. As awareness of mobile application vulnerabilities grows, AppDome is uniquely positioned to provide best-in-class security to meet this increasing need."
Hiro Rio Maeda, Manager Director at Draper Nexus, said: "Today's consumers spend over 100 minutes per day on a smartphone, which is more than they spend on a PC. More transactions and information flow through applications which need to be more secured. Somehow, there is a belief that they are all secured and it is wrong. AppDome technology has great potential under current circumstances at the global scale."
AppDome's dynamic wrapping SaaS technology provides an essential shield that secures enterprise and consumer-facing apps from advanced cyber threats, mobile fraud, and data theft. Within minutes, AppDome's dynamic wrapping technology defends iOS and Android apps from a range of attack vectors. The dynamic wrapper operates on the final application package, and does not require any source code modifications or SDK integration during the development life cycle. The solution is used by the world's leading financial, healthcare and e-commerce companies to ensure productivity, compliance, and security for consumers and employees. For more information, visit www.appdome.com.
About Menlo Ventures
Menlo Ventures provides capital for seed through growth technology companies in the consumer and enterprise sectors. Since 1976, the firm's market-driven analysis has led to the identification of and successful exits in innovative technology markets. Notable areas of investment include Mobile (Siri, Uber, Machine Zone, Roku), Social & Ecommerce (Tumblr, Lumosity, Poshmark), Cloud (Carbonite, EdgeCast, Dropcam, Vidyo), Storage & Big Data (3Par, Coraid, Tintri, Avere Systems), Digital Advertising (Flurry, YuMe, DataXu, Dstillery, eXelate) and Security (Cavium, IronPort, nCircle, BitSight). Menlo's portfolio includes 70+ public companies and 100+ mergers and acquisitions. Menlo's guiding philosophy is to Venture Right, working side-by-side with portfolio entrepreneurs as allies, serving ethically on boards as company builders with decades of market expertise, and opening access to a curated network of advisors. Menlo Ventures has $4.4 Billion under management and is currently investing Menlo Ventures XII, a $400M fund with $15M allocated to the Menlo Talent Fund for fast seed funding. For more information, visit http://www.menlovc.com/.
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