Historic cybersecurity Series A focuses on ridding the world of passwords

Transmit Security, the Identity Experience™ company, today 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.

“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.

About Citi Ventures

Citi Ventures harnesses the power of Citi to help people, businesses and communities thrive in a world of technological change. Headquartered in San Francisco with offices in New York, London, Palo Alto, Tel Aviv and Singapore, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients, and the innovation ecosystem. The team focuses in six key areas: Financial Services & Technology, Commerce & Payments, Data Analytics & Machine Intelligence, Security & Enterprise IT, Marketing & Customer Experience, and Property Technology. Citi Ventures accelerates its portfolio companies’ ability to scale through collaboration with Citi’s global businesses and industry experts.

About Goldman Sachs Asset Management Growth Equity

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of March 31, 2021. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Goldman Sachs Asset Management invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate and infrastructure. Since 2003 the Growth Equity business within Goldman Sachs Asset Management comprising more than 75 individuals has invested over $13 billion in companies led by visionary founders and CEOs. We focus exclusively on investments in growth stage and technology-driven companies spanning multiple industries, including enterprise technology, financial technology, consumer and healthcare. Follow us on LinkedIn.

About Transmit Security

Transmit Security is on a mission to transform the identity experience market by ushering in a new era of passwordless authentication. From onboarding to authentication to smart authorization for both customers and workforce across every channel, our technology reduces all forms of identity attrition and saves enterprises substantial costs. Around the world, large enterprises are standardizing on Transmit Security to introduce innovative digital identity journeys. Customers include six of the seven largest financial institutions in the U.S, two of the largest merchants in the U.S., and many financial organizations, merchants and online service providers in Europe, Asia and Latin America.

For more information, please visit www.transmitsecurity.com. Follow us on LinkedIn https://www.linkedin.com/company/transmit-security and Twitter @transmitsec.

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