Passwordless Authentication Specialist Raises $543M in Series A

Identity security specialist Transmit Security has raised $543 million in what it is calling the largest Series A funding round in cybersecurity history. The funding brings the company’s “pre-money” valuation to $2.2 billion.

Headquartered in Tel Aviv, Transmit Security has been building its platform for some years. The company was founded in 2014, and started gaining traction in the financial services sector within a few years.

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. 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.

The company’s growth reflects the ascent of broader interest in biometric authentication technology, with Transmit Security CEO and Co-founder Mickey Boodaei asserting in a statement that passwordless authentication is “revolutionizing the way companies interact with their customers.”

“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 that they can deliver enhanced user experiences combined with significantly heightened levels of security,” added President and Co-founder Rakesh Loonkar.

The Series A funding round was led by Insight Partners and General Atlantic, and featured contributions from Cyberstarts, SYN Ventures, Geodesic, Vintage, and Artisanal Ventures.

The funding round’s close comes after Transmit Security’s appointments of new executives including a Chief Information Security Officers, a VP of Product, and a Chief Marketing Officer, and its admission to the board of the FIDO Alliance. The company says it will use the funding to increase its global reach and to “expand its primary business functions”.

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(Originally posted on Mobile ID World)