New Investment Opportunity: IronVest
Your digital life secured
- All-in-one super app and browser extension for consumers to protect cryptocurrency and other digital assets, using behavioral biometrics for constant monitoring
- Company combines skills and assets of two startups with 3.7M downloads of earlier platform version; pilot with major US bank
- Strong team led by founder Avi Turgeman, serial cyber entrepreneur, founder of BioCatch, former head of innovation at Israeli Military Intelligence Unit 8200
- Pre-revenue, early-stage startup raising $20M at $60M pre-money valuation
- Israeli crypto/cyber sector is hot – Fireblocks, offering similar crypto and digital asset platform for institutions, recently raised $400M at $8B valuation
Dear Josb,
Identity fraud is a huge and growing problem. Financial institutions and online businesses spend billions of dollars on security products each year, yet consumers still lost billions in 2020. That's because enterprise-level security platforms do little to protect consumers at the individual user level.
OurCrowd is investing in IronVest, an Israeli cybersecurity startup that is creating a super app to provide superior protection for the digital services that need it most, including banking, cryptocurrency, online shopping and messaging. The details in this email are based on information received from, and verified solely by, the company.
Cybercriminals regularly exploit weaknesses created by users when they access their accounts:
- Users set weak passwords and/or reuse passwords
- Multi-factor authentication and account recovery can be defeated with SIM swapping and other Account Takeover tactics - even biometric identification has been foiled
- Users are only identified at the start of a session, leaving open the possibility of man-in-the-browser attacks that hijack sessions in progress
IronVest's continuous verification technology protects against all these weaknesses. The company's super app manages authentication and provides fraud prevention for cryptocurrency, banking, file sharing and other sensitive apps. It uses unique, strong, complex passwords for each account, manages multi-factor authentication to foil SIM swapping, and uses proprietary Liveness Detection technology that applies biometrics throughout a session to prevent fraudulent activity. The company is also developing its own financial and identity apps, including a super-secure digital wallet for cryptocurrencies.
An earlier version of the platform has already generated revenue with 3.7 million downloads. The company is in discussions with a major US bank signed up for a pilot.
IronVest has a strong management team led by Avi Turgeman, founder of BioCatch, an OurCrowd cybersecurity company that raised $145M in 2020. Avi is the former head of innovation for the elite 8200 unit of Israeli Military Intelligence.
The Israeli crypto/cyber sector is hot. Fireblocks, offering a similar crypto and digital asset platform for institutions, recently raised $400M at a $8B valuation.
IronVest is a pre-revenue, early-stage startup raising $20M at a $60M pre-money valuation. Funds will be used to grow the IronVest team, acquire users, and to continue product development.
Meet the CTO and CMO
We're hosting a webinar/conference call on Tuesday, March 8th, at 7PM Israel / 12 Noon New York / 9AM San Francisco for investors to meet CTO Kfir Yeshayahu and CMO Guy Bauman and learn more about IronVest.
Can't make the webinar? Register and we will send you a recording of the call.
The IronVest Solution
IronVest is building a security-first infrastructure that allows users to take control of their digital security with a higher level of protection than what comes with the apps and services they use.
When using IronVest for a site (banking/finance, social media, etc.), the software changes and tokenizes the password information, making sure that all passwords and two factor authentications go through the "super app." The app also uses biometrics to constantly monitor and/or ensure that the authorized user is the one logging in and making a substantial request.
IronVest reports it will also provide "security-first" in-app services including a digital wallet with crypto support, digital banking, file sharing, and communications services.
Next steps:
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