Averon closes $5m Series A1 to expand mobile ID solution

Mobile identity verification startup Averon has closed a $5m Series A1, just months after closing its heavily oversubscribed Series A round.

The new financing, which was led by Avalon Ventures and Salesforce founder and CEO Marc Benioff, comes six months after the company closed a $8.3m Series A round.

Based in San Francisco, Averon started with the idea of finding a better way to bring authenticity to security. In response, the company launched Direct Autonomous Authentication (DAA), which it claims is the world’s first fully automatic and ultra-secure mobile identity verification standard that works on both Wi-Fi and LTE.

The solution seamlessly integrates to decrease friction and increase security in mobile payments, blockchain transactions, credit card purchases and more. Averon also requires zero installations and no end-user involvement, working invisibly in the background to create an easier, faster and more secure user experience according to company.

Protected by 25 patents, its solution authenticates users by leveraging real-time mobile network signaling and hardware already contained in every smartphone.

Wendell Brown, Averon co-founder and CEO, said: “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.”

Averon can empower virtually any company or organisation offering services on the web, including financial services, banking and mobile payments, automotive and IoT and more. By relying on no identifiable personal data, Averon claims to be 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.

“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.”

Copyright © 2018 RegTech Analyst

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