HYPR Raises $3 Million to Enhance Blockchain Biometrics
The biometric security startup HYPR just announced it has raised $3 million to scale its enterprise biometric solutions.
Also read: Legal Identity for All: Can Bitcoin’s Blockchain Rise to the Challenge?
HYPR: Biometric Authentication Adds Additional Value to Blockchain Solutions
HYPR, founded in 2014, is focused on two important technologies that may change the way we do business. The company combines biometric security with blockchain technology innovations. The firm believes both biometric authentication, plus distributed ledger frameworks, are more efficient and secure.
Biometrics sometimes refers to “realistic authentication”, validating human characteristics. For instance, instead of using a password to gain access to a secure area, the identifier verifies hand geometry, fingerprints, iris recognition, odor/scent, and many physiological characteristics belonging to individuals.
HYPR says its platform is multimodal and supports “fingerprint, face, voice, palm, and eye recognition.” The company says blockchain technology is revolutionary. However, it presents new security and usability challenges.
Through a partnership with BitGo, HYPR brings biometric interoperable security protocols to the equation.
CEO George Avetisov believes biometric security will enhance blockchain architecture as well as other forms of utilized authentication practices, saying:
“As traditional identity verification measures continue to fail, we are witnessing significant enterprise validation of the biometric security space.”
The Popularity of Biometric Security & Identity Services
There’s been heightened interest in biometric security has heightened since it was a key topic at this year’s Money20/20 Expo. The popularity of identity solutions has spurred organizations such as the UN to focus its efforts on providing legal identity, and birth registration.
Alongside this, startups such as BitID, Civic, and others are moving in the same direction. HYPR will enable Fortune 500 enterprises to scale biometric authentication creating password-less experience with human characteristics that are difficult to forge.
HYPR explains the recent funding is in line with “keeping with the rapid growth phase of the biometric security industry.” The startup received the $3 million in venture capital from RTP Ventures, Mesh Ventures, and Boldstart Ventures.
The firm says two billion people worldwide now carry a biometric device. Fingerprint sensors are less secure unless they are properly implemented with public key architecture.
HYPR says they provide a public key measure as well as facial recognition secured in a biometric cloud. Furthermore, those who want maximum levels of security users should look into the HYPR-secure eye recognition platform.
Biometric Data and Public Key Cryptography Is Vital to the Framework for a Password-less Internet
HYPR explained its platform is for both companies and individual users to leverage biometric solutions, in contrast to passwords heavily used today. It allows the user peace of mind instead of worrying about forgetting login credentials and corporate entities storing information that can be hacked. The platform tokenizes biometric data with advanced public key cryptography and could someday replace the way we authorize our digital lives.
Technology is growing fast and HYPR wants to be an integral part of the digital revolution. The company believes it is on the right path to curbing identity fraud and manipulation of online activities. BitGo’s Jonathan Silverman, Director of Strategic Initiatives, has explained in the past that “Biometric authentication is key to creating a future without passwords.”
What do you think about HYPR’s recent funding and biometric platform? Let us know in the comments below.
Images via Shutterstock and HYPR’s website.
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