Panda Cloud Antivirus was originally launched in beta in April, and is described by the security company as "the first antivirus without an update button".
The software uses Panda's Collective Intelligence system that identifies malware and stores the signature files on an online real-time database. This system then alerts users to the threats as soon as they log on, rather than rolling out updates to each user.
Panda says the system "reduces bandwidth consumption on customers' PCs and provides faster and more comprehensive up-to-date protection".
"Since the beta release of Panda Cloud Antivirus in April, we have been judiciously testing our cloud-based protection model, making upgrades in security and performance, and listening to our user community," said Juan Santana, CEO of Panda Security.
"With Panda Cloud Antivirus 1.0, we've really changed the game, providing our users the most powerful and lightweight free protection available on the market today."
Available for Windows XP, Vista and 7 users, Panda Cloud Antivirus can be downloaded now from the security firm's website.
The company also launched Panda Cloud Protection - a fully hosted, managed security service for businesses, which provides hands-off protection of endpoints and email.