HYPR Raises $30M via VC Firm Silver Lake Waterman

HYPR has raised $30 million in funding from Silver Lake Waterman, an arm of the tech-focused investment firm Silver Lake.

Silver Lake Waterman provides growth capital to later-stage growth companies in technology and technology-enabled industries. It focuses on flexibly structured investments aimed at supporting companies before they go public.

In a statement, the firm’s Managing Director, Shawn O’Neill, lauded HYPR for its “innovative approach to identity assurance and proactive stance against the growing threats posed by generative AI”, a gesture to the deepfake-driven fraud that has emerged in recent years. “We are excited to partner with HYPR on this journey, with a focus on accelerating the development and deployment of technologies that will protect organizations and individuals in an increasingly complex digital landscape.”

The announcement placed a particular focus on HYPR’s work advancing the adoption of passkeys, asserting that last year, the company increased passkey usage among its clients by 77 percent. HYPR’s customers include Fortune 50 companies, and it has strategic technical alliances with IDEMIA, Okta, and Ping Identity.

Advent International, IDEMIA’s parent company, is another notable HYPR investor, having led a Series C funding round that raised $35 million in early 2021.

HYPR’s latest injection of investment capital arrives shortly after the firm’s announcement that it had entered into a partnership with the cybersecurity firm CrowdStrike. The collaboration will combine HYPR’s FIDO-certified multi-factor authentication with CrowdStrike’s “Extended Detection and Response” solution, which is designed to extend endpoint detection and response capabilities across multiple security layers including network, cloud, and email environments.

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June 5, 2024 – by Alex Perala