Hypr Secures $30M Investment to Expand Identity Protection Platform
In a recent development, Hypr, a prominent identity assurance vendor, has secured a significant investment of $30 million from Silver Lake Waterman. This substantial funding is aimed at supporting Hypr’s expansion efforts as it ventures beyond passwordless authentication into identity risk and identity verification. Bojan Simic, co-founder, and CEO of Hypr, expressed his enthusiasm for this investment, highlighting the company’s strategic plans to address key gaps in the identity security landscape.
With the ever-evolving threat landscape, characterized by the increasing use of advanced AI tools for social engineering and credential hacks, Hypr is gearing up to enhance its offerings and cater to a broader range of sectors in North America and Europe. The infusion of capital will not only facilitate market expansion but also pave the way for potential acquisitions to bolster the company’s product portfolio.
Hypr, established in 2014, has made significant strides in the identity security domain, with a workforce of 121 employees and a total funding of $122.1 million across five funding rounds. Simic emphasized the importance of partnering with Silver Lake Waterman, citing their strong network on the West Coast and their proven track record of supporting companies through successful public offerings.
Looking ahead, Hypr aims to streamline its product portfolio and ensure a seamless user experience across its three core offerings. By aligning its engineering teams and fostering internal collaboration, the company is poised to deliver comprehensive identity security solutions that effectively counter evolving threats. Notably, the shift towards passwordless authentication has rendered traditional knowledge-based security measures obsolete, necessitating a shift towards deterministic security controls to thwart adversarial AI threats.
In line with its strategic roadmap, Hypr plans to expand its footprint in new markets across North America and Western Europe, with a specific focus on industries reliant on legacy systems such as retail, oil and gas, and critical infrastructure. By diversifying its geographical presence and targeting high-risk sectors susceptible to AI-driven financial fraud, Hypr aims to fortify its position as a leading provider of identity protection solutions.
As Hypr embarks on this growth trajectory fueled by the recent investment, the company remains committed to enhancing customer acquisition, deployment speed, resiliency, and retention metrics. With a steadfast focus on product reliability and customer satisfaction, Hypr is poised to navigate the dynamic cybersecurity landscape and deliver cutting-edge solutions to combat emerging threats effectively.