Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Hypr Raises $25 Million for Passwordless Authentication Platform

New York City-based passwordless authentication solutions provider Hypr announced on Thursday that it has raised $25 million in a Series C1 funding round.

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.

RelatedHow 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 

Written By

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.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Management & Strategy

Industry professionals comment on the recent disruption of the Hive ransomware operation and its hacking by law enforcement.

Identity & Access

Hackers rarely hack in anymore. They log in using stolen, weak, default, or otherwise compromised credentials. That’s why it’s so critical to break the...

Management & Strategy

SecurityWeek examines how a layoff-induced influx of experienced professionals into the job seeker market is affecting or might affect, the skills gap and recruitment...

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.

Funding/M&A

Tenable has launched a $25 million venture fund to place bets on early-stage startups in the exposure management space.

Cybersecurity Funding

Forward Networks, a company that provides network security and reliability solutions, has raised $50 million from several investors.

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.