Cybersecurity Startup SEWORKS Raises $8.2 Million in Series A Funding Round
San Francisco, California - December 2, 2016 - (Newswire.com)
SEWORKS, a San-Francisco-based cybersecurity startup that specializes in mobile app security has closed $8.2M in Series A Funding. For the Series A round, SEWORKS raised $3M last year and an additional $5.2M this year. This round was led by Smilegate Investment and Softbank Ventures, Qualcomm Incorporated, through their venture investment group, Qualcomm Ventures, Samsung Ventures, and Wonik Investment Partners also participated. This round of investment adds to the $2M SEWORKS has already raised for seed, which brings the total investment to $10.2M.
This fund will be used to accelerate global sales and marketing activities as the company is planning to increase its market share in the mobile security market.
SEWORKS was founded by a globally famous team of white hat hackers in 2013. With its highly advanced security technology, the company raised $2M for the seed round from Softbank Ventures and Qualcomm Ventures, 6 months after the founding. Min Pyo Hong, the founder and CEO said “Our team understands both perspectives of attackers and defenders. That’s why we are able to provide such an advanced mobile app security solution for developers. We are constantly researching new hacking attacks so we can come up with creative and effective ways to block them.”
SEWORKS launched its cloud-based app security solution, AppSolid, in the 1Q of 2016. It allows app developers to apply powerful binary protection after they finish the app development process, so they don’t have to do separate coding for security. With AppSolid, app developers can prevent hacking attacks, such as stealing source code, creating copycat apps, and modification of in-app purchases. AppSolid’s clients are in various industries including enterprise, commerce, and games.
In addition to AppSolid, the company launched AppSolid for Unity in July, which is a special plugin that enables Unity developers to apply security on the development environment. SEWORKS is planning to launch AppSolid for iOS, security for iOS developers, early next year. With its continuously expanding security coverage, SEWORKS expects to protect app developers around the world.