Passwordless security company HYPR scores $35m in its Series C round

HYPR, which aims to remove the need of passwords whilst maintaining security, has closed its Series C funding round on $35m.

Global private equity firm Advent International acted as the lead investor. The firm joins the company’s existing investors, which include RRE Ventures, .406 Ventures, BoldStart, Top Tier Capital, MESH, Alumni Ventures Group, Allen & Co, Samsung NEXT and Mastercard.

With the fresh funds, the RegTech company hopes to accelerate its go-to-market strategy and build support for its organisation.

The company, which has offices in New York, Boston, California, London and Tokyo, hopes to double its global team size.

HYPR designs passwordless technology that ensures people can securely log into their accounts, without the need of a password. It claims the platform eliminates phishing, fraud and friction.

The company previously raised $18.3m in a funding round in 2019 from investors including Comcast Ventures.

Since the close of the Series B, HYPPR has increased its annual recurring revenue by 300%, more than doubled its customer base and expanded its partner network.

HYPR co-founder and CEO George Avetisov said, “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.

“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.”

With the close of the Series C, the RegTech has raised a total of $70m in equity.

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