O’Melveny Represents Lookout Mobile Security in Closing of US$40 Million Funding RoundSeptember 22, 2011
FOR IMMEDIATE RELEASE
Julie Fei Andrea Rodeschini
O’Melveny & Myers LLP O’Melveny & Myers LLP
213.430.7792 (office) 212.326.2251 (office)
SILICON VALLEY, CA ─ SEPTEMBER 22, 2011 ─ O’Melveny & Myers LLP represented Lookout Mobile Security, the leader in smartphone security, in the closing of a US$40 million funding round led by venture capital firm Andreessen Horowitz and including current investors Khosla Ventures, Accel Partners, and Index Ventures.
The team from O’Melveny was led by Mergers & Acquisitions partner Paul Sieben and associate Katherine McCormick.
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The following press release was issued by Lookout:
Lookout Mobile Security Secures $40 Million Investment Led by Andreessen Horowitz
New Funding to Fuel Lookout’s Growth into New Markets
San Francisco, CA – September 21, 2011—Lookout Mobile Security, the leader in smartphone security, today announced the closing of a $40 million funding round led by Andreessen Horowitz. Jeff Jordan from Andreessen Horowitz will join the company’s Board of Directors. Current investors Khosla Ventures, Accel Partners and Index Ventures also participated in the round. The new investment will be used to broaden the company’s product offerings, fuel global expansion and continue building a world-class team.
Lookout protects over 12 million smartphone and tablet users worldwide from malware, spyware and phishing attempts. Lookout also backs up personal data and can quickly locate a lost or stolen device. The easy-to-use Lookout app is powered by Lookout’s Mobile Threat Network, which constantly analyzes global threat data to identify and quickly block new threats with over-the-air app updates. Threat detection that would have taken days now happens in minutes; effectively protecting users before they even know a threat exists.
“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.”
“Mobile is rapidly becoming the dominant computing platform and as users do more with these devices, security is essential to keep them safe.” — Jeff Jordan, Andreessen Horowitz According to Gartner Group, mobile phone manufacturers are expected to increase shipments to more than a billion devices in 2015, far outpacing PC shipments. As mobile device usage expands from calls and text messaging to social apps, banking and shopping, the incidence of malware and web-based threats is rapidly increasing. Threats once limited to PCs including phishing, payment fraud and malicious software are now also affecting mobile devices.
“Andreessen Horowitz has helped build and scale some of the best companies in the world, and Jeff will be a valuable partner in our next stage of growth,” said John Hering, CEO and co-founder, Lookout. “Our user-friendly approach to security has already made Lookout the choice of millions of smartphone users worldwide. This investment will allow us to accelerate our growth in new markets, giving smartphone users everywhere the confidence to do more with mobile.”
Lookout created its mobile threat protection to meet the unique needs and challenges of mobile devices and networks. Balancing computing power between the device and the cloud, Lookout provides always-on protection that doesn’t interfere with device performance. Lookout’s Mobile Threat Network scans hundreds of thousands of apps a month and is the largest database of smartphone applications available. Lookout has also extended the protection available to mobile devices to any app store or download site through the newly released Lookout API.