The company’s gargantuan cash injection was co-led by Insight Partners and General Atlantic, with participation from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures.
#Transmit security founders series#
Transmit Security - which now has offices in Tel Aviv and Boston - has also amassed a fairly impressive roster of customers, including HSBC, UBS, Santander, and Lowe’s. Transmit Security, the Identity Experience company, today announced it has raised 543 million in Series A funding, bringing the company’s pre-money valuation to 2.2 billion and marking the largest Series A funding round in cybersecurity history and one of the highest valuations for a bootstrapped company. Transmit Security is offering application owners a new reality: The ability to go passwordless. 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.”įounded in 2015, Transmit Security had been entirely bootstrapped before now - the founders sold their previous security company to IBM for a reported $1 billion in 2013. 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, said Rakesh Loonkar, President and Co-Founder, Transmit Security.
#Transmit security founders code#
“Whenever an app texts me a code that I have to enter, I become frustrated with the process. “Every time I see a login button on a website, I get anxious,” Transmit Security president and cofounder Rakesh Loonkar said in a press release.
The ultimate goal is to remove friction across the board. Transmit Security’s Post Transmit Security 16,903 followers 6h Report this post Are you at Mind the Sec tomorrow Join our VP, Fraud & Risk, Craig Currim, as he explores the game. Customers might abandon their shopping cart at the checkout if they can’t readily recall their password, while IT teams can waste a lot of resources helping a workforce of thousands access their online accounts when they get locked out.
There is more to the passwordless movement than simply making things more secure. And banks can verify customers as the industry continues to move away from in-person interactions, helping counter the ongoing threat posed by identity theft and fraud. In an increasingly distributed workforce, technology such as that offered by Transmit Security enables companies to onboard new workers more securely and authenticate future logins regardless of where the employee resides.
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