iVerify closes $12m funding to transform mobile security

iVerify, the pioneer in advanced mobile EDR solutions, announced the closing of $12 million in Series A funding. This funding round was 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.

Alex Hartz, Partner, Shine Capital: ''The mobile security industry has not kept up with the rise of the global and remote workforce or emerging mobile threats due to AI. 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.

Leigh Honeywell, CEO, Tall Poppy: ''iVerify is the clear choice for mobile security because it gives users rapid guidance and assurance while respecting their autonomy and privacy.''

Caleb Sima, Co-founder, Bluebox Security: ''Attackers take advantage of the fact that companies lack control on employee phones. 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.

www.iverify.io

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