August 13, 2014
Lookout Raises $150 Million to Extend its Mobile Security Platform to Large Enterprises
SAN FRANCISCO, Calif. - August 13, 2014 - Lookout, the leader in mobile security, announced today that it has completed a $150 million round of financing. Lookout has quickly established itself as a global leader in the mobile security space, building a base of more than 50 million consumer users, including millions of paying customers, and key strategic relationships with leading mobile operators. The company will use these new funds to extend its reach to large enterprises through new product development and expanded go-to-market efforts.
This latest financing was led by investment funds managed by T. Rowe Price Associates, Inc., and includes participation from new investors Morgan Stanley Investment Management, Wellington Management Company, LLP, Goldman Sachs and Bezos Expeditions. Existing investors Mithril Capital Management, Khosla Ventures, Accel Partners, Index Ventures and Andreessen Horowitz also participated. Allen & Company LLC served as financial adviser and assisted the company in arranging the financing.
“The proliferation of mobile devices in the workplace has created a new set of security challenges for large enterprises,” said Jim Dolce, CEO of Lookout. “With this new funding and our expanding footprint of consumer users, Lookout is best equipped to deliver the solutions large enterprises need to protect their businesses from increasingly sophisticated threats targeting mobile devices. We are thrilled to welcome these new investors to Lookout.”
According to recent market research, nearly 80 percent of companies support smartphones in the workplace. As employees use these devices to access sensitive corporate data, cybercriminals are responding with mobile-specific threats that exploit this trend, turning both corporate and personally owned devices into a backdoor to the enterprise network. Protecting large enterprises against this emerging threat vector requires sophisticated security solutions that balance user flexibility and risk. Lookout will address this need by extending its core technology to offer a holistic and integrated approach to enterprise mobile security.
"Mobile is the next frontier for enterprise security globally,” said Henry Ellenbogen, Portfolio Manager at T. Rowe Price Associates, Inc. "As an emerging leader in mobile security, we believe that Lookout has a huge opportunity ahead of it.”
“Data is less secure than ever, and anxiety has created widespread demand for genuine transparency and control,” said Ajay Royan, Co-founder and Managing General Partner of Mithril. “Individuals and companies are abandoning legacy solutions that pose as security for more rigorous products like Lookout, which can not only see risks and behaviors that others can’t, but also has the intelligence to make predictions about mobile threats. Lookout is well placed to become the most transformative and durable security company for the mobile age.”
Lookout protects more than 50 million people globally, a number that grows with increasing momentum as more and more people download and share the product. Additionally, the world’s major mobile operators, including three of the four largest in the U.S., partner with Lookout to offer mobile security to their subscribers. This unrivaled footprint enables Lookout to assess risks from the vantage point of every mobile device. Using Whole Population Security Analytics, a process that uses machine intelligence and analysis to make predictive security decisions, Lookout is able to recognize and stop otherwise unseen malicious or anomalous activity before it impacts an individual or an enterprise.
*Forrsights Mobility Survey, Q2, 2013. Forrester Research.