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Lookout Nabs $1 Billion-Plus Value as T. Rowe Leads New Funding

Lookout Inc., a maker of smartphone security software, has joined the $1 billion-plus valuation club.

The San Francisco-based company raised $150 million in new funding led by mutual-fund firm T. Rowe Price Group Inc., with participation from investors including Morgan Stanley, Wellington Management Co., Goldman Sachs Group Inc. and Inc. Chief Executive Officer Jeff Bezos’s Bezos Expeditions, the startup said today in a statement. Lookout plans to use the money for product development and to build its sales to large businesses.