Aiming to take its operations across the border out of Singapore, mobile security company Appknox has raised about Rs 4.3 crore (S$875,000) in a bridge round from Singapore-based venture capital firm SeedPlus.
This is the first investment of the firm launched in May and part of the Jungle Ventures Group, which counts Accel Partners India, Ratan Tata-backed RNT Associates and Singapore government’s Infocomm Investments as investors.
Prateek Panda, cofounder of Appknox, said, “We also have four enterprise customers in Singapore apart from grocery app Redmart and content platform HOOQ,”
The company analyses mobile app security on the cloud and counts among its clients certain major ecommerce and payments companies such as Paytm, BigBasket, Myntra and Goibibo.
Appknox works on a subscription model and runs a list of 40 tests on mobile apps without the clients having to share source code with it. The platform also carries out manual assessments of the app to check the data flow.
As a part of the deal, Tiang Lim Foo, the operating partner at SeedPlus will be joining the company board as director.
Foo said, “Given the explosive growth in mobile apps and smartphone users globally, security will be more important as the next billion smartphone users get online. Appknox is well poised to tap into this huge opportunity.”