Biometric Authentication Firm Transmit Security Raised $543 Million

Israeli passwordless authenticator Transmit Security announced today that it has completed a $543 million Series A funding round, led by Insight Partners and General Atlantic, with additional investments from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. This brings the company’s pre-money valuation to $2.2 billion, and Transmit Security claims this is the largest Series A funding round in cybersecurity history and one of the highest valuations for a paved company. Transmit Security says it will use the funding to increase the company’s reach and expand its core business functions, investing in key global areas in order to grow the organization, and ultimately achieve its vision of a passwordless world. But the company declined to comment on how much money will be raised for the investment and how much shares will be purchased from founders and employees. Transmit Security asserts that outdated and ineffective password-based systems cost businesses profits, and cites research that found weak passwords account for more than 80% of all data breaches. Using biometric authentication, Transmit Security provides the first locally password-free risk and identity management solution for the world’s largest brands. Transmit Security’s mission is to enable organizations to deliver advanced identity use cases that improve user experience, enhance security, and meet compliance requirements at a fraction of the time and cost of traditional identity solutions. With offices in Tel Aviv and Boston, the company was initially funded by its founders, CEO Micky Budayi and President Rakesh K. Lonkar, who previously created the leading Internet banking security firm Trusteer, which IBM acquired in 2013. Boodaei also co-founded Imperva, a multi-billion dollar provider of internet and data security products. The company’s research and development team consists of former members of Unit 8200, an elite of the Israeli intelligence corps. Transmit Security previously raised $40 million in 2017, in a self-funding round. The company, which was founded in 2014, has 200 employees, of whom 110 are in Israel. “Password-free authentication is much more than ensuring that customers can easily and seamlessly access their information, accounts and make purchases – it is about revolutionizing the way businesses interact with their customers,” Boddy said. “By removing passwords, businesses can instantly Reduce hassle, cart abandonment and provide superior personal data security.Our customers, whether they are in the retail, banking, financial, telecommunications or automotive sectors, know that providing an enhanced identity experience is a multimillion dollar challenge.With this latest round of funding from key partners, We can greatly expand our reach to help rid the world of passwords.” Related Articles Authentication Transmit Security has raised $40 million, and Loonkar added, “Every time I see a login button on a website, I’m worried. When an app sends me a code that I have to enter, I get frustrated with the process. We are.” They have all learned to suffer and accept the terrible user experience and bad security that comes with passwords just because that’s how it has always worked in the past. Transmit Security offers app owners a new reality: the ability to work without a password regardless of the size of their organization or the number of users. The fact that we have raised a record amount of funding is a clear indication that the world is ready to remove passwords and adopt biometric authentication technology so that they can deliver improved user experiences along with significantly increased levels of security.” Transmit Security’s clients include six of the seven largest financial institutions in the United States, two of the largest merchants in the United States, and several financial institutions, merchants and online service providers in Europe.Published by Globes, Israel business news – en.globes.co.il – on June 22, 2021 ©Copyright Globes Publisher Itonut (1983) Ltd. 2021