Israel-based mobile cybersecurity platform developer Skycure closed a $16.5m series B round on Tuesday led by venture capital firm Foundation Capital that included insurance firm New York Life.
Venture investment firm Shasta Ventures, VC fund Pitango Venture Capital and private investors Peter McKay, Michael Weider and Lane Bess also invested in the round. Foundation Capital general partner Paul Holland will join Skycure’s board of directors.
Skycure’s software uses crowdsourced cyber threat intelligence to predict, locate and defend against attacks on mobile devices. The round will be used for product development, and to scale the company’s business in the Europe, Middle East and Africa region.
Yair Amit, co-founder and chief technology officer of Skycure, said: “IT departments just cannot deal with the massive assault on their mobile devices every day from vulnerability exploits, malware and network threats.
“Skycure’s predictive technology uses a multi-layered approach that leverages our crowdsourced threat intelligence, plus device and server-based analysis, to proactively protect mobile devices from all of these threats.
“Solutions using a single approach are just not effective. With our new funding we can focus more on research and invest more in development, further enhancing our security innovation and expanding our product leadership in the market.”
The company has now raised $27.5m in total, $8m of which was secured in a March 2015 series A round led by Shasta that featured New York Life and Pitango, the latter of which supplied Skycure’s seed funding in 2012.