Rakesh loonkar transmit security8/27/2023 ![]() ![]() ![]() And the company now has offices in Berlin, Boston, Hong Kong, London, Madrid, Mexico City, Sao Paolo, and Tokyo, in addition to its headquarters in Israel. Today, Transmit Security has a robust authentication portfolio, including its BindID passwordless customer authentication solution announced in February of this year, which is designed to leverage the sensors available in contemporary smartphones for fingerprint and facial recognition to enable biometric authentication for end users. The company was founded in 2014, and started gaining traction in the financial services sector within a few years. Headquartered in Tel Aviv, Transmit Security has been building its platform for some years. The funding brings the company’s “pre-money” valuation to $2.2 billion. The article was originally published by NoCamels, a leading news website covering breakthrough innovation from Israel for a global audience.Identity security specialist Transmit Security has raised $543 million in what it is calling the largest Series A funding round in cybersecurity history. We are thrilled to welcome the Transmit Security team to the Insight family as we focus our investments on creating a passwordless world.” “Their groundbreaking technology, entrepreneurial spirit, and deep expertise are precisely what this industry needs at this moment. “We have been watching the growth of Transmit Security for some time and are deeply impressed by the leadership and passion Mickey and Rakesh have demonstrated as they take identity management to a new level,” said Matt Gatto, managing director at Insight Partners. The fact that we have raised a record amount of funding is a clear indication that the world is ready to eliminate passwords and embrace biometric authentication technology so they can deliver enhanced user experiences combined with significantly heightened levels of security,” said Loonkar, who serves as Transmit Security president. “Transmit Security is offering application owners a new reality: the ability to go passwordless no matter the size of their organization or number of users. With this latest round of funding from premier partners, we can significantly expand our reach to help rid the world of passwords,” he added. “Our customers, whether they are in the retail, banking, financial, telecommunications, or automotive sectors, understand that providing an optimized identity experience is a multimillion-dollar challenge. “Passwordless authentication is so much more than ensuring customers can easily and seamlessly access their information, their accounts, and make purchases-it’s about revolutionizing the way companies interact with their customers,” said Boodaei, who serves as Transmit Security CEO. Customers can authenticate and access their accounts using an embedded fingerprint or face scanner on their devices or use their mobile device to securely authenticate other devices and channels that don’t have an embedded biometric reader. BindID requires no customer software or dedicated hardware and can be used across any channel or device. Transmit Security created BindID, a customer authentication service that is completely password-free, for this reason. Cybercrime, the international NGO reports, cost the global economy USD 2.9 million every minute in 2020. The World Economic Forum reported that around 80% of cyberattacks are related to passwords. Transmit Security said it will use the funding to increase its reach and expand its primary business functions, investing in key global areas to grow the organization. Transmit employs 100 people with headquarters in Tel Aviv and additional offices in Boston, London, Berlin, Tokyo, Hong Kong, Madrid, Sao Paulo, and Mexico City. The company’s solutions, which include an app-less biometric authenticator, ensure an effortless and passwordless experience, reducing all forms of identity attrition and saving costs for enterprises. The funding round was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures.įounded in 2014 by Mickey Boodaei and Rakesh Loonkar, Transmit Security creates what it calls “identity experiences” for customers and workforces across multiple channels. ![]() This is one of the largest Series A rounds for a cybersecurity company. Israeli cybersecurity startup Transmit Security announced on Tuesday that it has raised USD 543 million in a Series A funding round at a pre-money valuation of USD 2.2 billion.
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