Build38, which develops mobile application protection solutions, has raised €13m in its Series A funding round.
France-based investor Tikehau Capital led the round through its European Cybersecurity Growth Fund. Existing Build38 investors, eCAPITAL Entrepreneurial Partners and Caixa Capital Risc, also joined the Series A round.
Build38 highlighted that a mobile phone user can have an average of 40 applications installed on their device. With over 70% of digital commerce taking place on mobile, the need for mobile protection is imperative.
Malicious actors are using popular app stores to create and spread fake, malware-infused and fraudulent applications to unwitting users globally, it said.
This is why Build38 was built, with its zero-trust 360-degree approach to securing mobile applications. One of its flagship solutions is the Trusted Application Kit, which is designed to integrate into any Android or iOS mobile app during the development phase and shield it.
Its technology boasts varying layers of security, providing organisations with endpoint protection, mobile application firewalls and AI-powered threat intelligence for fraud and attack prevention.
Additional features of the platform include allowing organisations to create self-defending mobile applications for any smartphone and comply with regulations, such as PCI, eIDAS, SSI and MPoC.
Over the past year, Build38 has increased its presence in APAC and doubled its size and revenue.
With the fresh capital, the CyberTech will expand its global customer reach and mobile partner ecosystem. It will also hire more staff for its sales and marketing teams. Finally, funds will be used to add new threat intelligence analytics and AI capabilities to its platform.
Its clients include Verimi, Minesec, Netcetera, Coppernic, Chang’an Auto, Republic Bank of Ghana, Maschinenfabrik Reinhausen and others.
Build38 CEO Dr. Christian Schläger said, “Mobile applications play a critical role in the functioning of today’s digital society, yet we continue to see security incidents cause severe reputational and financial damage to companies around the world.
“As the mobile threat landscape evolves and attacks become more sophisticated, our mission is to bring continuous protection and threat intelligence to both business critical and everyday applications. We are honoured to welcome Tikehau Capital as a strategic partner on this mission and to help us through the next stages of growth.”
In other CyberTech news, a report from iProov found that digital injection attacks, where criminals bypass video biometrics with synthetic imagery, are now five times more common than presentation attacks, i.e., wearing a mask or showing a photo.
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