Appknox is a Singapore-based mobile security company,launched in early 2015.This cloud-based company is the creation of its co-founders; Harshit Agarwal(CEO) and Prateek Panda(CMO). It aims to help developers and enterprises reveal and repair security flaws in mobile applications.Appknox is looking to expand to the Southeast Asian region,it endeavours to make its presence felt in Singapore,Malaysia and Indonesia.The company cleared the JFDI.Asia accelerator programme in Singapore in 2014 and later the MicrosoftAccelerator in Bengaluru before opening its services in the country’s start-up capital.At present, it has a total of 70 clients in India inclusive of e-commerce and payment businesses like Paytm,Time Internet, Big Basket,Citrus Pay and others. Having said that, two weeks post the Singapore launch Appknox is working with four companies including HOOQ and Red Mail. Prateek said,as far as mobile security is concerned the Singapore market is far more developed than the Indian market as it is controlled by financial services. Plus, the government in Malaysia and Singapore have recently implemented the Privacy and Data Protection Act because of which companies are required to secure all data.He also believes that the style of digital payments has just begun in these regions, which is why it is the most opportune movement to venture in these markets.
Appknox has secured $875,000 from SeedPlus in its pre-Series A funding round.This is SeedPlus ‘s first calculative investment, and the venture capital firm backed by Jungle Ventures, Infocomm Investments, Accel Partners and RNT Associates, will guide the start-ups regularly.Experts from different fields will act as advisors to start-ups across verticals and help in resolving issues. With the new capital, the company will develop its product and bring in more mechanization. It also aims to build a research team including a group of five to seven-member marketing team in the SEA region. It is also building another product named ‘Devknox’ which will be helpful to the developers.
With a crew of 21 members the company claims to have registered a revenue of more than $100,000 in FY’15, and is planning to expand it to $500,000 by FY’16. Later it also aims to increase its customer base to 150 and start talks about bringing up the next round
A report by Gartner indicates that by 2017,more than 75 percent of mobile apps will fail primary security checks.Appknox also exercised a study of over 1,00,000 apps in Google Play Store and saw more than 85 percent of them to be failing primary security checks.90 percent of mobile apps in Singapore are insufficient in providing what consumer data is collected or how it is used, possibly causing trouble with Singapore’s Personal Data Protection Act. With the proceeding growth, the scope of such solutions is titanic, particularly when data security has become a major requirement. While Prateek believes Singapore to be greater with regards to the mobile security market, he does feel the Indian market is very promising, which can only be examined further with the government’s support. If the Indian government steps up the way some of the other countries have, the ecosystem shall improve and security, which is a requirement will be retained.