Passwordless security startup HYPR Corp. today said it has raised $18.3 million in new funding to help fuel growth, accelerate product delivery and expand its customer operations.

The Series B round was led by Comcast Ventures and included .406 Ventures, RRE Ventures, Allen & Co, Triphammer Ventures, Mastercard and Samsung NEXT. As part of the deal, Dave Zilberman, managing director at Comcast Ventures, has joined the HYPR’s board.

Founded in 2014, HYPR offers an enterprise-focused decentralized authentication platform aimed at ensuring that personal credentials remain safe on individual devices. The platform has been designed to reduce the risk of a large data breach by eliminating the need to store credentials centrally. The idea is that login details can’t be stolen in bulk if they’re not stored on a cloud service or other internet-connected server.

To do this, HYPR’s platform uses advanced Public Key Cryptography to secure all forms of authentication, including passwords, PIN numbers and biometrics such as fingerprint, face, hand, retina, iris, voice and behavior at the device level. That forces adversaries to attack each device individually, making an attack much more expensive, the company says.

HYPR is finding a willing audience with notable customers including Mastercard Inc., Aetna Inc., Rakuten Inc., First Citrus Bank Inc. and T-Mobile US Inc. The company said it has experienced 350 percent revenue growth over the last 12 months, though it didn’t reveal absolute numbers.

“Our customer-first strategy has allowed us to successfully eliminate passwords in a way that’s easy to use and easy to deploy,” George Avetisov, chief executive officer and co-founder of HYPR, said in a statement. “We believe that True Passwordless Security is the best approach for companies of all sizes to prevent fraud, reduce security costs, and increase productivity while delivering the best possible user experience.”

Including the new funding, HYPR has raised $32.1 million to date. It last raised a Series A round of $8 million in October 2017.

Image: Hypr