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Rakesh loonkar transmit security7/29/2023 ![]() The software suite also comes with digital identity fraud protection features to detect and stop account takeovers, and embedded orchestration components to provide end-to-end integration and automation. Transmit’s platform enables the use of mobile device-based biometrics and FIDO protocols as a passwordless authentication method. © Copyright of Globes Publisher Itonut (1983) Ltd.Transmit Security added a number of new customers over the last year, including Goldman Sachs, BRED Banque Populaire, and America’s Car-Mart.įollowing the rebrand, the digital identity experience firm has repackaged its products BindID, RiskID, FlexID, VerifyID, and UserID, into a single platform offering different modular services as application programming interfaces (APIs).Ĭalled Transmit Security CIAM Platform, the identity suite packages security features from all of the company’s individual services, including passwordless and multi-factor authentication (MFA), and authorization/user management capabilities. Published by Globes, Israel business news - en.il - on June 22, 2021 Transmit Security's customers include six of the seven largest financial institutions in the US, two of the largest merchants in the US, and many financial organizations, merchants and online service providers in Europe. 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." 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. ![]() We've all learned to suffer and accept the terrible user experience and poor security that comes with passwords just because that's the way it has always worked in the past. Whenever an app texts me a code that I have to enter, I become frustrated with the process. ![]() Loonkar added, "Every time I see a login button on a website, I get anxious. With this latest round of funding from premier partners, we can significantly expand our reach to help rid the world of passwords." RELATED ARTICLESĪuthentication co Transmit Security raises $40m 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. By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data. The company, which was founded in 2014, has 200 employees, including 110 in Israel.īoodaei said, "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. Transmit Security previously raised $40 million in 2017, in a self-funding financing round. The company’s R&D team is made up of former members of Unit 8200, the elite Israeli Intelligence Corps. Boodaei also cofounded Imperva, a billion dollar provider of cyber and data security products. Loonkar, who previously created online banking security pioneer Trusteer, which was acquired by IBM in 2013. With offices in Tel Aviv and Boston, the company was initially financed by its founders, CEO Mickey Boodaei and president Rakesh K. ![]() Transmit Security’s mission is to enable organizations to deliver advanced identity use cases that improve the user experience, enhance security, and satisfy compliance requirements at a fraction of the time and cost of traditional identity solutions. Using biometric authentication, Transmit Security provides the first natively passwordless identity and risk management solution to the largest brands in the world. Transmit Security stresses that outdated and ineffective password-based systems are costing businesses revenue, and cites research which found that weak passwords account for more than 80% of all data breaches. But the company declined to comment on how much of the money raised will be for investment and how much is for buying shares from founders and employees. Transmit Security says it will use the funding to increase the company's reach and expand its primary business functions, investing in key global areas in order to grow the organization, and ultimately fulfil its vision of a passwordless world. Transmit Security claims that this is the largest Series A funding round in cybersecurity history and one of the highest valuations for a bootstrapped company.
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