\nNew funding underscores momentum and growing demand for HYPR\u2019s passwordless authentication solution\n<\/p>\n
NEW YORK–(BUSINESS WIRE)–HYPR, the Passwordless Company, today announced a $25 million Series C1 led by Advent International through Advent Tech, the firm\u2019s dedicated global technology fund. The investment brings HYPR\u2019s 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\u2019s go-to-market strategy and R&D efforts and to accelerate its mission Fix the Way the World Logs In.\n<\/p>\n
\nRecent HYPR research<\/a> 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<\/a>, have urgently advised organizations to eliminate passwords and adopt phishing-resistant MFA such as HYPR\u2019s passwordless solution.\n<\/p>\n \n\u201cPasswords and Legacy MFA solutions that are supposed to keep organizations safe are actually putting them at tremendous risk,\u201d said Bojan Simic, CEO of HYPR. \u201cThese outdated technologies make organizations an easy target for hackers using readily-available online tools to automate and scale attacks.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.\u201d\n<\/p>\n \nHYPR is a pioneer in passwordless authentication and has demonstrated tremendous momentum over the past 24 months. HYPR\u2019s solution offers a consistent passwordless authentication experience regardless of the heterogeneity of a customer\u2019s infrastructure. Enterprises who have deployed HYPR\u2019s phishing-resistant MFA on a worldwide basis include 2 of the 4 largest US banks, Fortune 500 manufacturing conglomerates, and global insurance providers.\n<\/p>\n \n\u201cAs a Fintech institution, we face an increasingly complicated threat landscape,\u201d said Dawn Watters, SVP of Identity & Data Protection at Fiserv. \u201cWe 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.\u201d\n<\/p>\n \nHYPR 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.\n<\/p>\n \n\u201cThe HYPR team has built one of the most significant phishing-resistant MFA solutions that is deployed at scale globally,\u201d said Eric Noeth, Partner at Advent International. \u201cThe growing deployment momentum demonstrates HYPR\u2019s 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\u2019s innovation and leadership in the passwordless authentication space and we\u2019re excited to continue our partnership with the HYPR team in this next phase of their journey.\u201d\n<\/p>\n \nHYPR\u2019s market leadership has grown based on the company\u2019s 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.\n<\/p>\n \n\u201cHYPR has been a long-time supporter of the FIDO Alliance, and their FIDO Certified products have underpinned some of the industry\u2019s flagship FIDO implementations with leading enterprises around the world,\u201d said Andrew Shikiar, Executive Director and CMO of the FIDO Alliance. \u201cAs a member of FIDO\u2019s Board of Directors for the past five years, HYPR has played a critical role in developing and advancing the FIDO standards \u2013 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.\u201d\n<\/p>\n \nAbout HYPR\n<\/p>\n \nHYPR fixes the way the world logs in. HYPR\u2019s True Passwordless\u2122 MFA platform decouples authentication from the organization\u2019s identity providers and eliminates the traditional trade-off between security and user experience by providing uncompromising assurance and consumer-grade experience. By eliminating the password and deployments taking hours rather than weeks or months, organizations decrease the risk of a cyber attack, increase positive user experience, and lower operational costs.\n<\/p>\n \nWelcome to The Passwordless Company\u00ae. Additional information is available at https:\/\/www.hypr.com<\/a>\n<\/p>\n \nAbout Advent International\n<\/p>\n \nFounded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 400 private equity investments across 41 countries, and as of June 30, 2022, had $96 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.\n<\/p>\n \nFor more information, visit Contacts <\/p>\n \nCarol Dullmeyer
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Website: www.adventinternational.com<\/a>
LinkedIn: www.linkedin.com\/company\/advent-international<\/a>\n<\/p>\n
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Vice President, Brand and Corporate Communications
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carol.dullmeyer@hypr.com<\/a>\n<\/p>\n