Funding round secures $30M for HYPR

Many dollar banks note on money background

SiliconAngle reports that HYPR, a passwordless security firm, has landed $30 million from a new funding round, bringing the total money raised to $127 million, with the newly secured investment to be allocated toward strengthening its enterprise-focused decentralized authentication platform's defenses against more advanced credential-based attacks using artificial intelligence.

Aside from providing advanced passwordless authentication, HYPR also touted its offering — which is already being used by Charles Schwab, Frontier Credit Union, and Rakuten, among others — to have automated identity verification and adaptive risk prevention capabilities, as well as sophisticated public key cryptography for all authentication types.

"In an era of escalating threats, particularly those powered by generative AI, prioritizing the security of our customers’ information is paramount. HYPR is at the forefront of this battle, and we're confident that our partnership will continue to deliver a secure and frictionless authentication experience," noted Charles Schwab Chief Information Security Officer Bashar Abouseido.

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