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Ping Ventures, a new corporate venture capital aimed at fuelling innovation in the identity security market has been launched by Ping Identity, a US enterprise identity solutions provider.
Ping Ventures is set to serve as an in-house corporate venture arm, providing capital and guidance to start-ups building the next generation of identity and access management (IAM) solutions.
According to Andre Durand, CEO and founder of Ping Identity, Ping Ventures will provide businesses access to new innovations to engage their customers and employees in seamless and secure digital experiences.
"Our mission has always been to deliver innovative products that address continuously evolving security risks and business needs.”
"But keeping pace with new threats means we can’t do it all alone," Durand said.
The US$50 million fund will invest in early stage, high-growth technology companies, aimed at expanding support for Ping Identity's product portfolio by delivering integrated, complementary, and add-on technologies and solutions.
The fund will be led by the head of corporate development, Anton Papp. Ping Ventures is also aiming to provide start-ups with use of Ping's hybrid portfolio of products and services, access to business and technical subject matter experts including access to leading industry standards architects in addition to monetary investment.
The technology focus of the Ping Ventures 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.
Ping Ventures is also set to act as a co-investor and strategic partner alongside lead investors looking for innovative start-ups in the identity and access management space and adjacent markets. The fund has made its initial investment in Allthenticate, a unified access control and authentication company, which is in the process of closing.
[Related: Cryptocurrency top ransom attack ‘facilitator and enabler’]
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