HYPR, a firm that specialises in passwordless technology, has scored $25m in a Series C1 round headed by Advent International.
The round also saw participation from .406 Ventures, RRE Ventures, Comcast Ventures and Top Tier Capital. Following the raise, HYPR has raised a total of $97m.
HYPR claims it is a pioneer in passwordless authentication and has demonstrated â€˜tremendous momentumâ€™ over the past 24 months.
The firmâ€™s solution offers a consistent passwordless authentication experience regardless of the heterogeneity of a customerâ€™s infrastructure.
HYPR said it 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.
According to HYPR, it will use the influx of capital to expand its go-to-market strategy and R&D efforts and to accelerate its mission.
HYPR CEO Bojan Simic said, â€œPasswords and Legacy MFA solutions that are supposed to keep organizations safe are actually putting them at tremendous risk.
â€œThese outdated technologies make organizations an easy target for hackers using readily-available online tools to automate and scale attacks.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.Â The new investments will advance our efforts to help organizations keep their employees and customers safe while significantly reducing the astronomical costs of passwords.â€
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