ProofID receives $18.5M investment, plans to expand Ping Identity delivery partnership
ProofID, an identity and access management service provider that integrates Ping Identity’s solution, received a £15 million (approximately $18.5 million) investment from Maven Capital Partners for further growth through IAM partnerships.
ProofID is a noted integrator of Ping Identity’s biometrics and other identity verification technologies, and expanding that partnership is part of the plan for the funding. The IAM provider has been named Ping Identity’s Delivery Partner of the Year for four years running.
The company will also use the investment to accelerate growth by developing partnerships with other IAM vendors. ProofID says this will allow it to offer broader IAM solutions. It also expects to support its acquisition strategy while enabling further investment in sales, marketing, and technical resources.
ProofID has been growing both organically and through acquisitions, according to the announcement, with high levels of recurring revenue.
Tom Eggleston, CEO of ProofID, says, “This investment gives us the platform to add new services and vendor partnerships to our portfolio to better serve our customers. We are excited about the prospect of working with the team at Maven to grow and develop our business over the coming years.”
CrunchBase characterizes the funding as a Venture round.
Ping Identity added Auraya’s voice biometrics in a partnership last year, just as ProofID was implementing strong customer authentication from Ping for Tesco Bank.