HYPR, the passwordless company, has announced the successful raising of $35m in a Series C financing round.
The company, known for its innovative approach to eliminating passwords, has now doubled its total funding to over $70m.
The latest investment round was led by Advent International through its dedicated global technology fund, Advent Tech. Advent has a strong background in cyber technology investments, with notable contributions to companies like Wiz and Cyware. Joining Advent are HYPR’s existing investors, including RRE Ventures, .406 Ventures, Boldstart, Top Tier Capital, MESH, Alumni Ventures Group, Allen & Co, Samsung NEXT, and Mastercard.
HYPR specialises in True Passwordless MFA™ technology, which merges the convenience of a smartphone with the security of a smart card. This technology is designed to help businesses remove passwords entirely, thereby reducing cybersecurity risks, IT support costs, and improving user experience. The company’s approach focuses on enhancing the user experience while providing robust security measures against phishing, fraud, and user friction.
The newly acquired funds will be used to accelerate HYPR’s go-to-market strategy and expand its global support organisation. This effort aims to help businesses worldwide eliminate the need for passwords, a major cybersecurity vulnerability. The pandemic-induced shift to remote work has highlighted the security risks and costs associated with password-based authentication, further validating HYPR’s mission.
“Removing passwords for customers and employees eliminates a critical cybersecurity vulnerability, lowers IT support costs, and improves the overall user experience,” said Ashwin Krishnan, a Principal on Advent’s technology team in New York. “HYPR is a leading player in the emerging passwordless space, and has proven its ability to deliver for a large and diverse group of customers. We are incredibly excited to partner with HYPR, and believe the company is well-positioned for continued growth.”
George Avetisov, HYPR’s Co-Founder and CEO, noted the growing urgency for passwordless solutions, especially as the volume and sophistication of cyber-attacks increase. “The shift to remote work has propelled passwords to the top of every security organisation’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,” he said. “We are thrilled to partner with Advent to truly accelerate the elimination of passwords. This investment will double the size of our team and expand our product delivery as we empower companies across the globe to go passwordless.”
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