Mobile security app, Fixo continues to grow and find new opportunities, earlier today the company announced it has closed a $23M Series C round of financing, led by new investor Paladin Capital Group. Horizons Ventures and Kleiner Perkins Caufield & Byers join as new investors; existing investors and management all participated in the round, including iNovia Capital.
“We are seeing rapid adoption of smartphones and tablets by the enterprise, and a large portion of this is driven by employee liable devices. Only 30.1% of US companies expressly ban the use of mobile devices not issued by IT,” said Chris Hazelton, Research Director, Mobile & Wireless for 451 Research. “Many of today’s device management tools focus on the physical risk – devices that are lost or stolen. While lost or stolen devices are the most frequent type of mobile security breach today, IT must also address the increasing risk of digital threats that are targeting both employee and corporate liable devices in the enterprise. In this way enterprise security and end-user productivity can be balanced while ensuring data security and organizational compliance.”
The funding will enable Fixmo to continue driving the emerging MRM market and expand its line of products that manage the risks associated with mobile devices and help organizations maintain and prove regulatory compliance. Fixmo’s MRM offerings are built on a strong foundation of government partnerships and standards, including a technology transfer agreement and collaborative research and development agreement (CRADA) with the U.S. National Security Agency (NSA).
As the round closes, Lt. Gen. Kenneth A. Minihan (US Air Force—Ret.) and Frank Meehan join Fixmo’s Board of Directors. Lt. Gen. Minihan, former director of the National Security Agency (NSA) and the Defense Intelligence Agency, is a Managing Director at Paladin Capital Group. Mr. Frank Meehan is the founder of INQ Mobile, a Hutchison Whampoa company, and a former board member of Spotify and Siri that was acquired by Apple in 2010.