Identity specialist Transmit Security has received the biggest ever Series A cybersecurity funding round of £319 million.
The funding bringing the company’s pre-money valuation to $2.2 billion. Until now, the company has been bootstrapped, funded by the founders’ own money.
The funding round was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures.
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 organisation. It says its mission is to “rid the world of passwords using passwordless authentication.”
The company’s own research shows that 55 percent of consumers have stopped using a website because the login process was too complex. Additionally 87.5 percent have found themselves locked out of an online account after too many failed login attempts and 92 percent will leave a website instead of recovering or resetting their login credentials.
It also claims more than 80 percent of all data breaches and are the result of the majority of all account takeovers.
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Using biometric authentication, Transmit Security offers a natively passwordless identity and risk management solution.
“Passwordless authentication is so much more than ensuring customers can easily and seamlessly access their information, their accounts and make purchases – it’s about revolutionising the way companies interact with their customers. By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data,” said Transmit Security CEO and co-founder Mickey Boodaei.
“Our customers, whether they are in the retail, banking, financial, telecommunications or automotive sectors, understand that providing an optimised identity experience is a multimillion dollar challenge. With this latest round of funding from premier partners, we can significantly expand our reach to help rid the world of passwords.”
“Every time I see a login button on a website, I get anxious. Whenever an app texts me a code that I have to enter, I become frustrated with the process. 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 is offering application owners a new reality: The ability to go passwordless no matter the size of their organization or number of users. 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.”