Security in the age of bring-your-own-device and the Internet of things is making life more difficult for IT managers, who have to secure not just an exploding number of devices but also the applications and software that runs on them. But that, in turn, is opening up more opportunities for companies like Mocana, a security specialist that is announcing $25 million in new funding.
Mocana’s Series D round is being led by Trident Capital with participation from current investors Intel Capital, Shasta, Southern Cross and Symantec. The new money, which comes on top of $22 million previously raised, will be used to help Mocana further pursue its two main lines of business.
The company works with device makers to build security into a growing array of devices, not just PCs, tablets and smartphones but all kinds of connected machines. It has more than 200 customers across five major sectors: smart grid, mobile and consumer electronics, healthcare, datacom and federal.
But the faster growing business is Mocana’s mobile application protection (MAP) tool, which allows IT managers to secure apps and set different security settings for them without having to control the underlying mobile device. That’s an increasingly important business as more enterprises look to deploy apps on employee-controlled devices.
Adrian Turner, Mocana’s CEO, told me that the MAP business accounts for 20 percent of its revenues but will claim half of the company’s business in three years. Mocana’s MAP competes against Good Technology’s Good Dynamics, which allows independent software developers, corporate customers and systems integrators to build and secure apps using Good Technology’s SDK.
Mocana is backed by some big security players including Intel, which bought McAfee and Symantec. Turner said their continued investment reflects the progress Mocana has made in securing smart devices and applications. I’ll be interested to see if either of them looks at Mocana as a potential acquisition target down the road. With the growth of connected devices and more apps to secure on employee machines, Mocana is likely to have plenty of business in the years to come.