Transmit Security builds a biometric-based, natively passwordless identity and risk management solution for enterprises. Its platform currently handles more than 9,000 authentication requests per second and, the company says, can reduce account resets by 96% and cut customer authentication time from about one minute to two seconds. The solution has been adopted by customers including Lowe’s, Santander and UBS. Founded in 2014 and based in Boston, Transmit was largely bootstrapped and secured a pre-money valuation of $2.2 billion in the latest round. The company will use the $543 million Series A to expand its reach, invest in key global areas and accelerate its mission to eliminate passwords. Transmit highlights that weak passwords account for more than 80% of data breaches and notes high help-desk costs to reset passwords, which the product aims to address. Transmit Security develops a programmable authentication platform that enables organizations to displace passwords and implement any form of identity verification across customer- and partner-facing channels. The Transmit Security Platform uses mobile devices as the primary delivery mechanism to add primary or secondary verification methods — facial/selfie, eye, touch ID and fingerprint, voice biometrics, SMS, and more — to web, mobile, call center, point of sale, ATMs, and other applications. Once deployed, enterprises can change authentication methods and identity risk flows without any code changes to their applications. The technology can be deployed on-premise, in the cloud, or in a hybrid configuration. The company was co-founded by Mickey Boodaei and Rakesh K. Loonkar; the founders previously created Trusteer (acquired by IBM in 2013), and Boodaei also co-founded Imperva. Transmit Security raised $40M in a self-funded round of financing.

Total raised

$583M

Funding rounds

2

Latest round

Series A

Latest activity

Jun 2021