Transmit Security, a Newton, MA and Tel Aviv, Israel-based programmable authentication company, raised $40M in a self-funded round of financing.
Co-founded by Mickey Boodaei and Rakesh K. Loonkar, Transmit Security also launched an authentication software platform that enables organizations to displace passwords and implement any form of identity verification, on any device, across all their customer/partner facing channels.
The Transmit Security Platform (SP) uses mobile devices as the primary delivery mechanism to add any form of primary or secondary identity verification (facial/selfie, eye, touch ID and fingerprint, voice biometrics, SMS, etc.) to any application (web, mobile, call center, point of sale, ATMs, etc.). Once deployed, an enterprise can make changes to all their authentication methods and identity risk flows without any code changes to their applications.
The technology can be deployed on-premise, in the cloud, or in a hybrid configuration.
The company’s founders, Mickey Boodaei and Rakesh K. Loonkar, previously created online banking security pioneer Trusteer, which was acquired by IBM in 2013. Boodaei also co-founded Imperva, a billion dollar provider of cyber and data security products.