In today’s digital age, mobile devices have become ubiquitous, with over 16 billion in use worldwide—roughly two for every person on the planet. As remote work and connectivity surge, safeguarding these devices from cyber threats is paramount. 71% of BYOD devices have corporate credentials while 50% of these devices will be phished. iVerify is an advanced mobile security platform designed to detect and counter sophisticated malware, including mercenary spyware. With the rise of highly targeted cyberattacks, even previously secure mobile systems are now vulnerable. iVerify solutions combine cutting-edge security measures with comprehensive management tools, offering organizations full visibility and control over their mobile device ecosystem with automated responses and remediation.
AlleyWatch caught up with iVerify CEO Danny Rogers to learn more about the business, the company’s strategic plans, latest round of funding, which brings the company’s total funding raised to $16M, and much, much more…
Who were your investors and how much did you raise?
We closed $12M 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, which brings the company’s total funding to more than $16M.
Tell us about the product or service that iVerify offers.
iVerify offers advanced mobile EDR (endpoint detection and response) solutions that combine threat detection and mobile forensics with automated response and remediation for enterprise-level protection against sophisticated threats, including mobile malware, unpatched vulnerabilities, smishing, and credential theft.
iVerify’s product portfolio includes iVerify EDR and iVerify Elite. iVerify EDR allows security teams to monitor the health and integrity of mobile devices accessing corporate systems and databases using the iVerify dashboard or through API integrations with a SIEM or SOAR. iVerify Elite offers the most advanced level of protection with all the capabilities of iVerify EDR plus proprietary threat hunting. Both are easy to deploy, while respecting autonomy and privacy with no MDM required.
What inspired the start of iVerify?
iVerify originated as a project at the security research firm Trail of Bits with the goal of determining whether their employees’ mobile phones were compromised with spyware. Now an independent company, iVerify is a leading provider of advanced mobile EDR solutions, offering the only mobile enterprise-level solution that combines threat detection and mobile forensics to protect against sophisticated mobile malware, vulnerabilities, smishing, and privileged access.
Previously, expensive and highly sophisticated mobile malware was utilized primarily by elite cyber threat actors. However, mobile attacks have become more common and are no longer limited to high-profile targets. This puts the entire enterprise at risk, and most mobile security solutions have not kept up with this growing threat.
Malware can quickly infiltrate a mobile phone, and smishing threats such as credential theft are now the leading cause of successful data breaches. Threat actors prefer to harvest credentials in environments with less stringent security measures, making it harder for users to identify malicious intent. Forensic tools are limited, and researchers may not be equipped to quickly detect compromises before damage is done. The focus of mobile device security vendors on Mobile Device Management (MDM) and mobile application security has left a gap in the market for a solution that integrates mobile forensics and response capabilities.
iVerify addresses this gap by providing comprehensive protection with mobile EDR solutions to detect threats and quickly respond to eliminate the impact of compromised BYOD and corporate-owned mobile devices.
How is iVerify different?
iVerify believes users shouldn’t have to sacrifice privacy for security. Our enterprise product is the only solution that provides fleet-wide iOS and Android security telemetry without requiring a management profile on the device. This means employees can keep their personal data private, and still ensure their mobile devices are secure from advanced malware, vulnerabilities, and targeted smishing attacks.
What market does iVerify target and how big is it?
The smartphone market is valued at over $800B. iVerify offers enterprise-level solutions with iVerify EDR and iVerify Elite, plus iVerify Basic for individual users.
What’s your business model?
Enterprises should contact us about iVerify EDR and iVerify Elite solutions. iVerify Basic is available on the iOS or Android app stores.
How has the business changed since we last spoke after iVerify’s seed round last summer?
iVerify has experienced tremendous growth since last summer. We have expanded our threat detection and processing capabilities. We have expanded our engineering and research teams, plus grown our portfolio of customers across the Fortune 100.
What factors about your business led your investors to write the check?
iVerify is fundamentally different from legacy mobile security. Legacy mobile security products are limited to signature-based threat detection and offer virtually no response capability. iVerify uses heuristic-based threat hunting to identify threats and infected devices, including the most sophisticated Pegasus detection capability in the industry. This makes iVerify the only solution to offer a complete mobile EDR solution that detects threats and quickly responds to eliminate the impact of compromised BYOD and corporate-owned mobile devices across the enterprise, greatly reducing the likelihood of a corporate breach. This is why leading banks and government institutions are using iVerify to protect their organizations.
What are the milestones you plan to achieve in the next six months?
We will continue to invest in our engineering team to accelerate product development for enterprise customers.
Where do you see the company going now over the near term?
We are continuing our focus on expanding capabilities for enterprise customers, scaling our mobile threat detection, forensics and processing capabilities.
