HYPR Corp., the leading provider of enterprise facing decentralized authentication solutions, is announcing it has closed an $8 million Series A round of funding led by RRE Ventures.
Existing investors RTP Ventures, Boldstart Ventures, and Mesh Ventures also participated. The Series A round brings total funding to date to $13 million, enabling HYPR to dramatically accelerate deployment of its next-gen security solutions. As part of this funding, industry veteran James Robinson IV of RRE Ventures will join HYPR’s board of directors.
HYPR’s decentralized authentication greatly reduces the risk of a mass data breach by eliminating the need to centrally store credentials. HYPR decentralizes and secures any form of authentication including passwords, PINs, and biometrics such as fingerprint, face, hand, retina, iris, voice, and behavior.
Designed for the enterprise, HYPR enables faster transaction speeds and frictionless user experiences through a customizable, user-centric and context-aware interface.
As the number of large-scale credentials breaches have increased, enterprises began to implement additional safeguards such as biometrics and multi-factor security. HYPR saw the need to ask a critical question that would revolutionize the identity and access management spectrum.
“At HYPR’s inception we meditated on a complex problem, ‘if protecting personal credentials is critical to ensuring the safety of our connected world, how can the public rely on enterprises to be responsible for our personal data?’” said George Avetisov, CEO of HYPR. “The answer was simple - decentralize the credentials and enterprises won’t have to store them in the first place.”
HYPR’s approach has proven to be an attractive model for large enterprises, fueling rapid growth to over 25 million users deployed across the Fortune 500. As an end-to-end solution, enterprises and their customers that have leveraged the HYPR Secure FIDO Alliance service have benefited from enhanced security, privacy and usability. Password costs and fraud are eliminated, while the risk of a credentials breach is dramatically reduced.
With HYPR, users are assured that their personal credentials always remain solely in their possession, instead of a third party. HYPR provides enterprises with a powerful FIDO® Certified open architecture combined with advanced hardware level encryption to empower secure biometrics, PINs and passwords while eliminating the need for a centralized credential store.
The HYPR solution provides enterprises dozens of biometric modalities out-of-the-box, fully integrated into any application, and ready to deploy across billions of devices and sensors. The funding radically accelerates the company’s plans to scale across new verticals including online banking, ATMs, smart homes, and connected cars.
“In a world where mass data breaches are constantly making headlines, taking a new approach to authentication is critical to ensuring consumer confidence and trust in large enterprises. HYPR’s focus on decentralized access has proven successful across ecosystems within finance, insurance and automotive, among other industries,” said James Robinson IV, General Partner of RRE Ventures “We are very excited to join HYPR as they reimagine the way enterprises provide secure access our connected world” James Robinson IV is known for his investment in Venmo, Tectronix, and Huffington Post among others. He has been recognized as a leading venture capitalist on the Forbes Midas List of Top 100 VC's.
HYPR will be announcing its latest platform release and new strategic partnerships at the upcoming Money 20/20 conference in October 2017.