Ping Identity (NYSE: PING) has launched Ping Ventures, a new corporate venture capital fund that will fuel innovation in the identity security market.
In addition, Ping Identity is also announcing the fund’s initial investment, Allthenticate, a unified access control and authentication company, that is in the process of closing.
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.”
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, decentralised identity, machine identity, experience automation and dynamic authorisation 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.
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