AppDetex, a digital risk protection service, has netted $10m in its Series B equity round, which will support the expansion of its national sales efforts.
The capital injection was led by venture capital firm First Analysis, with participation also coming from existing backers EPIC Ventures and Origin Ventures. Following the close of this round, the company has raised a total of $17.5m, to date.
Idaho-based AppDetex helps digital companies to improve digital risk protection and tackle misuse of intellectual property, brand infringement, phishing, counterfeiting, cybersquatting, fraud and piracy. Founded in 2012, the company has developed a solution which helps brands to combine domain monitoring and protection to improve the online detection, assessment and enforcement of infringements.
With the new burst of funds, the company will look to expand its national sales and marketing efforts, further development on its product and support the growth of its team.
First Analysis managing director Howard Smith said, “Digital brand infringement is at an all-time high, and current market solutions are insufficient in fighting bad actors across a brand’s entire digital footprint. The market is poised for the differentiated digital risk protection product that AppDetex offers.
“We’re thrilled to partner with a management team known for its history of innovation in this industry and look forward to their continued leadership and growth.”
As part of the deal, Howard Smith will join the APPDetex board of directors.
Last year, EPIC Ventures took part in the $12m funding round of intelligent threat and vulnerability prioritisation company RiskSense.