NowSecure, a mobile security company based out of Chicago, Illinois, received $15 million in funding last month in a series B round led by ForgePoint Capital, an early stage tech-company investment firm from the San Francisco Area.
NowSecure is a company that provides automated security for mobile apps. The company identifies security threats, compliance gaps, and privacy issues within various mobile apps. NowSecure places an enormous emphasis on speed, accuracy, and efficiency as the bases of its security system. The platform can be applied to third-party, custom, and business-critical mobile apps.
“Every business is becoming mobile first; yet millions of people are using apps on a daily basis that have major security and privacy issues. NowSecure is addressing this fundamental, global-scale problem that puts businesses and consumers at direct risk,” said Alan Snyder, CEO of NowSecure, in a press release.
The $15 million round, led by ForgePoint Capital, was also funded by MATH Venture Partners, Jump Capital, and Baird Capital.
“We are excited to partner with NowSecure to help them grow the business, serving a global enterprise market expected to grow to nearly $1 billion by 20232. As the market leader in automated mobile app security testing, NowSecure is well positioned to accelerate their leadership position addressing a critical gap in this massive growth market,” said J. Alberto Yépez, Co-Founder and Managing Director, ForgePoint Capital in a press release. The new funds are intended to bolster growth an build out the platform even further.
Andrew Hoog founded NowSecure in 2009 with the hope of growing worldwide mobile security. After graduating Saint Louis University in 1998 with a computer science degree, he landed the CIO job at TricorBraun from 2004 to 2008. His experience as a CIO helped inspire his vision of secure mobile apps in a world that is continuously leaning toward apps of that nature. When Hoog passed on the CEO spot to Snyder in 2017, he became a board member, and has remained on the board until present.
NowSecure are the leaders in a rapidly expanding market. There are over 4 million apps commercially available, and the number is only rising. A study, recently released by NowSecure, has exposed that over 70% of 250 leading Android mobile apps have experienced security issues and that they have leaked sensitive business data. Their platform protects businesses and consumers from embarrassing, and damaging leaks.