Ping Identity, a security startup that focuses on identity management, plans to announce Thursday a $35 million investment round that brings the company’s total funding to $110 million.
The identity and access management (IAM) space has been heating up this summer with San Francisco-based Okta grabbing $75 million in June, and Austin, Texas-based [company]Sailpoint[/company] taking in an unspecified investment that’s supposedly valued at around several hundred million dollars.
All of these startups operate under the premise that the cloud has made it difficult for companies to keep track of who can access their often-times complex internal networks while keeping damage-causing miscreants out of their systems.
While users can set up multiple accounts and passwords to access all the various pieces of a company’s network, it can be a headache to manage all of those accounts. Ping Identity wants to solve this dilemma by emphasizing a single sign-on process that’s made possible by taking advantage of a user’s smart phone as a method of network authentication, explained CEO Andre Durand.
Users can download the Ping Identity mobile app to their smart phones, which in turn binds those devices to their organizations’ network. Now, every time a person attempts to access a cloud service used by his or hers organization — let’s say Salesforce — the users receive a message notification on their phone that requires them to perform a swiping action so as to authenticate that they are the right person to be accessing that particular service.
“It starts with the fact that we have technology that will bind a user’s phone to an account,” Durand said. “If major elements of a device change, than we strengthen the authentication.”
The Denver-based startup said that half of the Fortune 100 are among its 1,200 customers.
Kohlberg Kravis Roberts drove the funding round along with Ten Eleven Ventures as well as previous investors Draper Fisher Jurvetson, General Catalyst Partners, SAP Ventures, W Capital Partners, Volition Capital, Triangle Peak Partners and Appian Ventures.
Post and thumbnail images courtesy of Shutterstock user 24Novembers.