Transmit Security, a Tel Aviv, Israel- and Boston, MA-based Identity Experience company, raised $543m in Series A funding, bringing the company’s pre-money valuation to $2.2 billion.
The round was led by Insight Partners and General Atlantic, with participation from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures.
The company intends to use the funds to increase its reach and expand its primary business functions, investing in key global areas in order to grow the organization.
Led by CEO and Co-Founder Mickey Boodaei, and President and Co-Founder Rakesh Loonkar, Transmit Security uses biometric authentication to provide a natively passwordless identity and risk management solution to large brands. From onboarding to authentication to smart authorization for both customers and workforce across every channel, the technology reduces all forms of identity attrition and saves enterprises costs. Customers include six of the seven largest financial institutions in the U.S, two of the largest merchants in the U.S., and many financial organizations, merchants and online service providers in Europe, Asia and Latin America.