Ping Identity, a company that designs secure, cloud based enterprise password management applications, has raised $21 million in funding from Triangle Peak Partners, Silicon Valley Bank, and existing investors Appian Ventures, Draper Fisher Jurvetson, General Catalyst Partners, SAP (News - Alert) Ventures and Volition Capital, a recent article from TechCruch revealed. Including the newly attained funds, the company’s total funding has now grown to an astounding $34 million.

Formed in 2002, Ping Identity has over 600 customers boasting 40 of the Fortune 100 and 150 SaaS (News - Alert) partners that are currently using Ping Identity’s enterprise password management products.

The article stated that Ping’s PingFederate enterprise password management enables employees, consumers, customers and partners to utilize various cloud resources, through using only one username and password. PingConnect completely takes away the need for passwords for almost every major SaaS application including Salesforce, Google (News - Alert) Apps, Concur, SuccessFactors, Workday. In addition, PingConnect allows companies to fully manage user identities through asingle sign-on that works across all of these applications.

The new investment capital will be used to develop new products, as well as will be put towards sales and marketing efforts.

Another enterprise password management software provider is Thycotic. Thycotic’s Secret Server software allows companies to control access to enterprise passwords in one web-based database. The password management software also gives users with permission access to secure passwords and other privileged information.

Currently, Thycotic is offering a free 30-day, 10-user trial offer. To start managing your passwords safely right now, just click here.