All posts

iVerify Announces $12M in Series A Funding to Transform Mobile Security

Jun 26, 2024

|

iVerify Team

iverify logo on a gradient background with the supporting text Series A Led by Shine Capital
iverify logo on a gradient background with the supporting text Series A Led by Shine Capital
iverify logo on a gradient background with the supporting text Series A Led by Shine Capital

Defending mobile endpoints from smishing, software vulnerabilities, and advanced malware.

NEW YORK CITY, June 26, 2024 – iVerify, the leader in advanced mobile EDR solutions, today announced the closing of $12 million in Series A funding led by Shine Capital with participation from Exponential Founders Capital, Mischief Ventures, Box Group, Parameter Ventures, Talons Ventures, and Trail of Bits. The new investment will scale the company’s go-to-market operations and bring the full potential of mobile EDR – including automated response and remediation capabilities – to the Fortune 100. Additionally, Alex Hartz, Partner at Shine Capital, will join iVerify’s board of directors. This investment brings the company's total funding to more than $16 million.

According to the most recent Verizon Data Breach Investigations Report, credential theft is now the leading cause of successful data breaches. Threat actors prefer to harvest credentials from mobile devices, where security is less stringent and people often let their guard down. Around 71% of all BYOD devices contain corporate credentials and around 50% of BYOD devices will be successfully phished. Traditional mobile security solutions haven’t kept pace and a new approach is needed. 

"The mobile security industry has not kept up with the rise of the global and remote workforce or emerging mobile threats due to AI,” said Alex Hartz, Partner at Shine Capital. “iVerify is a significant step forward for the industry. Their unique mobile EDR is a comprehensive mobile security product built on a strong foundation of threat detection capabilities previously only accessible to advanced researchers."

In less than 12 months, iVerify launched a pair of premium products for enterprise customers that combine threat detection and mobile forensics with automated response and remediation, along with an innovative new Vulnerability Management capability for the highly fractured Android market. Earlier this month, the company released new features to protect against smishing and access to company data by compromised devices.

“iVerify is the clear choice for mobile security because it gives users rapid guidance and assurance while respecting their autonomy and privacy,” said Leigh Honeywell, CEO of personal security startup Tall Poppy.

“Attackers take advantage of the fact that companies lack control on employee phones,” said Caleb Sima, former CSO of Robinhood and co-founder of Bluebox Security. “Employees don’t even need to be targeted anymore. Social engineering and phishing attacks on mobile phones are happening en masse – you’re just a number to these attackers. That’s why everybody should be running iVerify.”

According to an analysis conducted by Return on Security, 96% of VC funding in mobile device security over the past two years has focused on Mobile Device Management (MDM) and mobile application security companies. This leaves a gap in the market for solutions that exceed traditional Mobile Threat Detection (MTD) by integrating mobile forensics and response capabilities. Organizations can now do more than simply detect threats; they can act on them to reduce or eliminate the impact of compromised BYOD and corporate-owned mobile phones. Return on Security also notes that the security industry is entering a new iteration of mobile device security, making an arc similar to the endpoint computer market. iVerify is leading the charge in mobile EDR.


iVerify Enterprise Portfolio

iVerify EDR

Get enterprise-level protection against sophisticated threats including mobile malware, unpatched vulnerabilities, SMS phishing, and privileged access. Easily deployed, iVerify EDR allows security teams to monitor the health of devices accessing corporate systems and databases using the iVerify dashboard or through API integrations with your SIEM or SOAR. No MDM required.

iVerify Elite

iVerify’s most advanced level of protection with all the capabilities of iVerify EDR plus our proprietary threat hunting.

About iVerify

iVerify is an easy-to-deploy, privacy-respecting mobile security platform that combines threat detection and mobile forensics with automated response and remediation. Learn more at iVerify.io

Media Contact

press@iverify.com

Series A Investors

Lead Investor: Shine Capital

Joined by new investor: Exponential Founders Capital

Participation from existing investors:

  • Box Group

  • Mischief Ventures

  • Parameter Ventures

  • Talons Ventures

  • Trail of Bits