New York City-based passwordless authentication solutions provider Hypr announced on Thursday that it has raised $25 million in a Series C1 funding round.
The previous funding round, the Series C, was announced in April 2021, when the company raised $35 million.
The latest investment, which brings the total to $97 million, was led by Advent International, with participation from .406 Ventures, RRE Ventures, Top Tier Capital, and Comcast Ventures. The money will be used to boost Hypr’s go-to-market strategy and R&D efforts.
Hypr has developed a passwordless authentication platform that enables easy and secure logins into mobile and web apps, making it simpler for enterprises to adopt multi-factor authentication (MFA).
When the Hypr passwordless login process is initiated on a device, the user receives an alert on their smartphone. In order to approve the login, they have to authenticate using their preferred authenticator, which can be a biometric method such as face or fingerprint. Once the authentication request has been approved, the user is logged in.
Other passwordless authentication providers that have announced significant funding rounds in the past couple of years include Secret Double Octopus, Beyond Identity, Token, Axiad, Transmit Security, and Stytch.