Ping Identity, a company that creates secure, cloud based sign-in platform for enterprise 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 Ventures and Volition Capital. This brings the company’s total funding to $34 million.
Ping’s PingFederate allows employees, consumers, customers or partners access to multiple cloud resources using a single username and password. PingConnect eliminates passwords for virtually every major SaaS application including Salesforce, Google Apps, Concur, SuccessFactors, Workday and many more and lets companies manage user identities via single sign-on that works across all of these applications.
Founded in 2002, Ping Identity has more than 600 customers including 40 of the Fortune 100 and 150-plus SaaS partners already use Ping Identity’s cloud identity management products.
The new investment will be used towards product development, and sales and marketing efforts.
Not only is the online identity market a billion dollar business, but its set to become a federal issue if the U.S. government pursues its strategy of a “trusted-identity ecosystem.” It should be interesting to see if Ping Identity (and its competitors like Okta) play a part in this potential initiative.