HYPR, the startup behind its eponymous enterprise biometric security platform, has raised $3 million in venture capital from RTP Ventures, Mesh Ventures, and Boldstart Ventures.
In a statement announcing the new funding, the company said it’s “[i]n keeping with the rapid growth phase of the biometric security industry”. It also comes at a time of increasing interest in such technology from the FinTech sector specifically, with biometrics expected to be a key topic at this year’s Money20/20 expo.
“As traditional identity verification measures continue to fail, we are witnessing significant enterprise validation of the biometric security space,” commented HYPR CEO George Avetisov, asserting that a tipping point has been reached in the “mass adoption of secure password-less authentication”.
HYPR’s platform is multimodal, supporting fingerprint, face, voice, palm, and eye recognition. The last of those is courtesy of the solution’s recent incorporation of Eyeprint ID, EyeVerify’s mobile eye vein-based biometric authentication system. EyeVerify itself has also generated a lot of buzz in the FinTech industry, and was recently acquired by Alipay operator Ant Financial.
In a statement announcing its new funding, HYPR said it will use the capital “for rapid expansion of its security engineering talent base” as well as its offices in Manhattan.
(Originally posted on FindBiometrics)