Companies that provide security solutions for organizations with a digital presence are hot commodities in the tech industry at the moment. You don't have to look far to find a security breach that is responsible for millions of dollars in losses to companies across a wide range of industries. The latest incident, which by many accounts is the largest data breach in history, is that of Home Depot and the 56 million credit card numbers that were stolen from its stores in Canada and the United States.
With so many attacks taking place, established security companies are being acquired or are receiving considerable investments now more than ever. Ping Identity, an independent provider of next generation identity security solutions, announced it has received an additional round of funding of $35 million, which brings its total to $110 million.
This new round of funding was led by new investor KKR with participation from Ten Eleven Ventures, a new fund founded by security entrepreneur Alex Doll, as well as existing investors Draper Fisher Jurvetson, General Catalyst Partners, SAP (News - Alert) Ventures, W Capital Partners, Volition Capital, Triangle Peak Partners and Appian Ventures.
The company said the investment will be used to drive product development and global market expansion as it continues to provide identity security in the post-password era. Ping said even though close to $50 billion is invested in IT security products annually, companies are still losing $200 billion in password related losses annually. The company believes legacy IT security and identity access management methodologies are failing the current digital ecosystem.
With the average consumer having 40 accounts in which passwords are required, identity is emerging as a critical issue for the new IT stack designed to solve the security challenge of today.
Ping provides identity and access management solutions for different ecosystems including:
“Identity security is hot, and it is a market in the midst of a massive technology shift that will reshape the entire industry,” stated Andre Durand, founder and CEO, Ping Identity. “This funding is further recognition that Ping Identity has built the largest independent identity company, and we are positioned to extend that growth as an enduring, independent company. We’re excited to have the backing from KKR and our other incredible investors as we execute on Ping’s mission to secure and protect online identity.”
Ping Identity has more than 1,200 customers worldwide, including half of the Fortune 100.