San Francisco, CA (PRWEB) May 27, 2010
Mocana, a security software company that delivers comprehensive protection for smart devices, has closed a strategic investment from Symantec Corp with existing institutional investors Southern Cross Venture Partners and Shasta Ventures also participating in the round. The infusion of funding will be used to expand the company's product lines, build out its international presence and increase marketing activities. The investment is further paired with a technology partnership between Symantec and Mocana in an effort to extend security services to several new classes of connected non-PC "Smart Devices."
Connected non-PC "Smart Devices" including smartphones represent a $900 billion dollar hardware, software and services ecosystem that's growing more than twice as fast as PCs. Mocana has already established itself as the leader in this technically challenging market space, where dozens of different operating systems run on scores of different CPU architectures. Furthermore, securing these Smart Devices requires software on the device and cloud services and is especially difficult because resources that PC developers can take for granted - like memory, CPU horsepower and even power reserves - are often severely limited in smart devices. Still, these devices are flooding on to the Internet, and by some estimates already outnumber PCs by at least 5 to 1.
Mocana CEO Adrian Turner said, "We look forward to a deep and fruitful collaboration with Symantec to deliver a global platform for securing non-PC devices. The Symantec investment will help Mocana cement its position as a leader in securing smart devices."
With this investment, Symantec will take a seat on Mocana's board of directors. The initial step in the Mocana and Symantec technology partnership, Norton for Smart Devices, is part of the new "Norton Everywhere" initiative, also announced today by Symantec. Norton Everywhere will combine mobile, DNS and smart device technologies to protect and support any Internet-connected device, expanding Symantec's reach and delivering Norton services to consumers in an entirely new way.
"Our strategic partnership with Mocana means that regardless of device or platform, Norton has the ability to leverage existing and future technologies and services within this market to dramatically broaden the reach of our consumer business," said Janice Chaffin, President, Consumer Business at Symantec. "Symantec is meeting the emerging Internet connected device market, and thwarting cybercriminals, head-on with our newly announced Norton Everywhere consumer business initiative."
Over 130 manufacturers in markets from consumer electronics to defense already license Mocana's solutions into their devices, including Panasonic, Cisco, Honeywell, General Electric, Siemens, Freescale, General Dynamics, Avaya and Dell. Several of these major corporations endorsed Symantec's investment as a smart, well-timed move to address the fastest growing segment of the market.
Panasonic San Jose Laboratory Managing Director Dr. Jean-Claude Junqua said, "We're excited to be working with real thought leaders - Mocana, for their device security expertise; and Symantec, who brings consumer and enterprise reliability and global scale to security deployments. We think this collaboration has the potential to redefine the smart security marketplace."
"MontaVista is a leader in embedded Linux commercialization, powering tens of millions of devices in the market today. Smart devices now make up a majority of nodes on the Internet. Many of these Internet connected smart devices do not implement security or at best have rudimentary security measures in place," said Jim Ready, CTO of MontaVista Software. "We are optimistic Symantec's strategic investment in Mocana will help drive the securing of smart devices and we look forward to working with Mocana in the embedded Linux space."
Henri Richard, Senior Vice President and Chief Sales and Marketing Officer of Freescale Semiconductor, said, "Freescale silicon is everywhere in Smart Devices , and we count thousands of manufactures in markets from industrial automation to smartphones among our customers. Mocana provides the security software that supports some of our most important CPU product lines, and we're excited to see the investment coming from a company like Symantec with undeniable scale, reach and execution skills. We'll support this collaboration enthusiastically."
Mocana secures the "Internet of Things" - the 20 billion mobile, datacom, smartgrid, federal, consumer, industrial and medical devices that connect across every sector of our economy. These devices already outnumber PC's on the Internet by five to one, representing a $900 billion market that's growing twice as fast as the PC market. Mocana won Frost & Sullivan's Technology Innovation of the Year award for 2008 for Device Security, and was named to the Red Herring Global 100 as one of the "top 100 privately-held technology companies in the world" in January 2009.
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