Smart-phone security firm Lookout has raised $11 million in venture funding. The Series B round was led by venture capitalist firm Accel Partners. Khosla Ventures and Trilogy Partnership also contributed to the round.
Lookout offers applications that can be installed on mobile phones. According to the company, the software catches malicious files that could wreak havoc on a phone. It also backs up and restores data on the mobile phone to ensure it's readily accessible from the Web if a device is lost or stolen.
Lookout's ability to acquire so much funding isn't much of a surprise. The smart-phone market is growing at a rapid rate, which means hackers are finding a larger market to target. That has contributed to an increase in the number of mobile attacks affecting users. It also portends to more trouble in the future as more people buy smart-phones.
Lookout plans to use its funding to bolster its security infrastructure. It also plans to use the cash to invest in new technology.
By: Don Reisinger, Los Angeles Times Newspaper, Technology Section, 2010
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