Zimperium, a leader in mobile threat defense, closed a $12 million Series B round of funding led by Telstra, Australia’s largest telecommunications and information services company and current customer of Zimperium. TOYO Corporation, a new investor and Zimperium’s distributor in Japan, also participated along with existing investors Sierra Ventures, Lazarus Israel Opportunities Fund and Samsung.
Founded in 2010 by Israeli mobile security experts, including its chairman Zuk Avraham and CTO Elia Yehuda, the Zimperium Mobile Threat Defense system delivers enterprise-class protection for Android and iOS devices against the next generation of advanced mobile threats. Developed for mobile devices, Zimperium uses patented, behavior-based analytics that continuously run on the device to protect mobile devices against WiFi, cellular and host-based threats wherever business takes them.
The new funding supports Zimperium’s ongoing expansion and continued technological innovation in the fight against cybercrime and will be used to help the company continue to scale operations and support its rapidly growing customer base.
According to Infonetics Research, the mobile device security market is expected to grow to $3.4 billion in 2018. Enterprises are increasingly realizing that existing traditional security and mobile device management providers don’t provide protection against advanced known and unknown mobile threats. With the modern mobile threat landscape changing by the hour, Zimperium’s Mobile Threat Defense provides continuous, on-device protection against WiFi, cellular and host-based cyberattacks. Zimperium is the first and only company to provide a complete mobile security system that provides unmatched threat detection, protection and mitigation of threats for iOS and Android devices.
“With the growth in mobility there should be no surprises that criminal hackers are targeting mobile devices at a rate that matches the growth in mobility itself. This presents a unique problem for companies trying to secure their corporate data,” said Mike Burgess, chief information security officer for Telstra. “A security solution which protects mobile devices against these growing hack attempts should be a key part of every company’s cyber security strategy.”
“An investment in Zimperium represents an opportunity for Telstra to acquire a stake in an emerging company with a unique solution to the problem of advanced cyber-security attacks on mobile devices,” said Mark Sherman, managing director of Telstra Ventures. “Telstra is well positioned to leverage its investment and provide strategic technology insight as the market for this service matures and offers the potential for increasing economic returns.”
“The level of interest in mobile security among the Sierra Ventures’ CIO Board and broadly across the industry, dramatically escalated in 2014 and Zimperium has greatly benefited from this trend,” said Mark Fernandes, Managing Director of Sierra Ventures. “We have been impressed with the company’s momentum with large enterprise customers and telcos over the past few months as the awareness of this problem as increased.”
“Attacks are seemingly coming from all angles and businesses are being breached at an increasing pace. Traditional signature-based defenses can’t hold up to the new breed of attacks and with the increasing use of mobile, there needs to be a huge shift in how companies think about security,” said Shridhar Mittal, CEO of Zimperium. “This latest funding validates the work we’ve done for our customers and, combined with our continued innovation and momentum, will help propel Zimperium forward into 2015.”