Optio Labs secured $10 million for its Series A funding round, a statement about the funding said.
Allied Minds Inc, the parent company of Optio Labs and unnamed private investors participated in the financing. Proceeds from the round will be deployed towards growing its engineering capacity and hastening the development of more solutions catered for the commercial and embedded systems markets, the statement said.
Optio Labs which was founded in 2012, comes up with transformational security and productivity technologies for embedded systems and mobile enterprises. The company's software solutions for mobile security are developed for federal agencies, device makers and commercial enterprises. The technologies from Dr. Charles Clancy, Dr. Jules White and Dr. Brian Dougherty-all scientists from Virginia Tech-gave birth to Optio Labs, the statement said.
Optio Labs General Manager Matt Hartley said in the statement, "We are excited that investors recognize the strong market potential for our products, as well as the talent behind those technologies, and support our efforts to take this company to scale."
OptioCore is the company's flagship product and the only security solution that passed the strict policies put in place by the US federal government.
Allied Minds Vice President John Serafini said in the statement, "Global mobile security is a multi-billion dollar market, and the Android OS is the fastest-growing operating system worldwide. Optio Labs addresses key gaps in Android security, and this investment will allow the company to expand and create additional solutions across multiple platforms."
The statement featured the study done by research firm Visiongain which stated that in the next several years, the mobile security market worldwide is going to grow significantly because of the growing popularity and use of smart mobile devices. According to Visiongain estimates, the market reached a value of $3.5 billion last year when there were more mobile devices shipped than laptop PCs, a first-time feat.
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