Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Passwordless Authentication Firm HYPR Raises $35 Million

HYPR, a company that provides a cloud-based passwordless authentication platform, has raised $35 million in a Series C financing, doubling the company’s total funding to more than $70 million. 

HYPR, a company that provides a cloud-based passwordless authentication platform, has raised $35 million in a Series C financing, doubling the company’s total funding to more than $70 million. 

The company’s multi-factor authentication (MFA) technology helps companies go passwordless by leveraging the convenience of a smartphone with the added security of a smart card. 

The company says the additional funding will be used to accelerate its go-to-market strategy and grow its support functions.

HYPR Logo

“The shift to remote work has propelled passwords to the top of every security organization’s list of priorities. As the sophistication and volume of cyber-attacks grows, we’re seeing unprecedented urgency for a solution to the password problem,” said George Avetisov, HYPR Co-Founder and CEO. 

HYPR says its customers include brands such as Norwegian Airlines, Point72, Rakuten, Otis Worldwide, Takeda Pharmaceuticals, CVS Health, Fiserv, and City National Bank.

Headquartered in New York City, HYPR also has teams in Boston, California, London, and Tokyo.

The Series C round was led by Advent International, which joins HYPR’s existing investors including RRE Ventures, .406 Ventures, BoldStart, Top Tier Capital, MESH, Alumni Ventures Group, Allen & Co, Samsung NEXT and Mastercard. 

HYPR is one of several recently funded startups looking to provide passwordless authentication solutions. Others include Beyond Identity, which has raised a total of $105 million, Axiad, which raised $20 million in growth funding in January, and Secret Double Octopus, which has raised more than $22 million since being founded in 2015.

Advertisement. Scroll to continue reading.

According to Jim Ducharme, Vice President of Identity Products at RSA, the future is passwordless. “That’s the inevitable conclusion I think more and more people are reaching as we watch passwordless standards become more firmly established and passwordless authentication methods grow in number and sophistication,” he wrote in a late 2019 SecurityWeek column. 

Ducharme also reminds us of the challenges to consider with going passwordless. “For example, how do you prove identity for credentials enrollment in a world that doesn’t use passwords? And how do you recover lost credentials? Perhaps one of the most important considerations is how to address these challenges without recreating some of the very issues that doomed passwords in the first place – like the user inconvenience, help desk burden and costs associated with password resets. We must be vigilant not to simply end up replacing password resets with different, but equally onerous, methods. It’s still too early in the game to know precisely how we’ll address all these issues in a meaningful way. But it’s not too early to start exploring.”

Related: How Do We Get to a Passwordless World? One Step at a Time.

RelatedMicrosoft Pushing for a Passwordless Windows 10

Related: Silicon Valley Legends Launch Beyond Identity in Quest to Eliminate Passwords 

Related: ZenKey: How Major Mobile Carriers Are Teaming Up to Eliminate Passwords 

Related: The Human Element and Beyond: Why Static Passwords Aren’t Enough 

Written By

For more than 15 years, Mike Lennon has been closely monitoring the threat landscape and analyzing trends in the National Security and enterprise cybersecurity space. In his role at SecurityWeek, he oversees the editorial direction of the publication and is the Director of several leading security industry conferences around the world.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Join the session as we discuss the challenges and best practices for cybersecurity leaders managing cloud identities.

Register

SecurityWeek’s Ransomware Resilience and Recovery Summit helps businesses to plan, prepare, and recover from a ransomware incident.

Register

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.

Cybersecurity Funding

SecurityWeek investigates how political/economic conditions will affect venture capital funding for cybersecurity firms during 2023.

Identity & Access

Zero trust is not a replacement for identity and access management (IAM), but is the extension of IAM principles from people to everyone and...

Cyber Insurance

Cyberinsurance and protection firm Boxx Insurance raises $14.4 million in a Series B funding round led by Zurich Insurance.

CISO Strategy

Okta is blaming the recent hack of its support system on an employee who logged into a personal Google account on a company-managed laptop.

Cybersecurity Funding

2022 Cybersecurity Year in Review: Top news headlines and trends that impacted the security ecosystem

Cybersecurity Funding

Network security provider Corsa Security last week announced that it has raised $10 million from Roadmap Capital. To date, the company has raised $50...

Compliance

Government agencies in the United States have made progress in the implementation of the DMARC standard in response to a Department of Homeland Security...