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- Transmit Security
Transmit Security Revenue, Valuation, Funding & Investors
Transmit Security is valued at $2.7B as of June 2021, a 27.4x multiple on its last reported $100M revenue.
Last Transmit Security valuation
$2.7B
Series A · Jun 2021
Last Transmit Security funding round
$543M
Series A · Jun 2021
Transmit Security revenue
$100M
Series A · Jun 2021
Key investors in Transmit Security
Insight Partners
General Atlantic
Vintage Investment Partners
Geodesic Capital
Cyberstarts
SYN Ventures
About Transmit Security
Transmit Security is a Boston-headquartered customer identity and access management platform provider. The company delivers fraud prevention, passwordless authentication, and orchestration tools to banks like Barclays, insurers such as Allianz, and retailers including Walmart. Founded in 2018, Transmit Security processes trillions of identity transactions annually across web, mobile, and API channels.
Founded
2014
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$100M (Jun 2021)
Valuation
$2.7B (Jun 2021)
Transmit Security Valuation
Transmit Security is currently valued at $2.7B, based on its Series A in June 2021.
The $543M round was led by General Atlantic and Insight Partners, with participation from Vintage Investment Partners, Artisanal Ventures, Geodesic Capital, Cyberstarts and SYN Ventures.
Transmit Security valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2021 | Series A | $2.7B | 27.4x |
Transmit Security Revenue
Transmit Security's latest recorded revenue is $100M, as of its Series A in June 2021. At a $2.7B valuation, that implies a 27.4x revenue multiple.
Transmit Security revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2021 | $100M | $2.7B | 27.4x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Transmit Security Funding History
Transmit Security has raised a total of $583M across 2 funding rounds.
Transmit Security's first fundraising round was a $40M undisclosed-stage round in January 2017. The most recent completed round was a $543M Series A in June 2021.
Transmit Security funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Series A | General Atlantic (lead); Insight Partners (lead); Vintage Investment Partners; Artisanal Ventures; Geodesic Capital; Cyberstarts; SYN Ventures | $543M | $2.7B | Transmit Security, an Israeli cybersecurity startup founded in 2014 by Mickey Boodaei and Rakesh Loonkar, develops identity experience solutions including app-less biometric authentication and passwordless experiences to reduce identity attrition for enterprises. The company, previously bootstrapped, raised $543 million in a record-breaking Series A funding round on June 22, 2021, led by Insight Partners and General Atlantic, with participation from Cyberstarts, Geodesic Capital, SYN Ventures, Vintage Investment Partners, and Artisanal Ventures. This round valued the company at a pre-money valuation of $2.2 billion, marking one of the largest Series A financings in cybersecurity history and among the highest for a bootstrapped firm. The funding came after Transmit Security had grown to employ around 100 people across offices in Tel Aviv, Boston, London, Berlin, Tokyo, Hong Kong, Madrid, Sao Paulo, and Mexico City. The capital was earmarked to expand global reach, scale operations, and accelerate the mission to create a passwordless world by enhancing identity orchestration and authentication for major enterprises. Investors highlighted the company's innovative technology, leadership, and traction with large customers in identity management. Additional investors Citi Ventures and Goldman Sachs Asset Management joined later in the round, further validating the company's position. Transmit Security continued to gain recognition post-round, including Deloitte's Fast 500 in 2020 and later accolades from Gartner and KuppingerCole in access management and fraud prevention. |
| Jan 2017 | Undisclosed stage | Mickey Boodaei (lead); Rakesh K. Loonkar (lead) | $40M | - | Transmit Security, founded in 2014 by Mickey Boodaei and Rakesh Loonkar, is a Tel Aviv and Boston-based identity and access management company focused on passwordless authentication solutions like BindID, FlexID, and WorkID to combat fraud and improve user experiences for financial institutions such as Citibank, UBS, Santander, JPMorgan Chase, MassMutual, and TIAA. The company emerged from stealth in January 2017 with $40 million of self-financing, described as bootstrapped funding likely involving founders Boodaei and Loonkar, marking its initial capital without external institutional investors at that time. Transmit Security operated bootstrapped for several years post-2017, growing to around 200-240 employees and serving dozens of large brands by 2021. Solution providers accounted for 40% of sales, with a focus on North American financial services. The company did not raise outside funding until its record $543 million Series A in June 2021, led by Insight Partners and General Atlantic, with participation from Cyberstarts, Geodesic, SYN Ventures, Vintage, Artisanal Ventures, Citi Ventures, and GS Growth, achieving a pre-money valuation of $2.2-2.3 billion (post-money approximately $2.743-2.843 billion). The identity management market, estimated at $60 billion by 2021, positioned Transmit Security as a key player in cybersecurity, particularly against password-related vulnerabilities. Post-2021 funding supported headcount doubling, international expansion, channel growth, product enhancements, and Gen-AI innovations for fraud prevention. |
Who has invested in Transmit Security?
