Bluebox Security, a mobile security company, has raised $18 million in a Series B funding round led by Tenaya Capital. SV Angel, Andreessen Horowitz, and Sun Microsystems co-founder Andreas Bechtolsheim also participated in the said round, according to Red Herring.

The San Francisco, California-based firm capitalizes on the bring-your-own-device (BYOD) trend which presents a major problem for businesses trying to guard sensitive company information. However, this trend also opens a big opportunity for security service providers such as Bluebox, the report explained.

According to a forecast by research firm MarketsandMarkets, the BYOD market will expand to $181.39 billion three years from now, the report added.

A 2013 report by IT solutions provider Insight predicted that by 2014, 90% of US firms will start using corporate applications on BYOD devices, Red Herring reported.

Bluebox Security secures company data while it interacts with employees' mobile devices and applications. The company strengthens mobile security and makes it easy to manage while maintaining the user's privacy at BYOD workplaces, according to the web profile of Bluebox.