$18.3M funding is raised by HYPR, a leading provider of passwordless security with the round led by Comcast Ventures.
FREMONT, CA: The renowned provider of true passwordless security, HYPR, recently closed a Series B funding of $18.3 million. The latest round was led by Comcast Ventures, totaling the funding for the company to more than $32 million. HYPR plans to speed up its product delivery and widen its customer success operations across all departments. The new funds will enrich the rapidly expanding enterprise customer base. Many other investors who participated in the Series B funding round include .406 Ventures, RRE Ventures, Triphammer Ventures, Allen & Co, Boldstart Ventures, RTP, Mastercard, and Samsung NEXT. Dave Zilberman, managing director of Comcast Ventures, that led the Series B round funding, also joined HYPR’s board of directors.
Several companies, like Mastercard, Rakuten, Aetna, First Citrus Bank, and T-mobile, along with 350% YoY revenue growth, have contributed to the exponential growth of the customer base. The new funding places HYPR at the front of the line in passwordless security. HYPR has successfully tapped into exemplary innovations and the capacities to conduct a highly differentiated solution in the overflowing cybersecurity industry.
HYPR presented the first-ever authentication platform that is purpose-built to rid passwords and shared secrets. The HYPR solution adjoins enterprise-grade security and mobile-first user experience; an advanced level Public Key Cryptography powers it. This innovative method eliminates the primary target of hackers, forcing adversaries to attack each device singularly while providing the customers a secure experience during login across all platforms and devices.
According to Verizon’s Data Breach Investigation 2019 report, the hackers’ favored target is passwords and share secrets. Almost 50 billion credential stuffing attacks have been reported in 2018 alone explains the survey. Gartner also predicts that 60 percent of the global enterprises, 90 percent of midsize enterprises, will successfully employ passwordless authentication methods by 2022 in more than 90 percent of applications. The necessity for implementing a passwordless MFA is also fuelled by the demand for strong customer authentication mandated by EU regulatory boards like PSD2.
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