Possibly “Forgot Password?” may be in the dustbin of Internet history, if cybersecurity startup Transmit Security is successful—something that its’ record breaking $543 million Series A funding suggests. Every business web site owner knows that cybersecurity is a top priority if they want to conduct uninterrupted business.
Research conducted by Transmit Security and issued in their report titled, “The Impact of Passwords on Your Business”, shows what most users suspected—that common password-based authentication is highly unsafe, while also often making customers frustrated and unsatisfied. This is reflected in the alarming 55% of consumers who stop using websites due to overly complex login processes, and a staggering 92% will abandon a website in the middle of a purchase instead of recovering or resetting lost login credentials.
Transmit Security sidesteps all of those issues and more through biometric authentication, a password-less solution for risk and identity that is expected to be particularly impactful in how the largest brands around the world manage their cybersecurity. Forrester reports that the average labor cost from a help desk to reset a single password goes past $70. Password breaches account for a very high percentage of all data breaches and are the root cause behind most account takeovers.
Transmit Security’s BindID completely removes these security problems and productiviry waste by using the embedded fingerprint of face scanners already in customer devices. No dedicated hardware or client-side software is needed. Even if the customer doesn’t have embedded biometric readers, they can easily substitute their mobile device to authenticate instead.
“We’ve all learned to suffer and accept the terrible user experience and poor security that comes with passwords just because that’s the way it has always worked in the past,” says Transmit Security’s Co-Founder and president, Rakesh Loonkar. “Transmit Security is offering application owners a new reality: The ability to go password-less no matter the size of their organization or number of users.”
Investors like General Atlantic and Insight Partners saw the appeal of Transmit Security’s solution, as they led a record-shattering Series A funding round worth $543 million, the single largest Series A funding round in cybersecurity history. Others investors helping them to make history were Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures. This also brought the cybersecurity startup’s pre-money valuation to $2.2 billion, making them a solid unicorn startup and placing them among the highest valuations for a bootstrapped company.
“Password-less authentication is so much more than ensuring customers can easily and seamlessly access their information, their accounts and make purchases – it’s about revolutionizing the way companies interact with their customers. By eliminating passwords, businesses can immediately reduce churn and cart abandonment and provide superior security for personal data,” said Transmit Security CEO and Co-Founder Mickey Boodaei.
Read about a Unicorn Startup’s Group Messaging Social Network’s Rapid Rise
