Cybersecurity platform Averon has closed an $8.3m Series A funding round led by Avalon Ventures.
Averon is a direct autonomous authentication platform for mobile verification. The platform leverages real-time mobile identity network signals and SIM/eSIM chips in mobile phones.
The solution does not require any instillation or user input and is able to instantly identify and authenticate a consumer. Through the solution businesses can protect against fraud but also validate IoT devices.
This capital injection will help Averon to increase its rollout strategy across the whole digital world, including banking and e-commerce, fraud prevention, blockchain, among others.
Averon Wendell Brown, CEO and chairman said, “As we see in the news every day, cybersecurity breaches continue to grow in size and frequency, and the world is in desperate need of the next generation of online identity authentication. Averon offers a uniquely superior solution that authenticates users while relying on zero personally identifiable data and requiring zero effort on the part of consumers – Averon is the new gold standard in cybersecurity, and we’re rapidly taking it to scale.”
Following the investment Avalon Ventures partners Rich Levandov and Brady Borhmann will join the company’s board of directors.
Earlier this year Avalon Ventures led the $4m Series A into online security platform Smyte. The company plans to use the funds for expansion of its services. Other companies currently in Avalon’s portfolio include big data financial spreadsheet market Alphasheets and workflow automation platform AwarePoint.
The global RegTech sector has seen a steady increase in funding QoQ; however, there has been a fall in deals. The last quarter saw $187m deployed in 12 deals, while Q1 2017 had $154m deployed in 19 deals.
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