SAN FRANCISCO — Averon, developer of mobile identity verification, has closed an $8.3 million Series A financing round led by Avalon Ventures. The financing will accelerate Averon’s rollout strategy to secure mobile life across the entire digital world, including banking and ecommerce, fraud prevention, smart vehicles and homes, blockchain and IoT devices.
Developed in stealth for nearly two years, Averon’s security solution, called Direct Autonomous Authentication (DAA), is live now on all U.S. mobile phone networks. Averon leverages real-time mobile network signaling and the SIM/eSIM (eUICC) chips already found in the world’s 7 billion smartphones, requiring no installation, no apps, and no user involvement whatsoever. Working seamlessly in the background, it is the easiest, fastest and most secure way to provide instant, frictionless authentication.
“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,” said Wendell Brown, CEO and chairman of Averon. “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.”
“The internet is a dangerous place for transactions because we lack an easy way to assure the identity of the user,” said technology analyst, Rob Enderle. “This is resulting in increasing data-security breaches and the growing crisis of identity theft. Averon has created a unique and powerful solution to this problem, a new universal ID layer that fundamentally changes how we approach authentication. Using technology already inside the existing mobile phones we carry, the solution is transparent to the user and an effective personal identity authenticator. Called Direct Autonomous Authentication (DAA) technology, this tool uses real-time mobile network signaling and could turn the tide on cybercrime by better protecting consumer accounts and data from bad actors. Averon’s DAA has the potential to substantially reduce the exposure each of us has to the growing wave of cyber criminals.”