RiskIQ Secures $10 Million Series A Investment from Summit Partners
July 18, 2013
Web and Mobile Security Solutions Innovator RiskIQ Secures $10 Million Series A Investment from Summit Partners
Web and Mobile Security Solutions Innovator will Use Funds to Grow Its Global Customer Base, Expand Development of New Product Technologies
SAN FRANCISCO, CA -- July 18, 2013 -- 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 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 infusion of capital from Summit Partners will allow us to 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 be using 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.”
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.