Guardsquare, a Leuven, Belgium- and San Francisco, CA-based security company focused on protecting complex mobile applications, received $29m in its first round of institutional financing.
Battery Ventures made the investment. As part of the transaction, Battery General Partner Dharmesh Thakker and Battery Principal Paul Morrissey will join Guardsquare’s board.
The company intends to use the funds to invest in sales, marketing, R&D and customer-success efforts.
Co-founded by Heidi Rakels, president, and Eric Lafortune, and led by CEO Roel Caers, Guardsquare is a mobile application protection company. It develops premium software for the protection of mobile applications against reverse engineering and hacking. Their products are used across the world in a broad range of industries, from financial services, e-commerce and the public sector to telecommunication, gaming and media.
Its original ProGuard product – an open-source project focused on optimizing the performance of Java and Android applications – is now used by an estimated 25% of all Android apps. Building on ProGuard’s open-source success, the company designed and built a full-featured security product for Android applications called DexGuard, as well as one for iOS applications, iXGuard.