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Averon closes new funding round bringing raise to $13.3 million
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Averon closes new funding round bringing raise to $13.3 million

Posted by Zenobia HegdeMarch 22, 2018

Averon, developer of the world’s first mobile identity verification standard that is both automatically frictionless and ultra-secure, announced it has closed a $5 million (€4.05 million) Series A1 financing round led by Avalon Ventures and Salesforce founder and CEO Marc Benioff.

The round follows Averon’s heavily oversubscribed Series A (October 2017), also led by Avalon Ventures, bringing the full Series A amount raised to $13.3 million (€10.77 million).

The funds will accelerate expansion of Averon’s digital identity innovations, including the industry’s premier mobile authentication solution that works seamlessly whether users are on Wi-Fi or LTE (first introduced by Averon in 2017). The company’s groundbreaking work in mobile authentication is protected by 25 patents in the United States and worldwide, and the newly raised funds will also increase Averon’s team expansion and deepen its R&D in the field.

“Averon provides the fastest, strongest mobile security in the world, and we’re proud that our innovations are disrupting the status quo of cybersecurity,” said Wendell Brown, Averon co-founder and CEO. “We completely relieve the burden from end users while providing enterprise customers far superior security. Our solutions heal the cyber battle wounds suffered by every sector, from banking and healthcare to e-commerce. Our customers enjoy freedom and peace of mind, because users’ logins, purchases and entire digital life are always effortlessly protected while connected with Averon.”

Through the company’s blockchain and cryptocurrency partnerships, fueled by an early investment from Digital Currency Group, Averon has also taken the lead in strengthening blockchain security. Averon’s patented techniques are impervious to man-in-the-middle attacks, social engineering and other forms of digital hijacking. Unique in the market, Averon’s solution leverages mobile carrier data signaling and hardware already in every smartphone combined with Averon’s proprietary blockchain technology to positively and instantly authenticate mobile users.

“Averon is the first cybersecurity platform built to combat fake news, election tampering, financial hacking, stolen email accounts, and cyberterrorism,” said Lea Tarnowski, Averon co-founder, president and COO. “From securing the blockchain to defending commerce and each individual’s privacy, Averon is helping craft the future of the internet as it should be — truly secure and accessible for everyone. In this way, Averon is establishing a more peaceful and secure online experience for all by fostering an authentically human-centered digital world.”

Lea Tarnowski

Averon’s innovations empower virtually any company or organisation offering services on the web to give their users the world’s most instantaneous, effortless cybersecurity user experience. Ideal for financial services, banking and mobile payments, as well as automotive, IoT and more, Averon relies on no identifiable personal data, making it the most private authentication platform available. It can also be combined with biometrics such as fingerprint and facial recognition methods to strengthen existing 2FA/MFA techniques.

“The pandemic of fraud and cybercrime shows that status quo solutions haven’t adequately protected people or businesses from these growing dangers,” said Brady Bohrmann, Avalon Ventures managing director. “In an industry that over the past 20 years has barely made a dent in solving the crisis of digital identity, Averon is a beacon of hope providing the first solution to autonomously keep user data safe while inoculating against costly threats and opening new revenue streams. Equally exciting is the stellar roster of innovative talent assembled on Averon’s team, which is unsurpassed.”

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Zenobia Hegde

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