Averon, developer of a mobile identity verification standard, announced this week it has closed a $5 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.
The funds will accelerate expansion of Averon’s digital identity innovations, including a mobile authentication solution that works with both Wi-Fi or LTE. 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.”
“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.”
Averon relies on no identifiable personal data. It can also be combined with biometrics such as fingerprint and facial recognition methods to strengthen existing 2FA/MFA techniques.