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Australian cyber security company Haventec has secured $11 million in capital and launched their expansion into the US market after tremendous demand for their passwordless authentication and data storage solutions.
The Macquarie Group and Future Now Capital led the raise which will predominantly fund Haventec’s growth plans in the financial services, government and health sectors handling sensitive data.
Gartner recently revealed customer identity and access management will be one of the four technologies that will have high impact on the fast-changing and competitive digital commerce industry over the next two years, highlighting the need for solutions like Haventec’s.
The underlying issue is how inadequate current protection is for sensitive information, according to David Maunsell, CEO of Haventec.
“Our modern lives rely on online services, apps and organisations using our data, but we’re seeing businesses push the responsibility of data privacy and security back onto the consumer.
“This is the real ‘privacy problem’.
“Haventec is pioneering a new way forward with a mix of cryptography, decentralisation, biometrics and multi-factor authentication,” Maunsell said.
Authenticate uses a four-digit PIN or biometric to verify users and grant access through an elegant multi-factor authentication process, while Sanctum decentralises user data across multiple locations, securing a company’s most valuable information through advanced encryption, with both solutions genuinely providing secure but passwordless access.
Set on customer acquisition, Haventec has recently hired Jordan Blair to lead the US team and Joseph Wendland as business development manager based in North America to drive the growth plan in the US market which the company sees as ripe with opportunities.
The Sydney-based award-wining cyber security company was co-founded by Ric Richardson in 2015, who was motivated to add a personal touch to Haventec's vision.
“The Haventec team have had an incredible 2021.
“I founded Haventec with the vision of my parents never having their data or identities stolen and having the easy user experience of only needing to remember a PIN to access their banking, online groceries, healthcare and more.”
"They have successfully onboarded new clients, raised $11 million in capital, hired a team in the US and are being acknowledged within the industry as frontrunners in the future of multi-factor authentication and data storage,” Richardson said.
In 2021, the Haventec team celebrated being crowned the ‘Best Emerging Cyber Security Innovation’ at the Australian Technologies Competition and recognised at the InnovationAus Awards as the winner of the ‘Excellence in Cyber Security’ category.
Haventec has also recently rolled out eConsent for Genomics, a project which received joint funding from AustCyber to innovate how patients and doctors share access to sensitive data.
[Related: New global malware threat identified]
Nastasha is a Journalist at Momentum Media, she reports extensively across veterans affairs, cyber security and geopolitics in the Indo-Pacific. She is a co-author of a book titled The Stories Women Journalists Tell, published by Penguin Random House. Previously, she was a Content Producer at Verizon Media, a Digital Producer for Yahoo! and Channel 7, a Digital Journalist at Sky News Australia, as well as a Website Manager and Digital Producer at SBS Australia. Nastasha started her career in media as a Video Producer and Digital News Presenter at News Corp Australia.
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