HYPR announced a $25 million Series C1 led by Advent International through Advent Tech, the firm’s dedicated global technology fund.
The investment brings HYPR’s total funds raised to $97 million and includes participation from existing investors including .406 Ventures, RRE Ventures, Top Tier Capital, and Comcast Ventures. The new injection of capital will be used to expand HYPR’s go-to-market strategy and R&D efforts and to accelerate its mission Fix the Way the World Logs In.
Recent HYPR research revealed that 89% of organizations experienced at least one phishing attack within the past year at an average cost of $2.9M. Legacy authentication solutions have failed to keep pace with the industrial-grade tooling easily available to attackers. In response, industry officials, including CISA, have urgently advised organizations to eliminate passwords and adopt phishing-resistant MFA such as HYPR’s passwordless solution.
“Passwords and Legacy MFA solutions that are supposed to keep organizations safe are actually putting them at tremendous risk,” said Bojan Simic, CEO of HYPR. “These outdated technologies make organizations an easy target for hackers using readily-available online tools to automate and scale attacks. Furthermore, the user experience with these legacy methods is so frustrating that users bypass the security controls which gives hackers further vulnerabilities to exploit. The new investments will advance our efforts to help organizations keep their employees and customers safe while significantly reducing the astronomical costs of passwords.”
HYPR is a pioneer in passwordless authentication and has demonstrated tremendous momentum over the past 24 months. HYPR’s solution offers a consistent passwordless authentication experience regardless of the heterogeneity of a customer’s infrastructure. Enterprises who have deployed HYPR’s phishing-resistant MFA on a worldwide basis include 2 of the 4 largest US banks, Fortune 500 manufacturing conglomerates, and global insurance providers.
“As a Fintech institution, we face an increasingly complicated threat landscape,” said Dawn Watters, SVP of Identity & Data Protection at Fiserv. “We selected HYPR for the completeness of their passwordless authentication solution and the overall user experience. Working with HYPR will significantly reduce our exposure to phishing attacks and improve our overall enterprise security while using the latest FIDO standards.”
HYPR is deploying passwordless solutions to hundreds of thousands workforce users per quarter while also rapidly enabling the adoption of passwordless technologies in the consumer identity space.
“The HYPR team has built one of the most significant phishing-resistant MFA solutions that is deployed at scale globally,” said Eric Noeth, Partner at Advent International. “The growing deployment momentum demonstrates HYPR’s ability to give organizations a proven passwordless alternative to replace failing systems based on the password. We continue to be impressed by the pace of HYPR’s innovation and leadership in the passwordless authentication space and we’re excited to continue our partnership with the HYPR team in this next phase of their journey.”
HYPR’s market leadership has grown based on the company’s early adoption of the FIDO (Fast IDentity Online) standard, which has garnered broad industry acceptance. Earlier this year, platform leaders including Google, Apple and Microsoft committed to expand their support of the FIDO standards to accelerate the availability of passwordless logins.
“HYPR has been a long-time supporter of the FIDO Alliance, and their FIDO Certified products have underpinned some of the industry’s flagship FIDO implementations with leading enterprises around the world,” said Andrew Shikiar, Executive Director and CMO of the FIDO Alliance. “As a member of FIDO’s Board of Directors for the past five years, HYPR has played a critical role in developing and advancing the FIDO standards – working alongside other leading companies in the Alliance to fulfill our collective mission of reducing reliance on passwords in favor of simpler, stronger user authentication.”