Passwordless security company HYPR Corp. announced today that it has raised $30 million in new funding to drive accelerated advancements in technologies to combat the rising threat of artificial intelligence-driven credential-based attacks.

Founded in 2014, HYPR offers an enterprise-focused decentralized authentication platform aimed at ensuring that personal credentials remain safe on individual devices. The company says its mission is to improve the lives of security-minded leaders, their employees and customers by helping organizations create trust in the identity lifecycle.

HYPR claims to provide end-to-end identity security that combines modern passwordless authentication with adaptive risk mitigation, automated identity verification and a simple, intuitive user experience. The company’s platform reduces 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.

The 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, forcing adversaries to attack each device individually.

HYPR has seen strong growth, with its number of customers increasing by 77% year-over-year. Customers include Fortune 50 companies and a top four U.S. bank, which has adopted FIDO passkeys by working with HYPR. Notable HYPR customers include Charles Schwab Corp., Rakuten Group Inc. Vhi Healthcare DAC, Unifiedpost Group SA/NV, State Auto Financial Corp., Frontier Credit Union and Norwegian Air Shuttle ASA.

“In an era of escalating threats, particularly those powered by generative AI, prioritizing the security of our customers’ information is paramount,” said Bashar Abouseido, chief information security officer at Charles Schwab. “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.”

The company also recently announced new integration capabilities with CrowdStrike Holdings Inc., Yubico Inc. and Microsoft Corp., which will provide joint customers with the benefits of FIDO-certified multi-factor authentication and a frictionless and secure identity experience. The companies join HYPR’s list of strategic technical alliances, including integrations with Okta Inc., Ping Identity Holdings Inc. and Idemia Identity & Security USA LLC, among others.

Silver Lake Waterman led the funding round, which is said by HYPR to validate the expanded adaption of HYPR’s passwordless authentication solutions and support for its policy risk and identity verification products.

Including the new funding, HYPR has raised $127 million to date, according to data from Tracxn, including rounds of $18.3 million in 2019 and $8 million in 2017.

Image: Hypr