Symantec continued its recent spending spree this week by investing an undisclosed amount in Series C funding in Mocana, a San Francisco-based developer of cloud-based security applications for connected, non-PC smart devices including smartphones.
Company officials said this latest round of financing will be used to expand Mocana’s product lines, grow its international operations and ramp up sales and marketing activities.
In addition, Symantec (NASDAQ: SYMC) and Mocana announced they will extend their existing technology partnership to develop and extend security apps and services for new classes of connected, non-PC smart devices, a market that Symantec pegs at more than $900 billion and that’s growing more than twice as fast as traditional PC sales.
Recent years have seen smartphones and other mobile devices emerging as a source of concern for enterprise security managers, as organizations’ workforces become increasingly mobile and the increasing sophistication of their devices opened them to threats similar to those prevalent on PCs.
For instance, in March, researchers discovered malware in the Android-based HTC Magic smartphone. Viruses have also been detected in a range of other Net-connected devices, ranging from digital picture frames to ultraportable PCs.
“Symantec is meeting the emerging Internet connected device market and thwarting cybercriminals head-on with our newly announced Norton Everywhere consumer business initiative,” Janice Chaffin, president of Symantec’s consumer business unit, said in a statement. She added that the investment and strategic partnership with Mocana will help Symantec’s Norton target security issues “regardless of device or platform.”
Mocana counts more than 130 electronics manufacturers as users of its security solutions, including the likes of Panasonic, Honeywell, Siemens, Dell and General Electric.
“We look forward to a deep and fruitful collaboration with Symantec to deliver a global platform for securing non-PC devices,” Mocana CEO Adrian Turner said in a statement.”The Symantec investment will help Mocana cement its position as a leader in securing smart devices.”
The move is but the most recent step by Symantec to broaden its offerings. Last week, the company made a bold move with its $1.28 billion acquisition of VeriSign’s authentication services unit.
That deal, which attempts to cement Symantec as the de facto e-commerce security watchdog, came less than a month after the world’s largest security software vendor shelled out a combined $370 million to buy cloud security and storage vendors PGP and GuardianEdge.