Loonkar says that the deal came together within a matter of months. The series A funding round also included Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures. The market for its identity authentication products and services is almost 2 million customers, he says. “We need to move fast and that's part of the reason we had this round.”Īs Transmit Security looks to grow, the funding will help the company accelerate development, raise its profile and alert the job market that it will be hiring more employees, Loonkar says. “Gartner predicts … that over the next three years, most organizations are going to move toward a password-less world,” Boodaei says. From retailers to healthcare organizations to government entities, a wide gamut of companies want to get rid of passwords, Loonkar says. Transmit Security, headquartered in Boston, Massachusetts, and Tel Aviv, Israel, has a prominent presence in North America with organizations such as Citibank, UBS and MassMutual as its customers.īacked by more financial resources, the company plans to offer its services to entities of smaller scale and size as well. The identity and access management company plans to use the more-than-half a billion dollars to expand globally and across its verticals, Boodaei says. “With biometrics, the biometric is held in the device itself and never goes to the website that tries to authenticate you, so it's decentralized and much more secure,” he says.
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