Symantec leads series C round for Mocana
US-based software protection company Symantec Corporation has taken a strategic stake in venture capital-backed peer Mocana in order to access the latest generation of smart mobile phones.
Symantec led the undisclosed funding in Mocana’s series C round, which also included money from the portfolio company’s existing VC backers, Southern Cross Venture Partners and Shasta Ventures.
Southern Cross led Mocana’s $7m series B round in May 2008, in which Shasta Ventures also participated, that took its aggregate funding to $12.1m.
Mocana said the investment was 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-personal computer smart devices, including smartphones, represent a $900bn hardware, software and services market that is growing more than twice as fast as that of PCs, the company added.
