Singapore based venture capital firm SeedPlus puts $640K in a mobile security company Appknox to help them make apps more secure
Bangalore - August 17th, 2016. RedNewswire/-
The deal is especially outstanding since it is the first open investment from SeedPlus, a new fund from Singapore's Jungle Ventures which is centered around early-organize bargains, which also counts Ratan Tata-backed RNT Associates and Singapore government's Infocomm Investments as investors.
SeedPlus was declared in May and is controlled by officials employed from Spotify, Evernote and SingTel-sponsored gushing administration HOOQ.
50 percent of organizations don’t have any budget allocated for mobile app security, according to a study by IBM and the Ponemon Institute for privacy and security.
This is the test that Appknox needs to handle. The startup can check how secure an application is by trying it in an online virtual environment. All it needs is the application's URL in the application store. The tech investigates the application's vulnerabilities and offers proposals on the best way to settle them.
The company, which analyses mobile app security on the cloud, has among its clients major ecommerce and payments companies such as Paytm, BigBasket, Myntra and Goibibo. "We also have four enterprise customers in Singapore apart from grocery app Redmart and content platform HOOQ," said Prateek Panda, cofounder of Appknox. Appknox works on a subscription model and runs a list of 40 tests on mobile apps without the clients having to share source code with it.
Appknox will utilize the financing to grow its offering to Southeast Asia. "There is undoubtedly working together in Singapore or setting up a group here is much more costly than what it is in India,"said c0-founder and CEO Harshit Agarwal. The startup has officially shut four customers in the district, including online grocery store Redmart and spilling video administration Hooq.
The startup acquired 25 new clients in 2015 and now has over 50 clients in India, Singapore, and the United Arab Emirates.
SeedPlus will be a useful partner for Appknox because of its unique nature, Harshit says. “We have a team of operating partners who have come from companies like Google, Spotify, Evernote, and have a lot of experience in business development, marketing, product, and more.” Their expertise will keep the company going and allow the team to focus on what it does well, he explains.
While Singapore is a more develop business sector in that appreciation, Appknox expects comparative difficulties in other Southeast Asian markets like Indonesia and Malaysia.
“Often businesses think they need to spend as much money as possible on acquiring new users,” Harshit says. “While that is true, security is something that can easily break your business, if not taken care of. It is something that has to be done every single day and not only once you are breached.”
That is the reason Appknox tries to make training a major some portion of its work. "We direct and share our examination of applications over the world to help showcase the gravity of the circumstance," Harshit explains. The firm likewise sends information protection and security suggestions to government organizations.