Two new funds – one for digital ID access management, one for trust tech
Fifty million is the biometrics funding number of the day.
In the United States, Ping Ventures, a new corporate venture fund raised by cloud-based security firm Ping Identity, says it has $50 million to invest in early-stage companies in ID access management and identity-focused security products.
Ping executives say they have no taste for leading rounds and foresees participating in follow-on placements. They are comfortable staying within seed to series-B deals generally in North America, Europe, the Middle East and Asia.
It almost goes without saying that Ping Venture will use fund to birddog companies playing with technology that is complimentary to Ping Identity products.
Executives will be picking opportunities in decentralized and machine ID, real-time digital ID verification, fraud and risk and dynamic authorization.
Allthenticate was the first opportunity signed, earlier this week. The company is a passwordless digital ID authentication startup, and it got $3.1 million from Ping, Amplify and Silverton Partners, a venture fund that led the seed round.
At the same time, the European Union’s European Investment Bank and corporate VC Giesecke+Devrient Ventures (a funding arm of vendor G+D) have created a fund, this one focused on European startups working in trust technology.
The fund is €50 million ($53 million), funded equally and dedicated to companies working on digital identity management, secure authentication, privacy protection and security, according to trade publication Tech.eu.
They are looking for 12 to 15 equity plans in small to medium-sized businesses.