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
- Microsoft’s Verified Publisher Status Abused in Email Theft Campaign
- British Retailer JD Sports Discloses Data Breach Affecting 10 Million Customers
- Meta Awards $27,000 Bounty for 2FA Bypass Vulnerability
- Industry Reactions to Hive Ransomware Takedown: Feedback Friday
- US Reiterates $10 Million Reward Offer After Disruption of Hive Ransomware
- Hive Ransomware Operation Shut Down by Law Enforcement
- UK Gov Warns of Phishing Attacks Launched by Iranian, Russian Cyberspies
- Dozens of Cybersecurity Companies Announced Layoffs in Past Year
Latest News
- Sentra Raises $30 Million for DSPM Technology
- Cyber Insights 2023: Cyberinsurance
- Cyber Insights 2023: Attack Surface Management
- Cyber Insights 2023: Artificial Intelligence
- Microsoft’s Verified Publisher Status Abused in Email Theft Campaign
- Guardz Emerges From Stealth Mode With $10 Million in Funding
- How the Atomized Network Changed Enterprise Protection
- Critical QNAP Vulnerability Leads to Code Injection
