Funding News NYC

iVerify Closes $12 Million Funding

NEW YORK — iVerify, the leader in advanced mobile Endpoint Detection and Response (EDR) solutions, has closed $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.