Fixmo raises $23M for mobile security

As more people use personal devices for work purposes, mobile security is more important than ever

As more people are using their own personal devices for work-related activities (also known as the Bring Your Own Device movement, or BYOD), there’s cause for some concern when it comes to security.  It’s not that far-fetched to imagine a high-ranking employee updating some classified spreadsheets and sending out confidential internal memos from his or her iPhone on a Friday, and then using that same iPhone to take pictures of friends doing stupid things at a bar or club on a Saturday.  What happens when that employee loses said iPhone, or downloads an infected app?

The growing use of personal devices for work has resulted in the up-cropping of a number of mobile security companies that aim to curb the rate of security breaches, such as Lookout Mobile Security.  One such company, Fixmo, announced Monday that it has raised a cool $23 million in a Series C round of funding led by Paladin Capital Group, with help from Horizons Ventures, Kleiner Perkins, and all existing investors and management.

Earlier this year, Fixmo raised $6.5 million from Panorama Capital, Rho Capital Partners, iNovia Capital, and Extreme Venture Partners.  In 2010, the company raised $1.5 million from Rho Capital Partners, bringing Fixmo’s total raised to some $31 million to date.

Founded in 2009, the Mobile Risk Management company focuses less on the physical loss of mobile devices and more on digital threats, such as malware, spyware, and hacking.  Some 30% of U.S. companies have issued a blanket ban on the use of personal devices for work purposes, but that’s a pretty hard and expensive line to take, as a company that issues such a ban is practically required at that point to issue a device of its own to support employee productivity.

But the dangers are ever present.  A recent report from Lookout Mobile Security estimates that three out of 10 Android devices will be hit with malware this year.  Android users are also twice as likely to encounter malware today than they were six months ago. 

For those companies that choose to allow employees to use their own devices, Fixmo steps up as a security savior by continuously monitoring devices to ensure that they haven’t been compromised.  This includes verifying the authenticity of apps and other downloads, to protect companies from data loss and security breaches.  Fixmo also monitors devices to make sure they’re on track with regulatory compliance.

Fixmo could not be reached for comment, so it’s not clear what kind of growth the company has seen in the last year in terms of revenue and customers. 

The company, which is headquartered in Sterling, VA and Toronto, Canada, said in a statement that it intends to use the new funds to expand into new markets and geographies.

Image source: phonescholar.com