NowSecure, a Chicago-based mobile security startup that helps businesses test the safety of their applications, has raised USD 15 million in a Series B round led by ForgePoint Capital, a fund that invests exclusively in cybersecurity companies. As a result of this round, the total amount of NowSecure funding to date is USD 27 million. The funding comes as cybersecurity threats remain a constant and high priority issue for businesses, and NowSecure said it will use this money to accelerate the development of its security testing products and scale operations.
NowSecure CEO Alan Snyder said, “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. We’re thrilled to be working with ForgePoint Capital to grow our business and empower mobile app developers to deliver secure mobile apps faster. ForgePoint has the right mix of veteran leadership, industry relationships and successful track record across their security portfolio to support NowSecure.”
According to the company, their platform delivers fully automated testing of mobile app security and privacy, with the qualities essential to Agile and DevOps environments. NowSecure offers a number of solutions built on open source platforms operating on-premises or in the cloud, as well as expert professional penetration testing and managed services. In order to prevent the leakage of confidential consumer and business data, NowSecure said it is able to identify the widest range of security threats, compliance gaps and privacy issues in mobile applications.
“From digital transformation projects to pure mobile businesses driving multi-billion dollar global economies, the stakes have never been higher for mobile security and privacy. NowSecure has the right mix of talented team, unmatched technology and proven track record serving world-class customers,” said ForgePoint Capital Co-Founder and Managing Director J. Alberto Yepez. “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 2023.”
Currently, NowSecure’s investors include Baird Capital, JumpCapital, and Math Venture Partners. In addition to its Bellevue, Washington headquarters, the company has offices in Chicago and Vienna, Virginia.