Business & Investment

Biometric co-transmission security raises $ 543 million

Israeli passwordless certification company Outgoing security Today, we announced that we have completed a $ 543 million Series A round, led by Insight Partners and General Atlantic, with additional investments from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. This brings the company’s pre-valuation to $ 2.2 billion.

Outgoing Security claims that this is the largest Series A funding round in cybersecurity history and one of the most highly rated bootstrapped companies.

Outgoing security will use the funds to expand the company’s reach, expand key business functions, grow the organization, and ultimately invest in key global areas to realize the vision of a passwordless world. Stated. However, the company declined to comment on how much of the money it would raise to invest or buy shares from its founders and employees.

Outbound security emphasizes that old and ineffective password-based systems are sacrificing corporate revenue, citing studies that found weak passwords to account for more than 80% of all data breaches. ..

Using biometrics, Transmit Security provides the world’s largest brand with the first native passwordless identity and risk management solution. The mission of outbound security is to enable organizations to improve the user experience, enhance security, and provide advanced identity use cases that meet compliance requirements in a fraction of the time and cost of traditional identity solutions. ..

With offices in Tel Aviv and Boston, the company was initially funded by its founder, CEO Mickey Bodyy, and President Rakesh K. Loonkar, who founded Trusteer, a pioneer in online banking security acquired by IBM in 2013. received. A $ 1 billion provider of cyber and data security products. The company’s R & D team consists of former members of Unit 8200, an elite Israeli intelligence force. Outgoing Security previously raised $ 40 million in 2017 in a self-funded funding round. Founded in 2014, the company has 200 employees, including 110 in Israel.

“Passwordless authentication doesn’t just allow customers to easily and seamlessly access and purchase their information and accounts. It revolutionizes the way businesses interact with customers. Passwords. Eliminating passwords allows businesses to instantly reduce churn and cart abandonment. Whether in the retail, banking, finance, telecommunications, or automotive sectors, customers have an optimized identity experience. We understand that providing millions of dollars is a challenge. With funding from this latest premier partner, we can significantly extend our reach and eliminate the password world. “

Loonkar said, “I’m anxious every time I see a login button on my website. Every time I send a textual code that the app needs to enter, I’m frustrated with the process. We’re all terrible. Suffering from and learning to accept. The compromises in security associated with the user experience and passwords have always worked. TransmitSecurity provides new realities for application owners. Organization size and users. It’s a password-free feature, regardless of number. The fact that we’ve raised a record amount of money eliminates passwords and employs biometric authentication technology to improve the user experience and significantly increase security levels. It clearly shows that you are ready to improve. “

Outgoing security customers include six of the seven largest financial institutions in the United States, two of the largest merchants in the United States, and many financial institutions, merchants, and online service providers in Europe.

Israeli Business News, Published by Gloves- en.globes.co.il -June 22, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Biometric co-transmission security raises $ 543 million

https://en.globes.co.il/en/article-1001375444#utm_source=RSS Biometric co-transmission security raises $ 543 million

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