What VeroGuard does

VeroGuard Systems Pty Ltd is an Australian cybersecurity and digital identity company headquartered in Melbourne with a manufacturing hub in Adelaide. Founded on a platform developed over approximately 17 years, the company provides out-of-band hardware security module (HSM) technology that performs authentication, encryption, and communications at both ends of every online transaction, replicating interbank/ATM-grade security for internet and cloud environments. Its proprietary, globally patented network is the basis for three core products: VeroCard (a portable hardware authenticator for people providing PIN-based multi-factor and FIDO2 authentication), VeroMod (an inline HSM for machines and IoT devices that creates a virtual air gap and enables HSM-to-HSM verification for OT systems), and VeroVault (cloud-based data-at-rest protection). The platform uses elliptic-curve Diffie-Hellman encryption with DUKPT key management and is positioned for post-quantum protection.

VeroGuard primarily serves government agencies and corporate enterprises, with secondary segments in critical infrastructure, healthcare, financial institutions, and SMB. The company has achieved Common Criteria EAL2+ certification (one of only three Australian companies), PCI-PTS certification for VeroCard, defence certification, FIDO2 certification, and alignment with NIST AAL3 requirements. Strategic partnerships include Microsoft (for Office 365 authentication across 1.56 billion users), CSIRO/Data61 (sovereign cloud TrustStore), and channel partners such as Kyndryl, Fujitsu, Raytheon, AWS, IBM Security, and DXC. Named customers are limited to Rawson Verco Need, the Australian Government, and Microsoft (in distribution capacity).

The revenue model combines hardware product sales (VeroCard, VeroMod, VeroVault devices), recurring subscription services (VeroCard Subscription Services), and enterprise licensing, with quote-based pricing and no public disclosure of pricing or revenue. The company has raised $110M AUD cumulatively from private investors and is planning a dual listing on the ASX and Singapore Exchange (SGX) to fund commercialisation and the build-out of a $57.5M Adelaide manufacturing facility.

Name

VeroGuard

Legal name

VeroGuard Systems Pty Ltd

Website

https://veroguard.com.au

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

VeroGuard Systems is an Australian cybersecurity and digital identity company providing out-of-band hardware security modules (HSMs) for authentication and encryption, serving government, corporate enterprise, and critical infrastructure customers via its VeroCard, VeroMod, and VeroVault products.

Ownership category

akta.pro rank

Product category

Cybersecurity & Identity Management

NAICS

Computer Systems Design and Related Services (54151), Security Systems Services (56162)

SIC

Computer Terminals (3575)

akta.pro primary industry

Confidential Computing & Hardware-backed Protection (TEE/HSM) (HDADAFAJ)

akta.pro secondary industries

Secure Elements & Trusted Execution Processors (TPM/TEE/Crypto MCUs) (HDAHAJAK), Key Management, Encryption & Secrets Management (KMS/HSM/Vault) (HDABAHAG), Security Operations Center (SOC) as a Service (BPAEADAB)

Keywords

• Digital identity authentication
• Hardware security modules
• Cyber security platform
• Multi-factor authentication
• Data protection encryption

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Supply Chain, Marketing or Sales, Operations

Revenue model

1. Hardware Product Sales: Sale of VeroCard, VeroMod, and VeroVault hardware security devices. These are purpose-built hardware authenticators and modules sold as one-time purchases or possibly with initial hardware fees.
2. Subscription Services: VeroCard Subscription Services and Authorised End User VeroCard Subscription Service. Recurring subscription fees for access to the VeroGuard Platform, authentication services, and ongoing support.
3. Enterprise Licensing: Licensing of VeroGuard Platform technology for enterprise deployments including government agencies and large corporations requiring defence-certified security.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

VeroGuard provides an online digital identity and cybersecurity platform that uses out-of-band hardware security modules (HSMs) for authentication, encryption and communications at both ends of every online transaction. Its product portfolio consists of VeroCard (a portable hardware authenticator for people), VeroMod (an inline HSM for machines/IoT), and VeroVault (a cloud-based data-at-rest protection solution). The platform delivers bank-to-bank grade security for internet and cloud applications, targeting government, corporate enterprise, and critical infrastructure customers.

Product overview

VeroGuard is a digital identity and cybersecurity platform that provides bank-to-bank grade security for internet and cloud applications. The platform uses out-of-band hardware security modules (HSMs) for authentication, encryption, and secure communications at both ends of every online transaction. The product portfolio consists of three core products: VeroCard (hardware authenticator for people providing portable digital identity and multi-factor authentication), VeroMod (inline HSM for machines and IoT devices enabling virtual air gaps and secure device communications), and VeroVault (cloud-based data security for protecting data at rest). Together, these products deliver a complete identity verification and data protection ecosystem for government, corporate, and critical infrastructure customers.

