Smartphone Security Firm Lookout Raises $11M In VC Funding

PRESS RELEASE

SAN FRANCISCO -- May 18, 2010 -- Lookout, the leader in smartphone security, today announced an $11 Million Series B round of funding led by Accel Partners with Khosla Ventures and Trilogy Partnership also participating. The company also announced that it has added several new executives to its leadership team, including former CEO of Vontu and executive at Symantec, Joseph Ansanelli, as Chairman of the Board.

“The smartphone market is exploding, and consumers are downloading third-party apps by the hundreds, making security an increasingly vital component of the mobile market,” said Ping Li, Partner at Accel Partners, who will join the board. “Consumers need to know that their applications, their data, and their phone itself are protected. We are excited to work with Lookout as they continue to extend their lead in this dynamic market.”

The global smartphone market grew more than 50%[1][1] during the past year and as a result, consumers have been introduced to thousands of third-party applications across leading mobile platforms through app stores and downloaded sites. The Android Marketplace alone gives consumers access to more than 50,000 applications.[2][2] While they enjoy the benefits of these applications, consumers are often unaware of the risks that accompany their increased data and application usage. Similar to the PC market, as consumers do more with their phones, they need protection from threats such as mobile viruses and malware, data loss and theft of the phone itself.

Lookout has developed cross-platform, cloud-connected applications that immediately identify and block threats before they compromise a consumer’s mobile phone, backup and restore mobile content, find a lost or stolen phone and wipe data from a phone if necessary. Available now on more than 400 mobile networks in 170 countries, Lookout prevents thousands of malicious applications, finds countless lost phones and restores important information for users every month.

“We are thrilled to receive such enthusiastic support from Accel Partners,” said John Hering, CEO and founder of Lookout. “Their backing is recognition of Lookout’s accomplishments to date and a testament to the importance of this market. With this additional financing, we’ll continue to invest in new technology and infrastructure so that we can provide the most comprehensive smartphone protection available to millions of consumers worldwide.”

Lookout Executive Additions

Joseph Ansanelli brings his extensive knowledge of security to Lookout as Chairman of the Board. Prior to Lookout, he served as CEO and co-founder of Vontu, turning the company into the leading provider of data loss prevention solutions before being acquired by Symantec in 2007.

In addition to Ansanelli, Lookout has also added several key members to the company’s executive team including Eric Bothwell as vice president of engineering, who formerly held engineering leadership positions at Vontu and Symantec; Chris Jones as vice president of product management, formerly senior director of portfolio product management at Symantec; and Julie Herendeen as vice president of marketing, formerly vice president of network products and advertising solutions for Yahoo! Inc.

For more information on Lookout, visit www.mylookout.com.

About Lookout

Lookout is a smartphone security company dedicated to making the mobile experience safe for everyone. Lookout delivers protection from viruses and malware, data backup and recovery, and can locate a missing device if it is lost or stolen. Lookout’s unique cross-platform, cloud-connected applications are designed from the ground up to provide advanced protection for smartphones while remaining lightweight and efficient. With users across 400 mobile networks in 170 countries, Lookout is a world leader in smartphone security. Headquartered in San Francisco, Lookout is funded by Khosla Ventures, Trilogy Equity Partners and Accel Partners. For more information and to download the application, please visit www.mylookout.com.

About Accel Partners

Founded in 1983, Accel Partners has a long history of excellence and innovation in the global venture and growth equity business. It is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class companies, from inception through growth. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California; London, UK; and Bangalore, India; as well as in China via the IDG-Accel Partnership.

With over $6 billion under management, Accel has helped entrepreneurs build over 300 successful category-defining companies including: Admob, Alfresco, Arrowpoint, Baidu, BBN, Brightcove, ComScore, Etsy, Facebook, Focus Media, Gameforge, GlamMedia, Imperva, Infinera, Interwoven, JBoss, Kayak, Macromedia, metroPCS, Portal Software, QlikTech, Raptr, Real Networks, Redback Networks, Riverbed, Sohu.com, SunRun, UUNet, Veritas, Walmart.com, Webroot, XenSource, and Zimbra and others For more information, visit the Accel Partners web site at www.accel.com.