![]() 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. 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. Every CISO and fraud prevention executive should seek to give product teams these important capabilities.”, Routh conrinued.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. ![]() “This combination gives product teams a very powerful arsenal to tackle fraud while giving their customers a seamless experience. “Transmit Security is doing something no one else has: they’re providing best-in-class passwordless authentication, fraud detection, identity verification and orchestration in a cohesive developer-friendly platform,” said Jim Routh, former Fortune 500 CISO. “Our experience in securing and supporting mission-critical, customer-facing services for many of the most demanding enterprises guided us to delivering the next generation of CIAM software.”, said Loonkar. “Since we launched the industry’s first omnichannel identity orchestration product in 2016, we have consistently enhanced our capabilities and grown our customer base to support more than $2 trillion in annual commerce,” said Rakesh Loonkar, co-founder and President of Transmit Security. Embedded orchestration to provide end-to-end integration and automation across the spectrum of identity security and risk management controls.Digital identity fraud protection to detect and stop account takeover and other risks, verify identities during registration and account recovery, and reduce the dependency on time-consuming step-ups that frustrate users. ![]()
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