HYPR will leverage the capital to accelerate its go-to-market strategy and grow its global support organization in an effort to eliminate passwords for businesses worldwide. Advent joins HYPR’s existing investors including RRE Ventures, .406 Ventures, BoldStart, Top Tier Capital, MESH, Alumni Ventures Group, Allen & Co, Samsung NEXT and Mastercard.
“Removing passwords for customers and employees eliminates a critical cybersecurity vulnerability, lowers IT support costs, and improves the overall user experience,” said Ashwin Krishnan, a Principal on Advent’s technology team in New York. “HYPR is a leading player in the emerging passwordless space, and has proven its ability to deliver for a large and diverse group of customers. We are incredibly excited to partner with HYPR, and believe the company is well-positioned for continued growth.”
An estimated 300 billion passwords are used worldwide. Yet passwords remain the #1 cause of cybersecurity breaches, over 80 percent of which are due to compromised credentials. The pandemic and a swift global transition to work-from-home have expanded the attack surface for cybercriminals, highlighting the security risk, high costs, and user friction caused by passwords and password-based multi-factor authentication (MFA).
HYPR’s True Passwordless MFA™ technology has made it easy for businesses to go…