Total amount raised
$583 Millions
Latest funding date
Location
Transmit Security has successfully raised significant funding in its Series A round, attracting notable investors such as Insight Partners and Artisanal Ventures. The company offers a comprehensive CIAM platform that includes services like authentication, authorization, fraud protection, and embedded orchestration.
Keep reading to explore the intricacies of Transmit Security's fundraising journey and the investors backing this innovative platform.
What Is Transmit Security?
Transmit Security, founded in 2014, is based in Boston, Massachusetts. The company was established by Mickey Boodaei and Rakesh K. Loonkar.
Specializing in customer identity and access management (CIAM), Transmit Security offers a unified platform called "Identity Fusion" that integrates identity management, fraud prevention, and identity verification.
With a workforce of 251-500 employees, Transmit Security serves some of the world's largest banks, insurers, and retailers, enhancing their security and customer experience.
How Much Funding Has Transmit Security Raised?
- Funding Round: Series A
- Amount Raised: $543M
- Date: June 2021
- Lead Investors: Insight Partners, General Atlantic
- Valuation at Round: $2.3 billion
- Motivation Behind the Round: To accelerate the mission of eliminating passwords and expand the company's reach globally.
- Funding Round: Funding Round
- Amount Raised: $40M
- Date: January 2017
- Lead Investors: Mickey Boodaei, Rakesh K. Loonkar
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely aimed at expanding their CIAM platform and enhancing product offerings.
Total Amount Raised: $583M. Current Valuation: $2.3 billion.
Key Investors
- General Atlantic
- Details: General Atlantic is a global growth equity firm. They focus on providing capital and strategic support to growth companies.
- Investment Focus Areas: Technology, Consumer, Financial Services, Healthcare
- Notable Investments: Airbnb, Alibaba, Uber
- Insight Partners
- Details: Insight Partners is a global private equity and venture capital firm. They specialize in high-growth technology and software ScaleUp companies.
- Investment Focus Areas: Software, Internet, Data Services
- Notable Investments: Twitter, Shopify, DocuSign
- Cyberstarts
- Details: Cyberstarts is a venture capital firm focused on cybersecurity startups. They provide early-stage funding to innovative cybersecurity companies.
- Investment Focus Areas: Cybersecurity
- Notable Investments: Wiz, Fireblocks, Armis
- Geodesic
- Details: Geodesic is a venture capital firm. They invest in technology and innovation sectors.
- Investment Focus Areas: Technology, Innovation
- Notable Investments: Information not provided
- SYN Ventures
- Details: SYN Ventures is a venture capital firm. They focus on cybersecurity and related technologies.
- Investment Focus Areas: Cybersecurity, Related Technologies
- Notable Investments: Information not provided
What's Next for Transmit Security?
Transmit Security stands at the cusp of a significant opportunity to revolutionize the authentication landscape. With a mission to eliminate passwords, the company is poised to expand its biometric-based solutions globally, targeting industries like retail, banking, and telecommunications. The potential to reduce account resets by 96% and cut customer authentication times from one minute to two seconds highlights the vast market potential.
Future fundraising efforts could be driven by the need to scale operations and enhance product offerings. The substantial Series A funding and high valuation suggest that additional rounds may be on the horizon, aimed at further technological advancements and market expansion. However, the company will need to navigate challenges such as competition from tech giants like Microsoft and Apple, and ensure the security and reliability of their solutions.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Transmit Security and gather other critical business insights.
Sign up for free and start exploring the wealth of information available at Clay.
