New York City-based passwordless authentication solutions provider Hypr announced on Thursday that it has raised $25 million in a Series C1 funding round.
The previous funding round, the Series C, was announced in April 2021, when the company raised $35 million.
The latest investment, which brings the total to $97 million, was led by Advent International, with participation from .406 Ventures, RRE Ventures, Top Tier Capital, and Comcast Ventures. The money will be used to boost Hypr’s go-to-market strategy and R&D efforts.
Hypr has developed a passwordless authentication platform that enables easy and secure logins into mobile and web apps, making it simpler for enterprises to adopt multi-factor authentication (MFA).
When the Hypr passwordless login process is initiated on a device, the user receives an alert on their smartphone. In order to approve the login, they have to authenticate using their preferred authenticator, which can be a biometric method such as face or fingerprint. Once the authentication request has been approved, the user is logged in.
Other passwordless authentication providers that have announced significant funding rounds in the past couple of years include Secret Double Octopus, Beyond Identity, Token, Axiad, Transmit Security, and Stytch.
Related: How Do We Get to a Passwordless World? One Step at a Time
Related: Silicon Valley Legends Launch Beyond Identity in Quest to Eliminate Passwords
Related: The Human Element and Beyond: Why Static Passwords Aren’t Enough
Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.
More from Eduard Kovacs
- High-Severity Privilege Escalation Vulnerability Patched in VMware Workstation
- GoAnywhere MFT Users Warned of Zero-Day Exploit
- UK Car Retailer Arnold Clark Hit by Ransomware
- EV Charging Management System Vulnerabilities Allow Disruption, Energy Theft
- Unpatched Econolite Traffic Controller Vulnerabilities Allow Remote Hacking
- Google Fi Data Breach Reportedly Led to SIM Swapping
- Microsoft’s Verified Publisher Status Abused in Email Theft Campaign
- British Retailer JD Sports Discloses Data Breach Affecting 10 Million Customers
Latest News
- Fraudulent “CryptoRom” Apps Slip Through Apple and Google App Store Review Process
- US Downs Chinese Balloon Off Carolina Coast
- Microsoft: Iran Unit Behind Charlie Hebdo Hack-and-Leak Op
- Feds Say Cyberattack Caused Suicide Helpline’s Outage
- Big China Spy Balloon Moving East Over US, Pentagon Says
- Former Ubiquiti Employee Who Posed as Hacker Pleads Guilty
- Cyber Insights 2023: Venture Capital
- Atlassian Warns of Critical Jira Service Management Vulnerability
