Transmit Security, the Identity Experience™ company, announced that Citi Ventures and the Growth Equity business within Goldman Sachs Asset Management (Goldman Sachs) have joined the company’s most recent $543 million Series A funding round, setting a new record in investment history as the largest Series A investment in cybersecurity. The Series A round was led by Insight Partners and General Atlantic with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures. Previously bootstrapped, Transmit Security’s Series A funding round brings the company’s pre-money valuation to $2.2 billion. Transmit Security will use the funding to increase the company’s global reach, expand its operations, and accelerate the company’s mission to help the world go passwordless.
Marketing Technology News: Transmit Security Raises $543 Million in Series A Funding to Rid the World of Passwords
“From our very first meeting with Mickey and Rakesh, we were struck not only by their deep expertise in cybersecurity, but their passion for and focus on developing a technology that is solving for a global business challenge. We are excited to be part of their journey.”
“The Transmit Security team is solving a password protection problem that has plagued companies for years, and up until now there has not been a solution that can seamlessly and securely integrate into existing platforms,” said Arvind Purushotham, Managing Director and Global Head of Venture Investing at Citi Ventures. “With their deep cybersecurity expertise, Mickey (Boodaei) and Rakesh (Loonkar) are the obvious leadership team to shepherd large organizations into a world where passwords are no longer barriers.”
“The majority of security breaches start with password-based hacks that leave customers vulnerable, and we believe that Transmit Security is part of the solution to this problem,” said Joe DiSabato, a Managing Director in the Growth Equity business at Goldman Sachs. “From our very first meeting with Mickey and Rakesh, we were struck not only by their deep expertise in cybersecurity, but their passion for and focus on developing a technology that is solving for a global business challenge. We are excited to be part of their journey.”
“We are incredibly honored to have globally recognized investment partners like Citi Ventures and Goldman Sachs that not only believe in our mission to rid the world of passwords, but also partners that believe in our leadership. Our approach to passwordless authentication increases security while also making things easier for individuals, who no longer have to authenticate their identity multiple times on different devices or reset forgotten passwords to gain access,” said Transmit Security CEO and Co-Founder Mickey Boodaei. “That means our customers can focus on their core business instead of having to solve security and authentication problems.”
Transmit Security provides the first natively passwordless identity and risk management solution to the world’s largest enterprises. With Transmit Security, organizations can deliver advanced identity solutions that improve the user experience, enhance security, and satisfy compliance requirements at a fraction of the time and cost of traditional identity solutions.
Marketing Technology News: Zoom Announces Planned Innovations to Ignite the Next Era of Communications