Averon, a San Francisco, CA-based developer of a mobile identity verification standard, closed a $5m Series A1 financing round.
The funding – which brings the Series A amount raised to $13.3m – was led by Avalon Ventures and Salesforce founder and CEO Marc Benioff.
The company intends to use the funds to accelerate the expansion of its digital identity innovations, including the mobile authentication solution that works seamlessly whether users are on Wi-Fi or LTE (first introduced by Averon in 2017), and increase team expansion and deepen its R&D in the field.
Led by Wendell Brown, co-founder and CEO, and Lea Tarnowski, co-founder, President and COO, Averon develops an automatic and ultra-secure mobile identity verification standard that works on both Wi-Fi and LTE. Protected by 25 patents, its conversion-increasing innovations authenticate users by leveraging real-time mobile network signaling and hardware already contained in every smartphone.
Averon is used by leading ridesharing and transportation services, digital currencies, cryptocurrency wallets, and global telecommunications companies, and requires no installations and doesn’t rely on identifiable personal data. It can also authenticate IoT devices, including connected locks on homes and vehicles.