HYPR has successfully raised significant funding to advance its identity security and passwordless authentication solutions. The company's innovative platform aims to reduce identity fraud and improve productivity for both workforce and customer applications.
Keep reading to explore the intricacies of HYPR's fundraising journey and the investors backing this cutting-edge platform.
What Is HYPR?
HYPR, founded in 2014, is headquartered in New York City. The company was established by George Avetisov, Bojan Simic, and Roman Kadinsky.
HYPR specializes in identity security and passwordless authentication solutions. Their platform aims to eliminate credential phishing attacks and modern identity fraud, enhancing productivity for both workforce and customer applications.
With a team of over 100 employees, HYPR continues to innovate in the field of identity security, providing comprehensive solutions that include passwordless multi-factor authentication, identity verification, and risk policy orchestration.
How Much Funding Has HYPR Raised?
- Seed Round
- Amount Raised: Undisclosed
- Date: June 2014
- Motivation Behind the Round: To establish the company and develop initial product offerings.
- Unknown Round
- Amount Raised: $3,000,000
- Date: October 2016
- Lead Investors: RTP Ventures, Boldstart Ventures, Mesh Ventures
- Motivation Behind the Round: To expand the security engineering team and office space in Manhattan, and support Fortune 500 enterprise customers.
- Series A
- Amount Raised: $8,000,000
- Date: October 2017
- Lead Investors: RRE Ventures
- Motivation Behind the Round: To enhance decentralized authentication technology and integrate it into various sectors, including smart homes and connected cars.
- Series B
- Amount Raised: $18,300,000
- Date: October 2019
- Lead Investors: Comcast Ventures
- Motivation Behind the Round: To fuel growth, accelerate new product delivery, and expand customer success operations.
- Series C
- Amount Raised: $35,000,000
- Date: April 2021
- Lead Investors: Advent International
- Motivation Behind the Round: To accelerate the development of True Passwordless Authentication technology and grow the global support organization.
- Series C1
- Amount Raised: $25,000,000
- Date: December 2022
- Lead Investors: Advent International
- Motivation Behind the Round: To expand the go-to-market strategy and R&D efforts.
Total Amount Raised: $89,300,000
Current Valuation: $40M (~estimated)
Key Investors
- Advent International
- Details: Advent International is a global private equity firm with significant experience in cyber technology. They have invested in over 370 private equity transactions in 41 countries and manage $76 billion in assets.
- Investment Focus Areas: Business and financial services, healthcare, industrial, retail, consumer and leisure, technology.
- Notable Investments: Lululemon Athletica, Olaplex, Walmart Brazil.
- 406 Ventures
- Details: 406 Ventures is a venture capital firm that focuses on early-stage investments in enterprise technology. They have a strong emphasis on cybersecurity and digital health.
- Investment Focus Areas: Cybersecurity, digital health, data and cloud infrastructure.
- Notable Investments: Abacus Insights, Carbon Black, Onapsis.
- RRE Ventures
- Details: RRE Ventures is a venture capital firm that invests in early-stage companies across various sectors. They have a history of supporting technology-driven companies.
- Investment Focus Areas: Technology, media, financial services.
- Notable Investments: BuzzFeed, Venmo, Spaceflight Industries.
- Top Tier Capital
- Details: Top Tier Capital Partners is a venture capital firm that focuses on investing in venture capital funds and co-investing in growth-stage technology companies. They have a diversified portfolio.
- Investment Focus Areas: Venture capital funds, growth-stage technology companies.
- Notable Investments: Airbnb, Palantir, Uber.
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation. They focus on innovative businesses and next-generation technologies.
- Investment Focus Areas: Consumer, enterprise, frontier technology.
- Notable Investments: Nextdoor, Houzz, FanDuel.
What's Next for HYPR?
HYPR stands at the cusp of significant growth opportunities, driven by the increasing demand for passwordless authentication solutions. With the recent $25 million Series C1 funding, the company is poised to expand its go-to-market strategy and enhance its R&D efforts. The potential to serve large enterprises, including major banks and global insurance providers, underscores the vast market opportunity available to HYPR.
Future fundraising opportunities seem promising as HYPR continues to grow and innovate. The successful Series C1 round suggests that additional funding rounds could be on the horizon, enabling the company to further accelerate its market penetration and product development. However, challenges such as competition from other cybersecurity firms and the need for seamless integration with existing systems may pose hurdles along the way.
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