- #RAKESH LOONKAR TRANSMIT SECURITY VERIFICATION#
- #RAKESH LOONKAR TRANSMIT SECURITY SOFTWARE#
- #RAKESH LOONKAR TRANSMIT SECURITY SERIES#
Transmit does not offer detailed financials, but Boodaei said the company has many dozens of large brands as customers and ARR of around $100 million. “The opportunity to get rid of passwords has been our vision for the last 15 years,” Boodaei said.
While Trusteer was focused on fraud, that was also when the shortcomings of passwords became apparent to the two as a lot of fraud and account takeovers are due to corrupted passwords, Boodaei said. In 2006, the two founded fraud protection company Trusteer, which was sold to IBM for a reported $1 billion. This is not the first go-round for the company’s founders - CEO Mickey Boodaei and President Rakesh Loonkar.
#RAKESH LOONKAR TRANSMIT SECURITY SOFTWARE#
While the company has helped large enterprises with passwordless authentication since being founded about seven years ago, it was just earlier this year that it debuted its BindID solution - a more condensed version of the company’s passwordless technology that requires no customer software or dedicated hardware and can be used across any device. Transmit is taking on the problem that hounds millions of people every day - remembering passwords.
#RAKESH LOONKAR TRANSMIT SECURITY SERIES#
It is Transmit’s first outside funding round and the largest Series A in cybersecurity history, according to the company. The round was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business.Israel-based Transmit Security hit a pre-money valuation of $2.3 billion after raising a $543 million Series A. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more.
#RAKESH LOONKAR TRANSMIT SECURITY VERIFICATION#
FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. The company says it will use the funding to increase its global reach and to “expand its primary business functions”.įaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams.
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 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 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 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.”
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. Identity security specialist Transmit Security has raised $543 million in what it is calling the largest Series A funding round in cybersecurity history.
0 kommentar(er)
