Pillsbury advised HYPR Corp., a New York City-based, venture-backed enterprise security software company in a $25 million series C1 financing round.
The round was led by Advent International via their dedicated global technology fund, Advent Tech. Other participants included existing investors such as .406 Ventures, RRE Ventures, Top Tier Capital and Comcast Ventures.
Otherwise referred to as “the Passwordless Company,” HYPR created a platform to separate authentication from an organization’s identity providers, eliminating the password to decrease the risk of cyber-attacks.
The company discovered that 89 percent of organizations fell victim to at least one phishing attack within the past year—averaging a cost of $2.9 million. Enterprises who have deployed HYPR’s phishing-resistant MFA on a worldwide basis include two of the four largest U.S. banks, Fortune 500 manufacturing conglomerates and global insurance providers. According to a company press release, the raised funds are expected to expand HYPR’s go-to-market strategy and research and development efforts. The investment brings HYPR’s total funds raised to $97 million. Pillsbury served as counsel to HYPR in all of its prior financings as well.
The Pillsbury deal team was led by Corporate partner Riaz Karamali and Corporate senior associate Mediha Ali, and included Executive Compensation & Benefits partner Laura McDaniels, associate Grace Lee and paralegal Keerthi Yalamanchili.
To read the full press release, click here.