OpenAVN

OpenAVN

Next-Gen realtime malware & threat mitigation using Blockchain Crowdsourcing and Artificial Intelligence

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Security Type
Crowd Note
Categories
Other
Min Investment
$1,000
Location
Long Island City, NY
Offering Date
November 26, 2019
Expected Close Date
February 24, 2020
Target Raise
$350.00K-$500.00K
Deal Notes

Round type: Seed Round size: US $500,000 Minimum investment: US $1,000 Target Minimum: US $350,000 Security Type: Crowd Note Conversion discount: 20.0% Valuation Cap: US $4,500,000 Interest rate: 5.0% Note term: 24 months Closing conditions: While OpenAVN has set an overall target minimum of US $350,000 for the round, OpenAVN must raise at least US $25,000 of that amount through the Regulation CF portion of their raise before being able to conduct a close on any investments below $20,000. For further information please refer to OpenAVN's Form C. Transfer restrictions: Securities issued through Regulation CF have a one year restriction on transfer from the date of purchase (except to certain qualified parties as specified under Section 4(a)(6) of the Securities Act of 1933), after which they become freely transferable. While securities issued through Regulation D are similarly considered "restricted securities" and investors must hold their securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Raised to date: US $75,000 US $0 (under Reg CF only)

Company Description

Next-Gen realtime malware & threat mitigation using Blockchain Crowdsourcing and Artificial IntelligenceAt OpenAVN, we believe in innovation that complements the growing trends in the market, which will lead to more secure products and services as a sum outcome. OpenAVN - Open Anti-Virus Network was created with the intention to solve a particularly hard classification problem that exists in security that is critical to the upcoming generation of computing. It uses Blockchain and AI to create a widespread network to collect diversified samples globally, enables us to foster an ecosystem that can serve the market exponentially faster than any other existing antivirus products.On average, the Antivirus Industry takes anywhere between 25-30+ days to identify, isolate, and remediate viruses and malware. The entire industry depends on malware lab partnerships, and public communities to gather malware samples and signatures. OpenAVN solves the supply chain issue by reducing the time taken to obtain a malware sample and to deliver the signature to the end-user on average in less than 2-3 days. A Blockchain and Smart Contract based network is used to triage, classify, and incentivize the collection of malware samples using crowdsourcing and machine learning. We have combined Artificial Intelligence, Blockchain, and Cybersecurity to provide the most cutting edge digital threat prevention and continuous protection the industry has to offer. OpenAVN is designed to act both as an endpoint protection software and as a Service/API Gateway to realtime threat intel. Our customers can either utilize our software to protect their devices and networks or can plug into our ecosystem to consume the malware signatures and digital threats identified by the Blockchain platform in realtime. 

Perks

First 500 investors receive a free one-year subscription for protecting up to five devices
Bronze Tier: $3600+ Two Year(s) free subscription for protecting up to 5 devices. Five referral vouchers for business and corporate license packages that earn a bonus.
Silver Tier: $6300+ Three Year(s) free subscription for protecting up to 5 devices. Ten referral vouchers for business and corporate license packages that earn a bonus.
Gold Tier: $27,000+ Three Year(s) free subscription for protecting up to 5 devices. Invites to annual strategy call (November) to discuss specific company objectives, initiative outcome measures, and detailed action plans. Exclusive bonus earning referral vouchers for business and corporate license packages.
Platinum Tier: $45,000+ Three Year(s) free subscription for protecting up to 5 devices. Invites to biannual strategy calls (May, Nov) to discuss specific company objectives, initiative outcome measures, and detailed action plans. Exclusive meet & greet with the core team at Blackhat Conference and Defcon, in Las Vegas, NV. Discounted tickets for 3 to our official private party in Mandalay Bay, Paradise, NV, with the OpenAVN Community during Defcon.
Diamond Tier: $149,000+ Three Year(s) free subscription for protecting up to 5 devices. Invites to quarterly strategy calls(Feb, May, Aug, Nov) to discuss specific company objectives, initiative outcome measures, and detailed action plans. Exclusive meet & greet at Blackhat Conference and Defcon, in Las Vegas, NV. Sponsored tickets for 3 to our official private party at Mandalay Bay, Paradise, NV, with the OpenAVN Community during Defcon.
It is advised that you consult a tax professional to fully understand any potential tax implications of receiving investor perks before making an investment.

Key Deal Facts

$210k pre-seed raised by Metasquare to launch OpenAVN
Over 180 early adopters and beta testers
In Private Beta, under SOC2 standard certification audit for public release candidates
Antivirus AI trained with over 80 Billion data points from malware and digital threats
Cybercrime is estimated to cost over $6 Trillion annually by 2021

Use of Proceeds

Development, Sales and Marketing, Operations, Salaries

Management Team / Advisory Board Bios

Harish Prasanna
Co-Founder & CEO
An Open-source Advocate, upcoming Cybersecurity leader, and a highly entrepreneurial individual, Harish has deep expertise in malware mitigation, vulnerability analysis, and threat mitigation technologies. As a long-time blockchain enthusiast, he was able to envision combining the benefits of the distributed capabilities of blockchain and the swift analytical capabilities of Artificial Intelligence to provide real-time malware protection to individual consumers and enterprises alike.

Bidlur Shivaprakash
Co-Founder & CFO
Shivaprakash is an entrepreneur, an academician and is on the Board of several companies in the USA and India. He was a tenured Professor and was the Chairman of the Computer Science Department at University of Dubuque, Iowa, USA for over 6 years; Shivaprakash subsequently became an entrepreneur from the late 1990's and got involved in several mergers and acquisitions from 2001 and onwards.  He has been invited as a guest speaker at several universities on topics such as Global IT perspective, Management strategies, Management Information Systems, and Global Paradigm Shift. Over the years he has received several awards such as "Entrepreneur of the Year" (from Dallas Chamber of Commerce), "Blue Chip Entrepreneur" (from US Chamber of Commerce & Mass Mutual) and "Humanitarian of the Year" (from Rotary Club International). He has degrees in Electrical & Electronic Engineering, Computer Science and Business Administration.

Deal Notes

Round type: Seed Round size: US $500,000 Minimum investment: US $1,000 Target Minimum: US $350,000 Security Type: Crowd Note Conversion discount: 20.0% Valuation Cap: US $4,500,000 Interest rate: 5.0% Note term: 24 months Closing conditions: While OpenAVN has set an overall target minimum of US $350,000 for the round, OpenAVN must raise at least US $25,000 of that amount through the Regulation CF portion of their raise before being able to conduct a close on any investments below $20,000. For further information please refer to OpenAVN's Form C. Transfer restrictions: Securities issued through Regulation CF have a one year restriction on transfer from the date of purchase (except to certain qualified parties as specified under Section 4(a)(6) of the Securities Act of 1933), after which they become freely transferable. While securities issued through Regulation D are similarly considered "restricted securities" and investors must hold their securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. Raised to date: US $75,000 US $0 (under Reg CF only)

Amount Raised : $111,600
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Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

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