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Andreessen Horowitz leads large late-stage round in rapidly expanding mobile security company
Lookout Mobile Security, provider of security solutions for Android-based mobile devices, announced Wednesday that it has closed a $40 million Series D round led by Andreessen Horowitz. Other participants include Khosla Ventures, Accel Partners and Index Ventures, all of which contributed to the company’s three previous rounds, totaling $36 million.
Jeff Jordan from Andreessen Horowitz will join the company’s board of directors.
A comprehensive security solution, Lookout aims to defend against viruses and malware while serving as a recovery tool in the event of theft or loss of phone. The app also backs up personal data stored on the device.
When we covered the company last December, it had acquired four million registered users. Today, that number has ballooned to over 12 million worldwide, which would explain why so many prominent VCs are happily helping Lookout raise more funding for expansion.
It’s not just the tangible user growth though; there’s also the outlook. Lookout reported last month that it estimates three out of every 10 Android users will be hit with malware this year.
"Mobile is rapidly becoming the dominant computing platform and as users do more with these devices, security is essential to keep them safe," said Jeff Jordan, general partner at Andreessen Horowitz.
"Lookout understood from the beginning that mobile security would require a dramatically different approach. By moving security detection and analysis to the cloud, they have delivered a great user experience while building the fastest and most robust security infrastructure. Its tremendous growth is a testament to its success."
Of course, Lookout isn’t the only one in this space. Offering a fully-featured phone-tracking service is TekTrak, which won the VatorSplash LA competition last May, but the startup does not defend against OS issues like malware and viruses. AVG, provider of popular antivirus software for PCs, provides a rival app to Lookout as well.
The new funding will be used to expand Lookout’s product around the world and to add new hires.
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