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Their groundbreaking technology, entrepreneurial spirit and deep expertise is precisely what this industry needs at this moment,РІР‚Сњ said Matt Gatto, Managing Director at Insight Partners. РІР‚СљWe have been watching the growth of Transmit Security for some time, and are deeply impressed by the leadership and passion Mickey and Rakesh have demonstrated as they take identity management to a new level. 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.' РІР‚СљTransmit Security is offering application owners a new reality: The ability to go passwordless no matter the size of their organization or number of users. 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,РІР‚Сњ said Rakesh Loonkar, President and Co-Founder, Transmit Security.

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Whenever an app texts me a code that I have to enter, I become frustrated with the process. РІР‚СљEvery time I see a login button on a website, I get anxious. With this latest round of funding from premier partners, we can significantly expand our reach to help rid the world of passwords.РІР‚Сњ РІР‚СљOur customers, whether they are in the retail, banking, financial, telecommunications or automotive sectors, understand that providing an optimized identity experience is a multimillion dollar challenge. By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data,РІР‚Сњ said Transmit Security CEO and Co-Founder Mickey Boodaei. РІР‚СљPasswordless authentication is so much more than ensuring customers can easily and seamlessly access their information, their accounts and make purchases РІР‚вЂњ itРІР‚в„ўs about revolutionizing the way companies interact with their customers. Transmit SecurityРІР‚в„ўs mission is to enable organizations to deliver advanced identity use cases that improve the user experience, enhance security, and satisfy compliance requirements at a fraction of the time and cost of traditional identity solutions. Using biometric authentication, Transmit Security provides the first natively passwordless identity and risk management solution to the largest brands in the world. Weak passwords account for more than 80% of all data breachesР’В and are the result of the majority of all account takeovers.

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In addition to delivering poor user experiences and costing brands millions of dollars in revenue, password breaches pose a major threat to data security.

Outdated and ineffective password-based systems are costing businesses revenue, and Forrester reports the average help desk labor cost to reset a single password is more than $70. Even worse, 92% of consumers will completely abandon a website without completing a purchase instead of going through the steps to recover or reset login credentials. Research showsР’В 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. Organizations lose millions of dollars annually and place themselves and their customers at high risk due to password-based authentication that is inherently unsafe, delivers poor user experience, leaves customers unsatisfied and places brands at risk of jeopardizing their reputations. Transmit Security will use the funding to increase the company's reach and expand its primary business functions, investing in key global areas in order to grow the organization, ultimately enabling the company to accelerate its mission to help the world go passwordless. The funding round was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures.

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TEL AVIV, Israel & BOSTONРІР‚вЂњ( BUSINESS WIRE)РІР‚вЂњ Transmit Security, the Identity ExperienceРІвЂћСћ company, today announced it has raised $543 million in Series A funding, bringing the companyРІР‚в„ўs 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.