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HIPR announced a $25 million Series C1 led by Advent International through Advent Tech, the company’s dedicated global technology fund.
The investment brings HIPR’s total funds raised to $97 million and includes participation from existing investors including .406 Ventures, RRE Ventures, Top Tier Capital and Comcast Ventures. The new capital injection will be used to expand HIPR’s go-to-market strategy and research and development efforts and to accelerate its mission of Fixing the way the world signs up.
A recent HIPR survey found that 89% of organizations experienced at least one phishing attack in the past year at an average cost of $2.9 million. Legacy authentication solutions have failed to keep up with the industrial-grade tools readily available to attackers. In response, industry officials, including CISA, urgently advised organizations to eliminate passwords and adopt phishing-resistant MFA, such as HIPR’s passwordless solution.
“Passwords and outdated MFA solutions that are supposed to secure organizations are actually putting them at huge risk,” said Bojan Simic, HIPR’s CEO. “These outdated technologies make organizations easy targets for hackers who use readily available online tools to automate and scale attacks.” Furthermore, the user experience with these outdated methods is so frustrating that users bypass security controls, giving hackers additional vulnerabilities to exploit. The new investment will advance our efforts to help organizations protect their employees and customers while significantly reducing the astronomical cost of passwords.
HIPR is a pioneer in passwordless authentication and has shown tremendous momentum over the past 24 months. HIPR’s solution offers a consistent passwordless authentication experience regardless of the heterogeneity of the user’s infrastructure. Businesses that have deployed HIPR’s phishing-resistant MFA on a global basis include 2 of the 4 largest US banks, Fortune 500 manufacturing conglomerates, and global insurance providers.
“As a Fintech institution we face an increasingly complicated threat landscape,” said Dawn Watters, Vice President of Identity and Data Protection at Fiserv. “We chose HIPR because of the completeness of their passwordless authentication solution and overall user experience. Working with HIPR will significantly reduce our exposure to phishing attacks and improve our overall enterprise security while leveraging the latest FIDO standards.”
HIPR deploys passwordless solutions to hundreds of thousands of workforce users per quarter, while rapidly enabling the adoption of passwordless technologies in the consumer identity space.
“The HIPR team has built one of the most significant phishing-resistant MFA solutions deployed globally,” said Eric Noeth, Partner at Advent International. “The growing momentum of adoption demonstrates HIPR’s ability to provide organizations with a proven password-free alternative to replace failing password-based systems.” We continue to be impressed by the pace of HIPR’s innovation and leadership in the passwordless authentication space and are excited to continue our partnership with the HIPR team in this next phase of their journey.”
HIPR’s market leadership has grown based on the company’s early adoption of the FIDO (Fast Identity Online) standard, which has gained widespread industry acceptance. Earlier this year, platform leaders including Google, Apple and Microsoft pledged to expand their support for FIDO standards to accelerate the availability of passwordless logins.
“HIPR has been a long-time supporter of the FIDO Alliance, and their FIDO-certified products have supported some of the industry’s leading FIDO implementations with leading enterprises around the world,” said Andrew Shikiar, CEO and CMO of the FIDO Alliance. “As a member of FIDO’s Board of Directors for the past five years, HIPR has played a key role in developing and advancing the FIDO standard – working together with other leading companies in the Alliance to fulfill our shared mission of reducing reliance on passwords in favor of simpler, stronger user authentication .”
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