9 investors have backed Transmit Security across its funding rounds, including Insight Partners, General Atlantic, Vintage Investment Partners, Geodesic Capital, Cyberstarts and SYN Ventures.
Lead investors include General Atlantic, Insight Partners, Mickey Boodaei and Rakesh K. Loonkar.
Transmit Security Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jan 2017 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Lead | Jan 2017 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialTransmit Security Competitors
Transmit Security competitors include listed companies like Mitek Systems and Intapp, and private ones like Thought Machine, Feedzai, Backbase and Claroty.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $180M | $37M | $781M | 3.7x | ||
| Private | $63M | - | $2.7B | 42.9x | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $578M | ($16M) | $2.8B | 4.5x | ||
| Private | $230M | - | $2.6B | 11.4x | ||
| Private | $200M | - | $3B | 15.0x |
Transmit Security Public Comps
Transmit Security is still privately-owned, but its public comps include QiAnXin, Intapp, NetScout Systems, AvePoint, Cellebrite, Venustech Group, Tieto, AJ Bell, Servyou Software Group and Ncino.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $655M | ($147M) | 4.6x | 4.5x | (20.4x) | (41.4x) | |||
| $578M | ($16M) | 4.6x | 4.5x | (164.3x) | 20.9x | |||
| $859M | $163M | 2.6x | 2.6x | 13.9x | 9.5x | |||
| $419M | $42M | 5.9x | 5.1x | 58.4x | 27.4x | |||
| $476M | $79M | 5.4x | 4.8x | 32.3x | 17.3x | |||
| $349M | ($60M) | 6.6x | 6.0x | (38.4x) | (176057.4x) | |||
| $2.1B | $186M | 1.3x | 1.4x | 15.2x | 7.9x | |||
| $427M | $180M | 6.8x | 5.8x | 16.1x | 13.6x | |||
This data is available for Pro users. Sign up to see all Transmit Security competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Transmit Security
| When was Transmit Security founded? | Transmit Security was founded in 2014. |
| Where is Transmit Security headquartered? | Transmit Security is headquartered in Boston, MA, United States. |
| Is Transmit Security publicly listed? | No, Transmit Security is a private, VC-backed company. |
| What is Transmit Security's valuation? | Transmit Security was last valued at $2.7B in its Series A in June 2021. |
| How much funding has Transmit Security raised? | Transmit Security has raised $583M across 2 funding rounds. |
| What was Transmit Security's last funding round? | Transmit Security's last funding round was a $543M Series A in June 2021, led by General Atlantic and Insight Partners. |
| Who are Transmit Security's investors? | Transmit Security's investors include Mickey Boodaei, Vintage Investment Partners, Artisanal Ventures, Geodesic Capital, Cyberstarts, General Atlantic, Rakesh K. Loonkar, Insight Partners and SYN Ventures. |
| What is Transmit Security's revenue? | Transmit Security's latest recorded revenue is $100M (June 2021). |
| What is Transmit Security's revenue multiple? | Transmit Security's latest valuation implies a 27.4x revenue multiple ($2.7B valuation on $100M of revenue). |
| Which companies are comparable to Transmit Security? | Companies comparable to Transmit Security include Mitek Systems, Thought Machine, Feedzai, Intapp, Backbase and Claroty. |
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