Transmit Security
Israeli identity and authentication company co-founded by Mickey Boodaei, who "spent six years in the Israeli military" on cyber-security projects, and Rakesh Loonkar
| Transmit Security
| |
|---|---|
| Logo |  Transmit Security logo |
| Type | Private company |
| Founded | 2014 (according to the company) |
| Founder(s) | Mickey Boodaei, Rakesh Loonkar |
| Headquarters | Tel Aviv (headquarters and research and development, according to Ctech, 2021), with offices in Boston |
| Industry | Cyber security |
| Services | Customer identity, authentication and fraud prevention |
| Number of employees | 200, 110 of them in Israel (June 2021, according to Ctech) |
| Homepage | transmitsecurity.com |
Transmit Security is an Israeli cyber-security company that sells identity-verification and password-free authentication software, chiefly to banks. It was co-founded by Mickey Boodaei and Rakesh Loonkar, who had earlier founded the fraud-prevention company Trusteer, sold to IBM in 2013.[1] According to The Boston Globe, Boodaei "spent six years in the Israeli military, studying civilian cybersecurity technologies and their implications for military networks, and managing large cybersecurity projects" (Israel Defense Forces).[1] In June 2021 the company raised $543 million at a valuation of $2.2 billion, which Ctech called "the largest Series A funding round in cybersecurity history".[2]
Founders and military service
The Boston Globe reported in 2017 that Boodaei "spent six years in the Israeli military, studying civilian cybersecurity technologies and their implications for military networks, and managing large cybersecurity projects. In 2002, he cofounded Imperva, a database security company" (Imperva). It said that Loonkar, based in Boston, had founded the network-security company OneSecure, later acquired by NetScreen Technologies and then Juniper Networks, and that the two had started Trusteer together in 2006.[1] Boodaei and Loonkar were also early investors in Aorato.
Funding
The company says that Boodaei and Loonkar have pursued their aim "to rid the world of passwords" since 2014.[3] When it launched publicly in January 2017, The Boston Globe said that it had been "funded with $40 million of the cofounders own capital" from the sale of Trusteer, and was based in Boston and Tel Aviv.[1] Accounts of the Trusteer price differ: The Boston Globe said that IBM paid "more than $850 million", while Ctech said that Trusteer "was sold to IBM for $650 million".[1][2]
The June 2021 round was led by Insight Partners and General Atlantic, with Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures.[3] Ctech reported that much of the round was a secondary sale of shares by the founders and staff, that the company's headquarters and research and development centre were in Tel Aviv, and that its customers included Santander and UBS.[2]
See also
External links
Notes
- ↑ 1.0 1.1 1.2 1.3 1.4 The Boston Globe, Long-distance duo take wraps off their second cybersecurity startup The Boston Globe, 11 January 2017, accessed 10 November 2026.
- ↑ 2.0 2.1 2.2 Meir Orbach, Transmit Security raises record $543 million Series A at $2.2 billion valuation Ctech, 22 June 2021, accessed 10 November 2026.
- ↑ 3.0 3.1 Taira Sabo, Transmit Security Raises $543M in Record-Breaking Funding to Rid the World of Passwords Transmit Security, 22 June 2021, accessed 10 November 2026.