Organizations lose millions of dollars every year due to “inherently unsafe” password-based authentication, according to the startup not only do weak passwords account for more than 80% of all data breaches, but the average help desk labor cost to reset a single password stands at more than $70.Įnterprise security attackers are one password away from your worst day Ultimately, however, the funding round will help the company to accelerate its mission to help the world go passwordless. Transmit Security said it has a pre-money valuation of $2.2 billion, and will use the new funds to expand its reach and investing in key global areas to grow the organization.
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The funding round, said to be the largest Series A investment in cybersecurity history and one of the highest valuations for a bootstrapped company, was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. Retrieved 12 January 2022.Transmit Security, a Boston-based startup that's on a mission to rid the world of passwords, has raised a massive $543 million in Series A funding. ^ "Massachusetts tech unicorns: Transmit Security raises $543M, hits $1B valuation".^ "Transmit Security raises $543M Series A to kill off the password".^ "Transmit Security Raises $543 Million for Password-Free Future"."Biometrics, digital ID alliances joined by Princeton Identity, Idemia, ATB Ventures, Transmit Security | Biometric Update". ^ Mascellino, Aless (10 February 2021).^ "Transmit Security Joins FIDO Alliance Board - Transmit Security Blog".^ "2020 Technology Fast 500 Rankings" (PDF)."Opening new doors: Why IBM spent $1bn on security firm Trusteer". "The start-ups trying to kill the password". "Transmit Security Raises $543 Million, The Largest Series A Funding Round In Cybersecurity History". ^ "Cool Vendors in Identity and Access Management".^ "New comer Transmit Security wants to simplify biometric authentication".^ "Transmit Security launches BindID to replace passwords with biometric authentication".Additional offices are located in London, Berlin, Tokyo, Hong Kong, Madrid, Sao Paulo, and Mexico City. Its North American headquarters is in Boston, Massachusetts. Transmit Security’s main headquarters is located in Tel Aviv, Israel. In September 2021, Citi Ventures and Goldman Sachs Asset Management joined as investors. Primary investors included Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage and Artisanal Ventures. It was reported to be the largest Series A in cybersecurity history. In June 2021, Transmit Security completed its Series A funding round by raising $543 million from investors. In February 2021, Transmit Security joined the FIDO Alliance Board. In November 2020, Transmit Security ranked 5th on Deloitte's " North America Technology Fast 500", a list of the fastest-growing tech companies in North America. Boodaei and Loonkar previously founded Trusteer in 2006, which was acquired by IBM in 2013 for $1 billion. Transmit Security was co-founded in 2014 by Mickey Boodaei and Rakesh Loonkar. Transmit Security is a FIDO Alliance Board member. In June 2021, the company completed a Series A funding round by raising $543 million, which was reported to be the largest Series A in cybersecurity history.
Founded by Mickey Boodaei and Rakesh Loonkar in 2014, Transmit Security provides companies with customer authentication, identity orchestration, and workforce identity management services. Transmit Security is a private cybersecurity and identity and access management company based in Tel Aviv, Israel and Boston, Massachusetts.
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