The funding round was led by Avalon Ventures and Salesforce founder and CEO Marc Benioff and it follows Averon’s oversubscribed Series A (October 2017), also led by Avalon Ventures, bringing the full Series A amount raised to USD 13.3 million.
The company’s work in mobile authentication is protected by 25 patents in the US and worldwide, and the newly raised funds will increase Averon’s team expansion and deepen its R&D in the field. Through the company’s blockchain and cryptocurrency partnerships, fueled by an early investment from Digital Currency Group, Averon has also boosted the blockchain security. Averon’s patented techniques protect against man-in-the-middle attacks, social engineering and other forms of digital hijacking.
Suited for financial services, banking and mobile payments, as well as automotive, IoT and more, Averon’s technology relies on no identifiable personal data, making it a private authentication platform. It can also be combined with biometrics such as fingerprint and facial recognition methods to strengthen existing 2FA/MFA techniques.
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