HYPR, a New York City-based biometric security technology provider, today announced it has secured $3 million in new funding it said will be used to bolster its engineering team. HYPR provides encryption and tokenization of biometric data for large enterprises implementing biometric authentication methods that can identify users by face, voice, eye, fingerprint or palm. The company currently focuses on banks, but is conducting pilots with merchants and it is the ability to leverage any and all of the “biometric modalities” that HYPR CEO George Avetisov calls the killer app for this market.
“It’s not about which biometric characteristic you measure,” Avetisov told CardNotPresent.com. “It’s how many for which use case. How many biometrics do you need to approve a $10,000 purchase? How many do you need to OK a person from a completely new IP address? It’s less about which biometric for which device. It’s more about what is the use case, how are we securing them and what biometrics can we trigger without upsetting the user?”
RTP Ventures, Boldstart Ventures and Mesh Ventures participated in HYPR’s most recent funding round.