Lookout raises $55M to accelerate mobile enterprise security push
Mobile security software firm Lookout has raised $55 million in strategic funding from investors including Deutsche Telekom, Qualcomm Ventures, Greylock Partners and Mithril Capital Management. Existing investors Accel Partners, Andreessen Horowitz, Index Ventures and Khosla Ventures also participated in the round, which nearly matches the $75 million in funding Lookout has raised since launching in 2007.
Lookout said it will leverage the new capital to accelerate its move into the enterprise segment. Later this year, the firm will launch Lookout for Business, which promises to safeguard companies from mobile threats. San Francisco-based Lookout told The Wall Street Journal it will also continue its international expansion, increasing the size of its London office and open another in Japan and will explore security technologies that could move beyond apps into chips.
Lookout protects more than 45 million people worldwide. Mobile operator partners include Sprint (NYSE: S), T-Mobile and Orange. Samsung Electronics recently signed an agreement to install Lookout's antivirus software on all of its forthcoming smartphones running Google's (NASDAQ:GOOG) Android.
More than 1 million US consumers have downloaded adware to Android devices over the past 12 months, according to a report Lookout issued in June. Lookout defines adware as ad networks that exhibit intrusive behavior without first securing appropriate user consent--e.g., displaying advertising outside of the normal app experience, harvesting personally identifiable information or initiating unexpected actions in response to ad clicks.
Adware is most commonly lurking inside personalization apps--26 percent--followed by racing games at 23 percent and sports games at 18 percent. New Lookout users in the US face a 0.9 percent likelihood that adware is on their Android device, the firm said. New Lookout users across the globe face a 1.6 percent Android malware likelihood, higher than other mobile threats. Approximately 6.5 percent of all free Android apps available for download from the Google Play digital storefront contain adware, Lookout added, acknowledging that the prevalence of adware in third-party app stores is dramatically higher.
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