Ping Identity is creating a new venture capital fund to help drive innovation in the identity space. The newly launched Ping Ventures will operate under the direction of Anton Papp, Ping’s Head of Corporate Development, and will be entrusted with $50 million to invest in start-ups with strong growth potential.
In addition to funding, start-ups that receive Ping Ventures backing will have access to the products in Ping’s broader technology portfolio. Ping, meanwhile, will be able to integrate solutions that are developed through the investment program into its own identity offerings. The company will also provide start-ups with expertise to help guide their development efforts.
According to Ping, the new venture fund will focus primarily on start-ups that are active in the identity and Access Management market. That includes companies that are trying to prevent digital fraud, as well as companies that are engaged in identity verification and decentralized identity projects. However, the list is not exhaustive, so Ping could back another kind of company if it believes that its technology will prove useful somewhere down the line.
In the meantime, Ping Ventures has already announced that Allthenticate will be the recipient of its first investment. The two parties are yet to disclose the size of that investment, though Allthenticate itself is best known as a mobile access control specialist.
“Our mission has always been to deliver innovative products that address continuously evolving security risks and business needs,” said Ping Identity Founder and CEO Andre Durand. “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 is ultimately hoping that the venture program will lead to the creation of new solutions that can be used to strengthen the broader Ping portfolio. The company’s product line currently includes the no-code PingOne DaVinci solution for identity management, the PingOne Verify solution for identity verification, and the PingFederate solution for risk analysis and fraud prevention.
(Originally posted on FindBiometrics)