HYPR has raised $8 million in a Series A funding round led by RRE Ventures. The recently-concluded funding round also saw contributions from previous investors Boldstart Ventures, Mesh Ventures, and RTP Ventures, and brings HYPR’s total in VC investment to $12.8 million.
In the wake of large-scale data breaches like the recent Equifax fiasco, HYPR has been emphasizing its multimodal authentication platform’s decentralized approach to the storage of user data, which it argues helps to ensure that sensitive data cannot be compromised in a single server attack. Further burnishing the platform’s credibility is its FIDO certification for its server component. HYPR says its platform now supports more than 25 million end users.
In a statement announcing the new influx of funding, HYPR said the capital “radically accelerates the company’s plans to scale across new verticals including online banking, ATMs, smart homes, and connected cars.”
As part of the new funding arrangement, RRE Ventures General Partner James Robinson IV is joining HYPR’s board of directors. For his part, Robinson commented that “HYPR’s focus on decentralized access has proven successful across ecosystems within finance, insurance and automotive, among other industries.”
HYPR says it will officially announce an upgrade to its platform, as well as new partnerships, at this month’s Money20/20 event in Las Vegas.
(Originally posted on FindBiometrics)