FB pixel

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.”

Article Topics

 |   | 

Latest Biometrics News

 

How to explain the EUDI Wallet? Industry and citizens discuss Europe’s digital ID

The European Digital Identity (EUDI) Wallet is well on its way towards becoming a reality. To explain the major impact…

 

Decentralize face authentication for control, stronger protection: Youverse

The implementation method of biometric face authentication has become increasingly important in recent years due to the limitations of traditional…

 

Researchers develop display screens with biometric sensor capabilities

Traditional display screens like those built into smartphones require extra sensors for touch control, ambient light, and fingerprint sensing. These…

 

Meta, porn industry and Kansas governor weigh in on age verification

As Europe mulls how to restrict access to certain content for minors, Meta offers its own solution. Meanwhile, U.S. states…

 

As national U.S. data privacy law becomes more likely, critics emerge to point out flaws

The push for comprehensive privacy legislation in the U.S. is gaining momentum, as the proposed American Privacy Rights Act 2024…

 

AI surveillance robot uses facial recognition to decide who to blast with paintballs

Those pining for a life as an eccentric shut-in with robots guarding their house can rejoice at the emergence of…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read From This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events