HYPR, a New York-based passwordless company that delivers true passwordless multi-factor authentication, announced that it raised $25 million in Series C1 funding, bringing HYPR’s total funds raised to $97 million
The round was led by Advent International through Advent Tech, the firm’s dedicated global technology fund, with participation from existing investors .406 Ventures, RRE Ventures, Top Tier Capital, and Comcast Ventures.
The funds will be used to expand HYPR’s go-to-market strategy and R&D efforts and accelerate its mission to "Fix the Way the World Logs In."
“Passwords and Legacy MFA solutions that are supposed to keep organizations safe are actually putting them at tremendous risk, “said Bojan Simic, CEO of HYPR. “These outdated technologies make organizations an easy target for hackers using readily-available online tools to automate and scale attacks. Furthermore, the user experience with these legacy methods is so frustrating that users bypass the security controls, which gives hackers further vulnerabilities to exploit. The new investments will advance our efforts to help organizations keep their employees and customers safe while significantly reducing the astronomical costs of passwords.”
HYPR is deploying passwordless solutions to hundreds of thousands of workforce users per quarter while also rapidly enabling the adoption of passwordless technologies in the consumer identity space.
Company: HYPR Corp.
Round: Series C1
Funding Month: December 2022
Lead Investors: Advent International
Additional Investors: .406 Ventures, RRE Ventures, Top Tier Capital, and Comcast Ventures
Company Website: https://www.hypr.com/
Software Category: Passwordless Authentication Solution
About the Company: HYPR is a pioneer in passwordless authentication and has demonstrated tremendous momentum over the past 24 months. HYPR’s solution offers a consistent passwordless authentication experience regardless of the heterogeneity of a customer’s infrastructure. HYPR’s True Passwordless MFA platform decouples authentication from the organization’s identity providers and eliminates the traditional trade-off between security and user experience by providing uncompromising assurance and a consumer-grade experience. By eliminating the password and deployments taking hours rather than weeks or months, organizations decrease the risk of a cyber attack, increase positive user experience, and lower operational costs. Two of the four largest US banks, Fortune 500 manufacturing conglomerates, and global insurance providers are among the enterprises that have deployed HYPR's phishing-resistant MFA on a global scale.