Israel biometric security company IronVest has emerged from stealth and announced the completion of a $23 million seed financing round led by Accomplice, with participation from Trust Ventures, Ulysses, Joule Ventures, OurCrowd and several strategic angel investors. The company, which is headquartered in New York and had its development center in Herzliya, has developed technology to protect the individual through biometric and account-access security that protects personal accounts and personal data from fraud. IronVest uses a decentralized infrastructure to protect personal data and uses patent-pending, decentralized biometric fraud prevention technology to ensure only the correct person can access the most sensitive accounts and data during sign-in and throughout a session.
IronVest is available as a mobile app, a browser extension and via an enterprise software development kit. It is designed to help financial institutions and online businesses protect consumers, customers and employees from fraud. The company's consumer app already has more than 200,000 active users.
IronVest was founded by CEO Avi Turgeman, CTO Kfir Yeshayahu, CMO Guy Bauman and VP product Yaron Dror. Turgeman was formerly CTO of behavioral biometric fraud detection company BioCatch. Turgeman and Yeshayahu met in the Israeli military’s elite 8200 intelligence unit. Prior to launching IronVest, Turgeman, Bauman and Dror were founding team members at the mobile-commerce startup platform Tapingo, which Grubhub acquired in 2018.
Turgeman said, "Building a security and privacy-first infrastructure that leverages decentralized biometric authentication and anonymized PII to combat rising cyberattacks and digital threats while actually reducing friction and improving the user experience for users is at the core of our mission. I've spent my entire professional life designing biometric fraud detection systems for the world's largest financial institutions. At IronVest, we are moving beyond fraud detection and are focused on empowering individuals to get 360-degree protection from all types of fraud without relying on the online services they are using to do this for them."
Published by Globes, Israel business news - en.globes.co.il - on October 13, 2022.
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