The post was originally published in Russian on Startup of the Day. Alexander kindly agreed to republish what we think is of great value to our readers.
Authorization by password is a modern standard. And this is a bad and outdated standard. Passwords get forgotten, passwords get stolen, and both instances lead to losses for a business. Besides, they are simply inconvenient to enter. We enter a bank’s mobile app instantly, simply by showing our faces. The process of entering the same bank’s web interface is at least thirty seconds altogether.
HYPR, the American startup of the day, helps corporations get rid of passwords for their employees. In the most basic instance, software gets installed on the computer and an app on the phone. They get bound to each other once, and then the person taps on their smartphone and thus unblocks the laptop. There is no computer password anymore, cybercriminals have nothing more to steal.
HYPR built many integrations and additional features around the basic scenario. For example, it says it will remind the person to block the computer after leaving the working place. Apparently, it gets done by disappearing from the Bluetooth coverage area, I have no other idea how to realize it. Anyhow, it looks quite convenient in the promo clips.
HYPR’s public rate is 4-5 dollars per person per month. It may seem like much for just one function, Slack looks much more massive and costs only twice more. But the startup’s salespeople compare the cost not with other SaaS but with potential damage from the password leak. The prices shine in a much more winning light this way.
HYPR brought in USD 35M of investment one year ago.
#tech #roundb #usa #security
Alexander made his career in Russian internet companies including Mail.Ru, Rambler, RBC. From 2016 to 2018 he was Chief Strategy and Analytics officer in Mail.Ru Group. In this position, he worked on M&A, investments, and new project launches. In 2018 he became Deputy CEO in Citymobil, a Russian Uber-like company that was invested by Mail.Ru Group and Sberbank (the biggest Russian bank), then he left the company to launch his own projects. Now Alexander is a co-founder of United Investors – the platform for co-investments in Russian early-stage startups. His blog #startupoftheday (#стартапдня) is one of the most popular blogs about startups in Russia.
