Passwordless Authentication Firm Transmit Security Raises $543 Million

3 years ago 123

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Identity solutions provider Transmit Security on Tuesday announced raising $543 million in a Series A funding round.

The funding, which brings the firm’s pre-money valuation to $2.2 billion, was led by Insight Partners and General Atlantic, with participation from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures. The company says it will use the money to expand.

Transmit Security Transmit noted that this is the largest Series A funding round ever announced by a cybersecurity company and one of the highest valuations for a bootstrapped firm.

Transmit Security has developed a natively passwordless identity and risk management solution. The company’s BindID identity authentication network enables passwordless user authentication based on device biometrics.

Another product is FlexID, an identity orchestration platform that integrates and manages authentication, fraud detection, and access controls. Transmit also offers WorkID, a passwordless workforce identity and access management solution.

Transmit claims its solutions are used by many organizations, including some of the largest financial institutions and merchants in the United States. The company says it also serves merchants, financial institutions and online service providers in Europe, Latin America and Asia.

Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.

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