![]() ![]() Ultimately, however, the funding round will help the company to accelerate its mission to help the world go passwordless. ![]() Transmit Security said it has a pre-money valuation of $2.2 billion, and will use the new funds to expand its reach and investing in key global areas to grow the organization. ![]() The funding round, said to be the largest Series A investment in cybersecurity history and one of the highest valuations for a bootstrapped company, was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. Most development teams can have it up and running within a single agile sprint.”īoodaei added that it is currently in trials with “some of the largest Fortune 100 companies” but said it wasn’t at liberty to divulge any names.Transmit Security, a Boston-based startup that's on a mission to rid the world of passwords, has raised a massive $543 million in Series A funding. “Open standards and APIs let organizations deploy the cloud-based BindID service quickly in any channel. “Customers see the potential and are exploring use cases for workforce applications of BindID,” Boodaei said. Transmit Security expects BindID to initially be adopted by consumer-facing services looking for an easy way to integrate biometric authentication smarts into their software, but the company is eyeing a much wider market. This could be particularly appealing for businesses wary of holding or processing sensitive customer data or worried about the resources required to roll out biometrics-based security. the app maker) doesn’t manage any of the authentication process itself - instead handing that off to BindID. “Shared trust at the user, device, and network levels allows other biometric-enabled devices, such as laptops and tablets, to be associated with BindID accounts and provides secure device re-enrollment.” “BindID is the industry’s first app-less, strong, portable authenticator that uses device-based biometrics for secure, convenient, and consistent customer authentication,” Transmit Security cofounder and CEO Mickey Boodaei told VentureBeat. So rather than abandoning a shopping cart when they’re asked to provide forgotten login credentials, a customer can simply scan a QR code and authenticate from their mobile. Moreover, the end user isn’t required to download any other mobile authentication apps to their device, as would be the case with other authentication platforms. This is particularly useful in situations where the end user has forgotten their credentials. For one, the user only needs to register with BindID once, after which they can authenticate themselves with a specific account on any device, application, or channel associated with that account, regardless of whether the device has built-in biometric capabilities. With BindID, however, Transmit Security is aiming for several notable advancements. Beyond Identity, for example, recently raised $75 million, while notable players like Axiad and Trusona have secured sizable investments for similar initiatives over the past year. Transmit Security has so far been funded by $40 million of the founders’ own money, after the founders sold a previously security company to IBM for a reported $1 billion, and it constitutes part of a broader move to replace passwordless technology. It would then check their device’s biometric authentication smarts to tell the call center that they are who they say they are. An interactive voice response (IVR) could ask a caller to identify themselves with their biometrics by sending an SMS link. Above: Transmit Security: BindID can authentic users with their biometrics on any deviceīindID can also be configured to work in other scenarios, such as in call centers. ![]()
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