Our customers typically use our platform to consolidate and accelerate multiple initiatives in the identity space. We have two global financial customers with over 20 million users each, and about 20 customers with more than five million users each. Most of our customers to date have been banks, insurance companies, telcos, and retailers. Our R&D Center is in Tel Aviv, Israel, and the rest of our technical teams are physically close to our customers in the US and Europe.Īs a company, we focus on large enterprises with millions of end-user customers. These include projects such as authentication, authorization, fraud prevention, account opening, among others. Other players in the space have also secured funding recently, including Beyond Identity, which raised $75m in 2020 and1Kosmos which secured a $15m Series A in February.Mickey Boodaei: We founded four and a half years ago with the goal of building a cross-channel identity platform that is designed to simplify, accelerate, and reduce the cost of identity-related projects. Microsoft plans to make Windows 10 password-free and Apple recently previewed Passkeys in iCloud Keychain, a method of passwordless authentication powered by WebAuthn and Face ID and Touch ID. Transmit Security isn’t the only company that’s on a mission to kill off the password. 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. Some are required to be at least 13 characters long and include special characters and digits, which makes them easier to forget or lose track of. He believes that passwords are becoming more complicated by the day. Passwords are one of the root causes of cyberattacks, Boodaei said, who also co-founded cybersecurity firm Imperva that went public in 2011. Headquartered in Boston, Massachusetts, and Tel Aviv, Israel, it has a prominent presence in North America.Ĭommenting on the funding, Transmit Security CEO Mickey Boodaei, who co-founded the company in 2014 said, “By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data.” The solution, which currently handles more than 9,000 authentication requests per second, can reduce account resets by 96%, and reduces customer authentication from 1 minute to 2 seconds, it claimed. Transmit’s biometric-based authenticator, and passwordless identity and risk management solution has already been adopted by a number of big-name brands including Lowe’s, Santander and UBS. Weak passwords account for more than 80% of all data breaches, and the average help desk labor cost to reset a single password stands at more than $70, the firm said.įrom onboarding to authentication to smart authorization for both customers and workforce across every channel, Transmit’s technology reduces all forms of identity attrition and saves enterprises costs. Organisations lose millions of dollars every year due to unsafe password-based authentication. The funding round will help the company to accelerate its mission to help the world go passwordless. Transmit Security will use the new funds to expand its reach and investing in key global areas to grow the organisation. The round was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. With a mission to get rid of passwords, Transmit Security raised a massive $543m in Series A funding at $2.2bn pre-money valuation, touting it as the largest Series A investment in cybersecurity history and one of the highest valuations for a bootstrapped company.
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