Israeli biometric startup Transmit Security raises $40M in self-financing
Israeli biometric authentication startup Transmit Security has raised $40 million in a self-funded round of financing, according to a report by Globes.
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. In addition, Boodaei cofounded cyber and data security products developer Imperva.
Transmit’s research and development team is comprised of former members of Unit 8200, the elite Israeli Intelligence Corps.
The Transmit Security Platform (SP) uses mobile devices as the primary delivery mechanism to add any form of primary or secondary identity verification to any application.
Once deployed, an enterprise can make changes to any of the authentication methods and identity risk flows without any code updates to the applications themselves.
“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. “By decoupling authentication and anti-fraud from the application, we’ve built a platform that allows any form of identity verification, as well as anti-fraud measures, to be instantly delivered on any web, mobile, branch, call center, or other application. The benefit of our approach is that customers can execute on unique and complex projects in a matter of minutes or hours.”
Using an interface to transfer all authentication and provisioning tasks, the platform is able to eliminate the need to embed authenticators into each application.
The platform includes several built-in authentication methods that enable organizations to select from a combination of any facial, eye, voice, fingerprint recognition, one time passwords (OTP), push notifications, pattern drawing, Device ID, and other third party or internally developed authenticators.
As soon as an application is connected to Transmit SP, any of the authenticators and any authentication process can be altered, added or removed without updating the code.
The platform supports any existing third-party authentication or anti-fraud products in use, and offers real-time responses based on customer configured policies.
“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. We can demonstrate how customers can execute on complex identity projects, and thousands of use cases, in literally minutes.”