Ivan Vanko was the civillian identity of the villain Whiplash bent on the destruction of the Stark family. He is a brilliant physicist just like his father before him but also has a history of crime, selling illegal weapons and killing innocent people who get in his way.
Later on, after his first defeat in Monaco, he was broken out by Justin Hammer in a attempt to create better suits. Ivan later turned on Justin in order to get his revenge on Stark, even managing to develop an upgraded suit and use it against both Iron Man and War Machine. In the end, he is still defeated by both heroes and commits a suicide bombing against the Stark Expo.