“I am honored to be recognized by Goldman Sachs. Previously, Rakesh founded OneSecure (acquired by Juniper Networks) and co-founded Trusteer (acquired by IBM). As an active voice, pioneer and mentor in the cyber industry, Rakesh has personally invested in many promising cybersecurity startups, which have evolved into industry leaders such as Palo Alto Networks, Trusteer and ZScaler. Rakesh is the President and Co-Founder of Transmit Security where he leads and inspires the sales team, services, support and pre-sales engineering. Goldman Sachs selected Loonkar as one of 100 entrepreneurs from multiple industries to be honored at the two-day event. She's a doctor, and doesn't care about this stuff.BOSTON-( BUSINESS WIRE)- Transmit Security, the Identity Experience™ company, today announced that Goldman Sachs (NYSE:GS) has recognized President and Co-Founder Rakesh Loonkar as one of the 100 Most Intriguing Entrepreneurs of 2021 at its Builders + Innovators Summit in Healdsburg, California.
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Loonkar said the half-billion Series A round is "a tremendous responsibility" and "a wonderful validation for employees." But his wife kept it real for him at home. The cofounders say they will use the funding to grow the 200-person company "much, much faster," and that an initial public offering is probable, but not this year. They invested a combined $40 million of that money into Transmit Security – so in their case the term "bootstrapped" references some very big boots. Boodaei and cofounder Rakesh Loonkar previously founded Trusteer, a fraud-protection startup acquired in 2013 by IBM for an estimated $1 billion. Transmit's founders also have impressive experience. The Global identity and access management market is estimated at $15 billion and is projected to reach $30 billion by 2027, according to Verified Market Research. The large rounds reflect a quickly expanding market. Beyond Identity, a password-busting startup founded by tech veterans Jim Clark and Tom Jermoluk, raised a $30 million Series A round in the spring of 2020 (that qualified as a large A round before Transmit raised the curve), then added a $75 million B round in December. BioCatch, another Israeli identity-security startup, raised a $145 million Series C round last year, then added to it six months later. Transmit's $525 million round follows other large early rounds in the sector. Gatto said Insight, which led the deal along with General Atlantic, has looked at a thousand cybersecurity startups.
"They could have raised $100 million in seed money when they launched in 2014," Matt Gatto, managing director at Insight Partners told Insider. Investors say Transmit's success with big companies makes the startup a game-changer. "We focused on large enterprises and made sure we were building an enterprise-grade solution from day one," CEO and cofounder Mickey Boodaei told Insider. Seven years, to be precise – lining up customers like MassMutual, UBS, and HSBC. Transmit, with offices in Tel Aviv and Boston, is the proverbial overnight success that has been hard at work for years.
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Users can verify their identity in a number of ways, don't need passwords, and don't have to download a new app, the company says. Transmit uses that fragmentation as an advantage, combining facial recognition, fingerprint authentication, and QR codes into what the company says is an easy, passwordless approach. The company says it is "the largest Series A funding round in cybersecurity history." And investors – led by Insight Partners and General Atlantic with participation from Cyberstarts, Geodesic, SYN Ventures, Vintage, and Artisanal Ventures – are betting on Transmit to be a breakthrough company in a hot sector.įor years passwords have been a security and user experience liability, but a variety of alternatives have failed to put forward one clear winner. The half-billion dollar funding round constitutes the company's first venture capital funding. Transmit Security, a bootstrapped startup that verifies people's identities online, is announcing its first funding round on Tuesday: A record $543 million Series A round, rocketing its valuation to $2.3 billion.
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