[Funding News] iVerify Secures $12M Series A Funding to Transform Mobile Security

iVerify, the leader in advanced mobile EDR solutions, 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.

Read also – [Funding News] NYC-based Formation Bio Raises $372M Series D Funding

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.

Read also – [Funding news] MN-based UroMems Secures $47Million in Series C Round Funding

“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.”

About iVerify

Founded in 2023, iVerify’s mission is to ensure our customers feel safe trusting their most sensitive information to their mobile devices by creating the most advanced, private, and usable mobile security tool on the market. iVerify is first mobile threat hunting company to protect mobile devices like any other vulnerable corporate endpoint