Differentiator

Problem solved

Functional benefit

Brands

• VeroCard: A handheld digital wallet and hardware security module providing multi-factor authentication. Functions as a portable digital identity solution and can serve as an EFTPOS terminal.
• VeroMod
• VeroVault

Products and services

• VeroCard A portable hardware authenticator functioning as a 'personal high security card' and rugged hardware security module (HSM). Provides multi-factor authentication for secure login to networks, applications, and devices with non-repudiable identity verification using PIN and cryptographic keys stored in secure hardware. Designed for individuals including citizens, staff, and employees.
• VeroMod An inline hardware security module (HSM) for machines and IoT devices that creates a 'virtual air gap' between devices and network connectivity. Provides hardware-based identity for OT devices, HSM-to-HSM verification and encryption, and secure machine-to-machine communications over open networks.
• VeroVault A cloud-based data security solution providing ultra-secure protection for data at rest. Part of the VeroGuard ecosystem enabling secure data storage and sharing with cryptographic protection.

Quantifiable outcome

• Cybercrime losses projected to reach $US10.5 trillion by 2025 globally, driving demand for VeroGuard's solutions
• +1 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Six partnerships are on record, tiered core and minor.

• CSIRO/Data61coreStrategic or Co-development PartnerStrategic partnership with CSIRO's Data61 division for cloud-based TrustStore technology. VeroGuard's ecosystem supports products including VeroMod, VeroVault and VeroVision, with CSIRO Data61 director John Whittle calling it a unique sovereign security platform enabling protection of Australian businesses and infrastructure.
• MicrosoftcoreTechnology or IntegrationStrategic global partnership with Microsoft. VeroGuard is engaged in signing a contract to secure Office 365 for over 1.56 billion Office users. The first PIN-based FIDO2 device integrated with Microsoft services.
• South Australia GovernmentminorOthersGovernment partner displayed on VeroGuard's website ecosystem page.
• Consolidated TendersminorChannel Partner/ Reseller/ DistributorPartner displayed on VeroGuard's website ecosystem page.
• DXC TechnologyminorChannel Partner/ Reseller/ DistributorTechnology partner displayed on VeroGuard's website ecosystem page.
• Australian Cyber Collaboration CentreminorStrategic or Co-development PartnerStrategic partner displayed on VeroGuard's website ecosystem page.

Scale indicators6 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Okta: Okta is a leading cloud identity and authentication platform serving enterprises and government agencies. It is a comparable incumbent in the same identity space VeroGuard targets, but takes a software/SaaS approach rather than VeroGuard's hardware-centric model.
• IDEMIA: IDEMIA is a global identity and security solutions provider serving governments and financial institutions with biometric cards, secure documents, and authentication. Comparable as a broad incumbent in digital identity for sovereign and defence customers.
• HID Global (Assa Abloy): HID Global provides identity and access management hardware including smart cards, readers, and authentication tokens for government and enterprise. Comparable as a broad incumbent offering overlapping hardware authentication and identity solutions.
• Entrust: Entrust provides digital identity, PKI, and HSM solutions for governments and enterprises globally. It is a comparable broad incumbent in the same hardware-backed authentication and encryption space, addressing the same defence and high-assurance buyers.
• Thales (Gemalto): Thales operates a major HSM and digital identity business (formerly Gemalto) serving banks, governments, and enterprises with hardware authenticators, PKI, and key management. Comparable as a broad incumbent offering overlapping HSM and identity capabilities alongside a much larger portfolio.
• RSA Security: RSA Security is an established authentication and identity governance vendor with hardware tokens (SecurID) and enterprise MFA. It is a comparable broad incumbent in identity and authentication for government and enterprise buyers.

Direct peers

• Feitian Technologies: Feitian manufactures hardware authentication tokens and smart cards with FIDO and PKI certifications. It is a direct peer in the hardware authenticator category, targeting similar enterprise and government buyers with comparable form-factor products.
• Keyfactor: Keyfactor provides PKI, certificate lifecycle management, and key management infrastructure for enterprises. It is a direct peer in the key management and cryptographic infrastructure layer where VeroVault and VeroMod also operate.
• Yubico: Yubico is the leading hardware security key and FIDO2 authentication vendor. Its YubiKey product competes directly with VeroCard in enterprise and government hardware authentication, sharing a similar target buyer (security-conscious enterprises) and similar certification-driven go-to-market.
• Utimaco: Utimaco is a specialist HSM and key management vendor serving financial, government, and industrial customers. It is the closest direct comparable to VeroGuard's HSM-centric architecture and shares the regulatory/certification-driven enterprise sales motion.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/verosystems
• Xx.com/vero_systems

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VeroGuard