Ping Ventures $50m to ‘accelerate innovation in identity security’
Victoria Rees
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Ping’s new $50 million fund to expand next generation identity solutions and help customers meet constantly-evolving security challenges
Ping Identity has launched Ping Ventures, a new corporate venture capital fund that aims to fuel innovation in the identity security market.
Ping Identity is also announcing the fund’s initial investment in Allthenticate, a unified access control and authentication company, that is in the process of closing. “We let enterprises combine our best-in-class identity solutions with third-party services they already use to remove passwords, prevent fraud, support Zero Trust, or anything in between,” says Ping’s press statement.
Ping Ventures will serve as an in-house corporate venture arm providing capital and guidance to startups building the next generation of identity and access management (IAM) solutions. The $50 million fund will invest in early stage, high-growth technology companies that will expand support for Ping Identity’s product portfolio by delivering integrated, complementary, and add-on technologies and solutions.
“Our mission has always been to deliver innovative products that address continuously evolving security risks and business needs,” said Andre Durand, CEO and founder of Ping Identity. “But keeping pace with new threats means we can’t do it all alone. Ping Ventures will provide businesses access to new innovations to engage their customers and employees in seamless and secure digital experiences.”
The Allthenticator app currently lets users unlock doors, log in to computers, sign in to websites, and store their SSH (Secure Shell) keys. SSH keys are an access credential that is used in the SSH protocol and they are foundational to modern Infrastructure-as-a-Service platforms such as AWS, Google Cloud, and Azure. Allthenticate provides an all-in-one authentication and access-control solution that lets organizations eliminate passwords and key fobs by replacing them with secure credentials stored on their smartphones.
Ping Ventures will act as a co-investor and strategic partner alongside lead investors looking for innovative startups in the Identity and access management space and adjacent markets. The technology focus of the fund will include but won’t be limited to online fraud and risk services, real-time identity verification, identity and data access governance, decentralized identity, machine identity, experience automation, and dynamic authorization and entitlement.
The fund will be led by the Head of Corporate Development, Anton Papp. Alongside a monetary investment, Ping Ventures plans to provide start-ups with use of Ping’s hybrid portfolio of products and services, access to business and technical subject matter experts and access to leading industry standards architects.
Learn more about Ping Ventures here.
About Ping Identity
“At Ping Identity, we believe in making digital experiences both secure and seamless for all users, without compromise. That’s digital freedom. We let enterprises combine our best-in-class identity solutions with third-party services they already use to remove passwords, prevent fraud, support Zero Trust, or anything in between. This can be accomplished through a simple drag-and-drop canvas. That’s why more than half of the Fortune 100 choose Ping Identity to protect digital interactions from their users while making experiences frictionless.” Learn more at www.pingidentity.com.
About Allthenticate
Allthenticate provides an all-in-one authentication and access-control solution that lets organizations eliminate passwords and key fobs by replacing them with secure credentials stored on their smartphones. The Allthenticator app lets users unlock doors, log in to computers, sign in to websites, and store their SSH keys. Its flexible security architecture ensures that this is always done in the easiest and most secure way possible. Similarly, our access control solution augments any physical door in minutes without the need for long cable runs, controller boards, or cluttering your walls. “For more information about how we are freeing the world from its authentication burdens and spreading joy, check us out at www.allthenticate.com.”
