Israeli biometric startup Transmit Security raises $40M in self-financing
Summary
Transmit Security, which is based in Boston and Tel Aviv, has unveiled a platform that it says will disrupt the authentication software market by enabling organizations to implement any identity verification method, on any device, across all their customer/partner facing channels. The company’s founders, CEO Mickey Boodaei and president Rakesh K. Loonkar, previously established online banking security pioneer Trusteer, which IBM acquired in 2013. “After working with more than 400 of the world’s largest financial institutions, we identified authentication as the next major hurdle they, and other industries, face from a security, fraud prevention, regulatory and customer experience perspective,” Boodaei said. “Today, most enterprises are hard-coding authentication, anti-fraud logic and complex exceptions directly into each application, which prevents them from being able to quickly deploy new identity flows and use cases,” Loonkar said. “Since our platform unifies authentication, and fraud prevention in a new architecture, it allows customers to change identity tools and flows without code updates to their applications, for faster time to market for new features and innovations.
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