Cyber firm Transmit Security raises $543 million in early funding round

JERUSALEM: U.S.-Israeli cybersecurity firm Transmit Security raised $543 million in an early-stage funding round, saying on Tuesday it was the largest ever Series A funding round in cybersecurity history.

The funds bring Transmit’s valuation to close to $3 billion, with the round led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures.

Founded in 2014, Transmit Security said it will use the financing to expand and invest in its aim to eliminate the use of passwords by shifting to biometric authentication of websites and apps.