Venture Capital: A Cybersecurity Solution Without Passwords Earns Transmit A $543M Round
Transmit Security provides a biometric-based authentication solution.
Israeli cybersecurity startup Transmit Security, which promises to rid the world of clunky, usually-forgotten passwords, announced today its raise of $543 million in a Series A round led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures. (BusinessWire).
Transmit won other laurels in the process too: The largest Series A funding round in cybersecurity history – earning it unicorn status with a pre-money valuation of $2.2 billion, one of the highest valuations for a bootstrapped company.
Research shows that 55% of consumers stop using a website because the login process is too complex, while 87.5% find themselves locked out of an online account after too many failed login attempts. Even worse, 92% of consumers will completely abandon a website rather than reset a password.
According to Forrester, the average help desk labor cost to reset a single password is more than $70.
Transmit Security provides the first natively passwordless identity and risk management solution using biometric authentication.
Transmit Security’s BindID Solution
Its BindID authentication service is completely password-free. BindID requires no customer software or dedicated hardware and can be used across any channel or device.
Customers can authenticate and access their accounts using the embedded fingerprint or face scanner in their devices, or use their mobile device to securely and easily authenticate to other devices and channels that don’t have an embedded biometric reader.
Better security sans passwords
“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 is offering application owners a new reality: The ability to go passwordless no matter the size of their organization or number of users.”
Related Story: Prosegur Launches Bunker-Like Custody Solution For Crypto
Image Credit: Transmit Security
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