Maven leads £5 million investment in Approov
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This is part of a £5 million funding round with participation from Souter Investments, and existing investors Lanza techVentures and Scottish Enterprise.
Approov has developed patented mobile security technology that protects apps and APIs from AI-driven threats by using a cloud-first approach, offering a stronger and more reliable alternative to traditional code obfuscation. Its mobile security solution ensures only genuine, unmodified apps running in trusted environments can access your backend services. It works by continuously verifying app and device integrity to stop bots and tampered apps with real time analytics and cloud based secret management to protect mobile apps and APIs.
As winner of the Cyber Innovation Award at this year's Scottish Cyber Awards, Approov's solution has already established a strong presence in the global automotive and financial service sectors.
The mobile RASP market is a fast-growing subsegment of the cyber security industry, driven by the proliferation of mobile threats and increased demand for embedded, in-app security. Enterprises are proactively embedding security within app development lifecycles to combat rising incidents of reverse engineering, app tampering, and overlay attacks. Approov's technology protect apps from tampering and fraudulent API access, offering a critical defence in today's rapidly shifting cyber threat landscape.
This funding milestone will enable Approov to bolster its R&D team in Edinburgh, driving the creation of advanced technologies to secure mobile applications and APIs against evolving threats in real time, including those powered by AI. The investment will also allow the business to invest in its sales and marketing operation as it grows its market reach, diversifies into new sectors and expands its international footprint.
Craig McGill, Investment Manager at Maven, said: 'Approov is a leading innovator in mobile app and API security with proven applications in multiple target sectors. With their strong IP and the growing demand for API-level defences across the industry, the business is uniquely positioned to lead this next era of mobile security. We look forward to working with Ted and the team to drive the business forward at such an exciting point in the company's growth journey.'
Ted Miracco, CEO of Approov, said: 'As the threat landscape continues to evolve, developers and enterprises alike are recognizing that mobile app security cannot be an afterthought,' said 'This funding marks a pivotal moment in our mission to ensure that every mobile app instance is authenticated and that backend APIs are protected from fraud, abuse, and unauthorized access.'
Sarah Newbould, Senior Investment Manager at Nations & Regions Investment Funds, the British Business Bank, said: 'Approov is a strong example of a Scottish company developing smart technology to tackle a global challenge. As mobile apps and APIs become central to business, protecting them from increasingly sophisticated threats, including those driven by AI, is critical. We're pleased the Investment Fund for Scotland is able to support Approov as it grows its team in Edinburgh and expands into new markets. This investment reflects IFS's commitment to backing ambitious companies with the expertise to drive Scotland's tech sector forward.'
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