- True Passwordless Security provider HYPR announced recently that it closed $18.3 million in Series B funding
HYPR — a leading provider of True Passwordless Security — announced recently that it closed $18.3 million in Series B funding led by Comcast Ventures. Including this funding round, HYPR has raised more than $32 million. Some additional investors that participated in this funding round include .406 Ventures, RRE Ventures, Allen & Co, Triphammer Ventures, Boldstart Ventures, RTP Ventures, Mastercard and Samsung NEXT had also joined the round.
In conjunction with the funding round, Comcast Ventures managing director Dave Zilberman is joining the company board of directors. And with this funding round, HYPR plans to accelerate new product delivery and expand customer success operations across the company’s rapidly growing enterprise customer base.
“Our customer-first strategy has allowed us to successfully eliminate passwords in a way that’s easy to use and easy to deploy. We believe that True Passwordless Security is the best approach for companies of all sizes to prevent fraud, reduce security costs, and increase productivity while delivering the best possible user experience,” said HYPR co-founder and CEO George Avetisov. “This investment signifies unprecedented validation of the HYPR vision and we could not be more thrilled to work with Dave Zilberman and the Comcast Ventures team.”
HYPR has millions of users deployed across a wide customer base including Mastercard, Aetna, Rakuten, First Citrus Bank, and T-Mobile. And the company saw a 350% year-over-year revenue growth.
“User experience is at the heart of everything we build. As board members of the FIDO Alliance, we recognized early on that the industry was heading in this direction and to this day our team remains laser-focused on eliminating passwords. Having cyber security experts like Greg Dracon and the .406 Ventures team participate in this round enables us to continue driving that vision forward and accelerate the delivery of best-in-class passwordless security for our customers,” added Roman Kadinsky, COO and Co-founder of HYPR.
HYPR had delivered the first authentication platform purpose-built to eliminate passwords and shared secrets, which is powered by advanced Public Key Cryptography. This approach removes the hackers’ primary target and forces adversaries to attack each device individually while providing users a secure login experience across mobile, web, and desktop applications.
“We believe passwords continue to represent a serious risk to enterprises. HYPR addresses a large gap that legacy 2-factor authentication has left unsolved – the password. The team’s strategy has allowed them to move quickly and provide rapid deployment of passwordless authentication across the enterprise,” explained Zilberman.
This funding round will solidify HYPR as a leading provider of passwordless security thus demonstrating unparalleled innovation and the ability to execute a highly differentiated solution in a crowded cybersecurity industry.
“We have invested in numerous great cybersecurity companies over the past decade and have seen the industry evolve in many ways, however, passwords and shared secrets have persisted despite their inherent and well-understood weaknesses. The company that successfully eliminates passwords within the enterprise, with a solution that drastically improves security while facilitating user adoption, is going to make a meaningful and lasting impact on the industry. We believe HYPR’s implementation and vision around a passwordless world has given the team an undeniable competitive advantage and their timing could not be better,” noted .406 Ventures partner Greg Dracon.