HYPR Raises $3M to Power Enterprise Deployment of Biometric Security

October 19, 2016         By: Payment Week

NEW YORK – Oct. 18, 2016 – As passwords prove increasingly irrelevant, enterprises are looking to biometrics to secure customers and employees. In keeping with the rapid growth phase of the biometric security industry, HYPR Corp. announced today that it has secured $3 million in funding from RTP Ventures, Boldstart Ventures and Mesh Ventures.

The new funding, coupled with an ever-increasing customer roster of multi-national enterprises, underscores the fact that biometric security is a key area for growth.

  • Strategic Expansion: In order to better support its Fortune 500 enterprise customers, HYPR will use the funds for rapid expansion of its security engineering talent base and its dedicated office space in the Herald Square area of central Manhattan.
  • Next-gen mobile banking: Biometric security empowers global financial leaders to broaden user adoption, shorten checkout times and bring a unique customer experience to mobile payments. The HYPR solution enables secure biometric banking through fingerprint, voice, face, eye and palm recognition to provide users a frictionless, secure shopping experience that does not rely on PINs and/or passwords.
  • Biometrics as a differentiator: In addition to providing an entirely next-gen user experience, biometric security brings a strong competitive differentiation and a powerful incentive to the mobile payments industry.

Kirill Sheynkman, managing partner and founder, RTP Ventures, said:

“As businesses increasingly depend on connecting their core platforms to mobile and IoT devices, knowing who is on the other end of those connections becomes crucially important. We believe that HYPR can become a ubiquitous building block for the swelling wave of connected applications, giving their customers a way to securely interface with the complex mesh of users, devices and services. RTP is proud to be backing a company that has a keen focus on providing such a critical piece of the modern security puzzle to companies that so keenly need it.”

Ed Sim, managing partner and founder, Boldstart Ventures, said:

“There is no bigger opportunity in security right now than to replace every password with biometrics. HYPR’s platform approach is clearly the best way to make this happen, as it allows financial, IoT and enterprise customers to easily integrate into existing architectures, deploy any biometric to its customer base and scale infinitely.”

Edward Chyau, managing partner, Mesh Ventures, said:

“There will come a day when we look back on the history of computing and cringe at how we used to treat our most guarded assets. HYPR will help us leave behind our alphanumeric past and embrace the biometric future: a world where our online identity is simply our self.”

George Avetisov, CEO of HYPR Corp., said:

“As traditional identity verification measures continue to fail, we are witnessing significant enterprise validation of the biometric security space. This signifies a tipping point in mass adoption of secure password-less authentication.”

About HYPR                                                                                                                   

Fortune 500 enterprises trust HYPR to scale multi-factor biometric authentication across millions of users. HYPR biometric security solutions integrate seamlessly into employee and customer-facing applications — allowing users to authenticate with fingerprint, voice, face, palm and eye recognition. As a fully interoperable solution, HYPR empowers companies worldwide to deliver a secure passwordless experience across mobile, desktop and IoT systems. Additional information is available at: https://www.hypr.com/