Transmit Security

Transmit Security is a privately held cybersecurity and identity technology company founded in 2014 by Mickey Boodaei and Rakesh Loonkar. The company is headquartered in Tel Aviv, Israel, with its North American headquarters in Boston, Massachusetts, and additional offices in London, Berlin, Tokyo, Hong Kong, Madrid, São Paulo, and Mexico City. Its business focuses on helping organizations authenticate customers and employees, coordinate identity workflows across applications and channels, and reduce reliance on passwords. The founders had previously established Trusteer in 2006, a cybersecurity company that IBM acquired in 2013 for approximately $1 billion. Transmit Security was created after that experience with an emphasis on modern digital identity infrastructure. Its technology is designed for large organizations that need to manage authentication across web, mobile, call-center, and workforce environments while addressing fraud, account takeover, and user-experience challenges. The company's principal offering identified in reference material is BindID, a passwordless biometric authentication product. BindID uses biometric verification through a compatible reader or a user's smartphone and is intended to authenticate users without requiring a conventional password. This approach is positioned as a way to reduce exposure to password theft and credential-based attacks while simplifying sign-in experiences. Transmit Security also provides identity orchestration capabilities, which allow organizations to coordinate authentication and identity checks across different systems and providers, as well as workforce identity management services for employee access. Transmit Security's reported customers and users include financial institutions such as UBS, HSBC, Bank Leumi, and International Bank, together with organizations in telecommunications, retail, and other sectors. The company joined the FIDO Alliance Board in February 2021, aligning it with industry efforts to develop stronger and less password-dependent authentication standards. In June 2021, Transmit Security completed a $543 million Series A financing round. The round was reported as the largest Series A in cybersecurity history at the time. Insight Partners and General Atlantic were among the primary investors, with participation from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures. Citi Ventures and Goldman Sachs Asset Management were reported as additional investors in September 2021. The financing gave the company substantial private-market backing as it expanded its identity and authentication platform internationally. Transmit Security remains a private company, and publicly available reference material does not establish a stock listing, current revenue, or a later ownership change.

Transmit Security was established in 2014 by Mickey Boodaei and Rakesh Loonkar. Before founding the company, the two entrepreneurs had co-founded Trusteer in 2006. Trusteer became known for cybersecurity products and was acquired by IBM in 2013 for approximately $1 billion. Their subsequent venture, Transmit Security, concentrated on identity security and authentication for large enterprises. The company's strategy developed around the weaknesses of conventional passwords. Passwords can be reused, stolen through phishing, exposed in breaches, or captured through other forms of credential attack. Transmit Security therefore built services intended to authenticate people and devices through biometric methods and other passwordless mechanisms. Its technology also addresses the operational problem of managing multiple identity systems by providing identity orchestration across applications and channels. BindID became the company's principal product identified in the available reference material. The service supports biometric identification through a biometric reader or a smartphone, allowing organizations to verify users without requiring a traditional password. Alongside customer authentication, Transmit Security provides identity services for workforce access and enterprise identity workflows. Its reported customer base spans banking, financial services, telecommunications, retail, and other industries. Named users and customers include UBS, HSBC, Bank Leumi, and International Bank. Transmit Security expanded its industry participation in February 2021 when it joined the FIDO Alliance Board. FIDO promotes authentication standards intended to improve security and usability while reducing reliance on passwords. Board membership placed Transmit Security within a broader standards and technology community focused on passwordless authentication. The company's largest publicly reported financing event occurred in June 2021, when it completed a $543 million Series A round. Insight Partners and General Atlantic were among the principal investors, while Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures also participated. The round was described in reference material as the largest Series A in cybersecurity history at that time. In September 2021, Citi Ventures and Goldman Sachs Asset Management were reported as additional investors. The financing supported the company's expansion as enterprise demand for identity security, fraud prevention, and passwordless access increased. Transmit Security operates internationally from its Israeli headquarters and North American base in Boston, with offices listed in London, Berlin, Tokyo, Hong Kong, Madrid, São Paulo, and Mexico City. The available material describes it as a private company and does not provide evidence of a public listing, a parent company, or a subsequent acquisition. Its documented business remains centered on enterprise authentication, biometric identification, identity orchestration, and workforce identity management.

• 2021

  Joins the FIDO Alliance Board

  [1]Transmit Securityen.wikipedia.org

  Transmit Security joined the FIDO Alliance Board and became involved in the passwordless-authentication standards community.

• 2021

  Completes $543 million Series A

  [1]Transmit Securityen.wikipedia.org

  The company completed a $543 million Series A financing round, reported at the time as the largest cybersecurity Series A.

• 2021

  Additional investors join

  [1]Transmit Securityen.wikipedia.org

  Citi Ventures and Goldman Sachs Asset Management were reported as additional investors in September 2021.

• 2014

  Transmit Security is founded

  [1]Transmit Securityen.wikipedia.org

  Mickey Boodaei and Rakesh Loonkar founded Transmit Security to develop enterprise identity and authentication services.

• 2013

  IBM acquires Trusteer

  [1]Transmit Securityen.wikipedia.org

  IBM acquired Trusteer in a transaction reported at approximately $1 billion.

• 2006

  Founders establish Trusteer

  [1]Transmit Securityen.wikipedia.org

  Mickey Boodaei and Rakesh Loonkar co-founded Trusteer, the cybersecurity company that preceded Transmit Security.

Transmit Security positions itself as an enterprise identity and access technology provider that helps organizations replace or reduce password-based authentication with biometric and other passwordless methods, while coordinating customer and workforce identity processes across digital channels.

• Biometric and passwordless authentication

  BindID

  BindID is Transmit Security's principal named authentication product. It is designed to identify and authenticate users through biometrics, using a compatible biometric reader or a smartphone rather than requiring a conventional password. The product is intended for enterprise customer-access scenarios and supports the company's broader effort to reduce exposure to stolen or reused credentials. Its use cases include digital sign-in and identity verification for organizations operating across web and mobile environments.

• Identity and access management

  Identity orchestration services

  Transmit Security provides identity orchestration capabilities for coordinating authentication and identity workflows across enterprise systems and digital channels. These services are intended to help organizations connect different identity providers, authentication methods, and application journeys while maintaining consistent access and verification processes. The available reference material does not identify a separate product name or launch date for this offering.

• Workforce identity and access management

  Workforce identity management

  The company offers workforce identity management services for employee and organizational access. These capabilities form part of Transmit Security's broader identity platform and are aimed at managing secure authentication and access for workforces. Publicly available reference material does not specify a separate branded product, launch date, or detailed module list.

• 2021

  Emphasizes passwordless and biometric authenticationStrategy

  Background

  Password-based access is vulnerable to theft, phishing, reuse, and other credential attacks, creating demand for alternative authentication methods.

  Action taken

  Transmit Security developed and promoted biometric and passwordless identity services, including BindID, alongside identity orchestration and workforce identity management.

  Aftermath

  The strategy aligned the company with the broader enterprise movement toward passwordless authentication and with its participation in the FIDO Alliance Board.

  Source

• 2021

  Raises a $543 million Series AOther

  Background

  Transmit Security sought capital to support the expansion of its identity and authentication business.

  Action taken

  The company completed a Series A financing round involving Insight Partners, General Atlantic, Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures.

  Aftermath

  The round gave Transmit Security substantial private financing and was reported as the largest cybersecurity Series A at the time. Citi Ventures and Goldman Sachs Asset Management were later reported as additional investors.

  Series A financing. $543 million raised (June 2021)

  Source

1. 1Transmit Securityen.wikipedia.org