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Transmit Security raises $543M Series A to kill off the password

The Boston-based passwordless security startup said it has a pre-money valuation of $2.2 billion.

  • Posted on 31st Aug, 2021 08:54 AM
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Transmit Security raises $543M Series A to kill off the password Image

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.

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. 

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.

Ultimately, however, the funding round will help the company to accelerate its mission to help the world go passwordless. 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. 

Transmit Security raises $543M Series A to kill off the password View Story