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🦄 Unicorner Startup of the Week: Transmit Security
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✍️ Notes From The Editors
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Passwordless biometric authentication
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Transmit Security is replacing passwords through biometric-based authenticators. The company’s mission is driven by the overall uptick in data breaches, which are very often related to leaked passwords. By removing passwords from the equation altogether, Transmit Security hopes to combat breaches and make systems and companies more secure.
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💰 Business Model
Transmit offers three products, all of which are priced depending on usage: BindID, FlexID, and WorkID. BindID is intended for companies to use for customer authentication, FlexID is a consolidated identity management platform, and WorkID is meant for corporate employee usage. All three rely on and give access to the same biometric technology.
📈 Traction and Fundraising
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Raised a record-breaking $543 million Series A with investors like Insight Partners, General Atlantic, Vintage Investment Partners, and more
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Used by companies like Lowe’s, UBS, HSBC, and MassMutual; also used by six out of seven of the largest financial institutions in the U.S.
👫 Founder(s)
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Mickey Boodaei, CEO: Previously CEO & Founder @ Trusteer (Acquired by IBM), Board Director & Co-founder @ Imperva, MBA @ Ben Gurion University, Computer Engineering MS @ Technion - Israel Institute of Technology
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Rakesh Loonkar, President: Previously President & Co-founder @ Trusteer (Acquired by IBM), VP of Sales @ Netscreen Technologies, Co-founder @ OneSecure, CEO @ InfoSolv, Chemical Engineering @ Rensselaer Polytechnic Institute
🔮 Our Analysis
Data breaches are the bane of any company’s existence. May it be the loss of precious customer data or stolen employee access, no one wants to deal with the headache of a breach (or the bad press). Transmit Security is looking to rethink the cybersecurity industry by removing passwords—a weak link in security and often the cause of breaches—and completely replacing them with biometric authenticators. While Transmit isn’t the first company to explore this technology (a popular existing example being Apple’s built-in Touch and Face ID), the company is one of the first to market it as a comprehensive solution for companies to use with its customers and employees. Transmit is also well-equipped to take on the task, given the size of its massive Series A. It will be exciting to see where the company goes in the near future, and whether the cybersecurity world at large will eventually choose to adopt biometric technology.
📚 Further Reading
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Made with 💜 by the Unicorner Team 🦄
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🎁 Bonus Content!
If you want to learn more about venture capitalist Marc Andreessen and his thoughts on technology and the future, check out this comprehensive Substack interview. |
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