![]() It also claims more than 80 percent of all data breaches and are the result of the majority of all account takeovers. Additionally 87.5 percent have found themselves locked out of an online account after too many failed login attempts and 92 percent will leave a website instead of recovering or resetting their login credentials. ![]() The company’s own research shows that 55 percent of consumers have stopped using a website because the login process was too complex. It says its mission is to “rid the world of passwords using passwordless authentication.” Transmit Security will use the funding to increase the company’s reach and expand its primary business functions, investing in key global areas in order to grow the organisation. The funding round was led by Insight Partners and General Atlantic, with additional investment from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures. Until now, the company has been bootstrapped, funded by the founders’ own money. By implementing these solutions organizations are able to improve the user experience, enhance security and satisfy compliance requirements at a fraction of the cost of traditional identity solutions.The funding bringing the company’s pre-money valuation to $2.2 billion. Through our innovative technology and the trust of all of our investors, we will continue to effectively end the password era and usher in a new wave of secure, frictionless identity experiences across all industries and platforms around the globe. and many financial organizations and online service providers throughout Europe, Asia and Latin America. Our customers include six of the seven largest financial institutions in the U.S., two of the largest merchants in the U.S. We are excited to be part of their journey.” “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. “Many of today’s 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. “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.”Īs pioneers in our industry, we are proud to lead the market with our identity experience solutions that create seamless customer experiences across all channels, apps and browsers. “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. ![]() Our passwordless solution enables our customers to focus on their core business instead of having to solve security and authentication problems. Our unique approach to passwordless authentication increases security while also making things easier for users, who no longer have to authenticate their identity multiple times on different devices or reset forgotten passwords to gain access to their accounts. “We are incredibly honored to have globally recognized investment partners such as Citi Ventures and Goldman Sachs that not only believe in our mission to rid the world of passwords but also believe in our leadership.” ![]() Mickey Boodaei, Transmit Security Co-Founder and CEO shared his thoughts on our two newest investors: Building on the exciting news of our record-breaking Series A financing, we are proud to announce that Citi Ventures and Goldman Sachs have joined as additional investors in our $543M round of funding.
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