Security solution provider HYPR has raised $3 million to accelerate enterprise deployment of its biometric authentication suite. The decentralized security solution verifies fingerprint, touch, face, voice, palm and eye recognition, and is use by Fortune 500 companies including financial institutions, insurance companies and e-Commerce providers.
Many payment industry experts believe greater use of biometrics will be essential to the continued growth of m-Commerce and mobile payments. Research from Goode Intelligence forecasts that more than 1.1 billion consumers will be using mobile biometric technology by 2020, and that more than 16 billion online biometric payments will be made that year. Biometric technology is already being incorporated into some well-known payment systems, such as Apple Pay’s Touch ID fingerprint sensor.
The funding comes from three sources: RTP Ventures, Boldstart Ventures and Mesh Ventures. “With some of the industry’s best enterprise software focused venture funds, this financing round will fuel our abilities to better support our large enterprise customers,” according to a blog post on the company’s web site. “We’re aggressively expanding our roster of world-class engineers hard at work at our flagship headquarters in the Herald Square area of Manhattan.”
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