New York - May 17 – Avanan announced today it had been selected as a finalist for Red Herring's Top 100 North America award, a prestigious list honoring the year’s most promising private technology ventures from the North American business region.

Red Herring has been selecting the most exciting and promising start-ups and "scale ups" since 1995. Finalists are still evaluated individually from a large pool of hundreds of candidates based across North America. Twenty major criteria underlie the scoring and process. They include, among others: the candidate company's addressable market size, its IP and patents, its financing, the proof of concept, trailing revenues, and management's expertise. Each company goes through an individual interview after filling out a thorough submission, complemented by due diligence from the Red Herring panel. The list of finalists includes some of the best performing and prominent companies of that year.

This unique assessment of potential is in addition to a review of the company’s actual track record and standing, which allows Red Herring to see past the buzz and make the list a valuable instrument for discovering and advocating the greatest business opportunities in the industry. 

2016 will be remembered as a special vintage. "The finalists’ list confirms the excellent choices made by entrepreneurs and VCs and the start-ups' solid roots in corporate America, embracing their innovations. By all metrics, it emphasizes the United States’ entrepreneurial excellence," said Alex Vieux, publisher and CEO of Red Herring. 

Finalist selections for the 2016 edition of the Red Herring 100 North America award are based upon technological innovation, management strength, market size, investor record, customer acquisition, and financial health. During the several months leading up to the announcement, hundreds of companies in the fields of security, Web 2.0, software, hardware, life sciences, cloud, mobile, and others completed their submissions to qualify for the award.

Finalists are asked to present their winning strategies at the Red Herring North America Forum in Newport Beach, CA., June 6 to 8, 2016. The Top 100 winners will be announced during a special awards ceremony the evening of June 8.