20 Apr HYPR raises $35M to grow its passwordless authentication platform
HYPR, a cloud multifactor authentication platform, today announced it has raised $35 million in a series C round led by Advent International, doubling the company’s total funding to over $72 million. Hypr says it will leverage the funds to bolster its go-to-market strategy and grow its support organization globally.
According to a recent study, passwordless authentication — which Hypr provides — is seeing heightened interest among enterprises. A survey of executives commissioned by LogMeIn’s LastPass found that 92% believe passwordless authentication is the future of their organization. That’s perhaps because users prefer it. The Ponemon Institute reports that 57% of users would would choose a passwordless method of protecting their identity if given the choice. But the rise of passwordless authentication is also likely attributable to an increased understanding of the risks associated with passwords. It’s estimated that 51% of people use the same passwords for both work and personal accounts and that 53% have a password that’s easy enough to memorize.