Mobile security firm Lookout has raised $150 million to expand its solution to large enterprises.
Previously a strong player in the consumer market, the company said it will use the $150 million round of financing to extend its reach to large enterprises through new product development and expanded go-to-market efforts.
Jim Dolce, CEO of Lookout, said: “The proliferation of mobile devices in the workplace has created a new set of security challenges for large enterprises.
“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.”
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.
Ajay Royan, co-founder and managing general partner of Mithril, said: “Individuals and companies are abandoning legacy solutions that pose as security for more rigorous products like Lookout, which can not only see risks and behaviours 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.”