Biometric-based authentication firm Transmit Security has raised $543M in funding led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures.The company noted that since 2014, serial cyber entrepreneurs, investors and Co-Founders of Transmit Security, Mickey Boodaei and Rakesh Loonkar's vision has remained unchanged – to rid the world of passwords.The investment, which comes in as the highest ever Series A round of funding in cyber security history, will accelerate the firm's growth engines and enable us to reach higher achievements. “As pioneers of our industry, we are proud to lead the market with our identity experience focused solutions – creating seamless customer experiences and further contributing to eliminating the world's reliance on passwords.” “This investment will allow us to further increase our innovation leadership within the industry and enhance our global growth operations in key territories: NA, LATAM, EMEA and APAC while also expanding into new global markets”. The company noted that “Still today, many businesses are not aware of the negative impact of a suboptimal identity experience on their business and revenue. Our aim is to assist these organizations every step of the way by offering the most convenient, frictionless and secure customer experience solutions”.
Transmit Security raises $543M
