CIBC Innovation Banking Provides Debt Financing to NowSecure

By: CIBC Innovation Banking via Business Wire

June 09, 2022 at 09:00 AM EDT

CIBC Innovation Banking is pleased to announce new debt financing for Chicago-based NowSecure, a mobile application security and privacy software company. NowSecure plans to use the capital to further invest in its advanced application security testing solutions and go-to-market strategy.

NowSecure delivers a full suite of mobile security testing solutions that supports customers in identifying and remediating security threats, compliance gaps, and privacy issues with their mobile application portfolio. Customers can leverage NowSecure to protect mission-critical applications whether they are commercially purchased or custom-developed. The solutions fit seamlessly into the workflow of Agile and DevSecOps environments and include automated security testing software integrated into development toolchains, mobile supply chain risk monitoring software, pen-testing software, expert pen-testing services, and training courseware.

“Mobile apps now dominate all digital time spent helping organizations drive revenue, customer engagement, and business growth,” said Jim Keller, CFO of NowSecure. “We are excited that CIBC is supporting us by helping fuel our mission to save the world from unsafe mobile apps.”

“CIBC Innovation Banking is proud to support NowSecure with its ambition to help create a world of safe and secure mobile applications," said Andy Schwartz, Managing Director in CIBC Innovation Banking’s Chicago office. “The NowSecure industry-recognized solutions are primed to scale with its customers as mobile applications continue to grow in importance to both our professional and personal lives."

This announcement comes after NowSecure announced in February that they had achieved record sales in 2021, and performed over 1.5 million automated mobile app assessments in DevSecOps and on-demand deployments to help protest against attacks and breaches on the more than 200 billion mobile apps downloaded last year.

NowSecure is also backed by Forgepoint Capital, Baird Capital, and Jump Capital.

About CIBC Innovation Banking

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking and capital markets businesses.

About NowSecure

At NowSecure, our mission is to save the world from unsafe mobile apps. Founded in 2009, we are exclusively a mobile-first, mobile-only app security testing automation company that maintains deep roots within the security community, working to make rapid, frequent mobile application security testing reliable and cost-effective to all.