Approov, a mobile app security software business, has secured a £1.2m investment from the Investment Fund for Scotland, managed by Maven Capital Partners.
It is part of a £5 million funding round with participation from Souter Investments, and existing investors Lanza techVentures and Scottish Enterprise.
Edinburgh-based Approov has developed patented mobile security technology that protects apps and APIs from AI-driven threats by using a cloud-first approach.
Its solution has already established a strong presence in the global automotive and financial services sectors.
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.
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.
“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 unauthorised access.”
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.”
Sarah Newbould, a senior investment manager at 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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