Deal Flow

Transmit Vault launches new product to protect, secure data transmissions

With the launch of its beta version, the startup firm is now in conversations with a number of large companies who have expressed interest in the product

Photo by Richard Asinof

The corporate team at Transmit Vault: from left, Victor Kalimuthu, executive vice president; Chris Izzo, chief design officer; and Alan Roseman, executive vice president.

By Richard Asinof
Posted 3/25/19
A new company, Transmit Vault, is launching a new, cutting-edge data security product, to protect and secure data transmissions, no matter what the size. The company is being led by a trio of data specialists, who have decades of experience and know-how.
Will Transmit Vault and its new data security product help to solve the vexing problem of interoperability between health IT data systems? How will the new product empower consumers as well as companies to protect themselves from unauthorized access to sensitive files and hackers? Is there a need to place greater value on the older, more experienced members of the innovation ecosystem in Rhode Island? What are the opportunities for Rhode Island to recruit Transmit Vault to relocate its corporate headquarters to the Ocean State? How does the business model pursued by Transmit Vault challenge the current thinking about venture investment strategies?
As the Raimondo administration moves ahead with its contract renewal with Deloitte for its software design of the Unified Health Infrastructure Project, the larger question about the value of such technology systems remains unanswered. A recent investigation by Kaiser Health News and Fortune Magazine, entitled, “Death by 1,000 Clicks: Where Electronic Health Records Went Wrong,” provides a comprehensive look at the downside of health IT.
As much as Gov. Raimondo pointed to new contract metrics to evaluate the performance of Deloitte, or even the patronizing comment by R.I. Department of Human Services Director Courtney Hawkins that she would be writing a book, when asked about the need to do a transparent case study of what went wrong, there still remains no measure to hold Deloitte – or, for that matter, Raimondo and her team – accountable for the damage done to Rhode Island’s most vulnerable residents.
Apologizing again and again just doesn’t cut it.

REHOBOTH, Mass. – Imagine that you have been invited to a soft launch party, where a new startup firm, Transmit Vault, is preparing to give birth to its new product in the marketplace, one which allows customers at all levels of commerce to transmit data in total security and absolute protection, no matter what the file size, locking up the transmission so that it cannot be hacked, stolen, or retrieved by someone who should not have access.

Transmit Vault says it can offer the data protection to all kinds of electronic data transmissions; the long list includes: medical records, blueprints, closing docs, video files, legal pleadings, copyright material, a child’s IEP, movie scripts, patient charts, X-Rays, tax documents, accounting records, 3-D images, CAT scans, and insurance records, among others.

The new system has been built with all the necessary stamps of certified approvals, including: HIPAA; SOX; SOC 2, Type 2; AES 256; and GDPR.

The new data security product has been built not by recent college grads seeking to enter the ranks of young entrepreneurs but rather by a team of middle-age data and coding specialists who have decades’ worth of combined experience in developing and servicing similar products.

That was the privilege granted to ConvergenceRI last week, to be shown the new product in great detail, meeting the three principals of the new firm, Alan Roseman, executive vice president, Chris Izzo, chief design officer, and Victor Kalimuthu, executive vice president. They all were wearing long-sleeved, button-down shirts with the Transmit Vault logo embroidered on them.

When ConvergenceRI asked: “Is today the official launch day?” Roseman responded: “Today is the official show-it-to-you day,” before we sent out the press release.

The next level, much larger beta test is scheduled to occur the week of March 25, so this story is truly what can be called “breaking news.”

While the corporate headquarters are listed as being in Watertown, Mass., the unofficial headquarters are in Roseman’s home in Rehoboth, a short distance from the Rhode Island line, in a room that features a large whiteboard and a conference table.

The executive team has developed a YouTube video to try to explain what they do, in a little more than two minutes. [See link below.]

Ramping up
The challenge of the nascent company is to get its new product in front of a number of potential customers, large, mid-sized and small.

“We have had some nice invitations already,” Roseman said, talking about a potential collaborator with a huge market presence. “We’ve been invited to meet with [an unnamed company].” If the company likes the product and acquires the rights to license its use, our firm’s journey, in part, may start and end right there, Roseman explained.

The unnamed company, Roseman continued, if they like the product, can brand it at an enterprise level as their product, with the tagline, “powered by Transmit Vault.”

“I got a call today from someone who was talking about [a major health system],” Roseman said. “I know that they have their own problems internally with files, with size of files that they can send.” Everyone, he added, “has trouble with sending files out of their system.”

The product, which can send encrypted files and then shred them electronically, Roseman explained, should be of great interest to not only to health systems but for all small business, such as doctors, lawyers, accounting firms, dentists, physical therapists, and psychologists. “This is not a tool that they have at their fingertips – yet,” he said.

Being nimble
The new data security product developed by Transmit Vault has been launched in a little more than three months, compared to the much longer time that it would take for a company to develop and launch a similar product.

As a result, the three executives say that they are well-equipped to adapt and to adopt and to pivot as the launch of Transmit Vault gains momentum in the marketplace.

“We’re small enough to pivot,” Izzo said.

“We are very nimble, and we can move in any direction,” Kalimuthu said.

We are tight enough, as a team, to be able to pivot, wherever the market takes us, Izzo added.

“We don’t know what is going to happen,” Roseman said.

“We hope that it will be a wonderful journey,” Kalimuthu said.

Competitive advantage
The experience of the senior corporate team at Transmit Vault provides the firm with a distinct competitive advantage, not only in the speed that they were able to bring the product to market by in how the firm can adapt to a rapidly changing landscape.

In a typical environment, building the code to support the launch of a new product might take on average about a year and half, according to Kalimuthu. “In our case, it took three months.”

The time from idea to product launch, Roseman added, “has been very fast, even by our standards. But we had a big jump, he continued, because of the existing relationships between himself, Kalimuthu and Izzo, who had all worked together.

“We pretty much knew where we wanted to go,” Roseman said. “We didn’t have to get a bunch of money together to pay for all of the coding.”

Instead, Transmit Vault decided to take a novel approach, partnering with a coding company in India. “This gives them a different way to look at doing business,” Roseman said. “They have a good reason to protect the code, to enhance the code, to work on the code, to keep the program fresh and monitor it.”

Roseman continued: “The better our company does, the better they do. We didn’t just buy it and walk away.”

By the way, you’re the only other person who’s been here, besides the coders, Roseman added.

“I’m honored,” ConvergenceRI responded.

Big ideas, small companies
Roseman offered his reflections about the potential growth projections for Transmit Vault and the firms’ trajectory.

“I was thinking, before you arrived, about how sometimes big ideas come from small companies,” he said. “We’ve all done this before for big companies. But we never profited on that work. We just got the money for what we built. We decided to be a little more entrepreneurial on this project.”

With the initial launch of the beta product, Transmit Vault has the capacity to handle 50,000 users, according to Kalimuthu, who said that having to ramp up capacity to handle more users would be a welcome opportunity and easily met.

As part of the launch of the beta product in the next two weeks, in addition to meeting with potential large corporate customers, Transmit Vault has developed what it called an organic growth plan, where users can initially share the platform for free.

In addition to the free plan, there is also envisioned a personal use plan, priced at $10 a month, and then a professional plan, for small to medium businesses.

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