Ping Identity grabs $21M for cloud identity security

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Ping Identity, a cloud-security company, said Tuesday it secured a second round of funding of $21 million. The funding will be used for product development and increased sales efforts.

Ping offers several tools to secure a company’s identity in the cloud, including PingFederate, software that allows employees and customers to access a number of online applications with a single, secure username and password. It also offers PingConnect, an online version that can integrate with popular enterprise tools like Salesforce.com. The company says the single login can increase productivity and lower help-desk and administrative costs.

Several other companies are trying to offer secure enterprise identities in the cloud, including Okta, a cloud application management tool, which received funding from well-known cloud pioneer Ben Horowitz, co-founder of venture fund Andreessen Horowitz.

The Denver, Colorado-based company, founded in 2002, previously raised a first round of funding for $13 million. Investors for this round included Triangle Peak Partners, Silicon Valley Bank and existing investors Appian Ventures, Draper Fisher Jurvetson, General Catalyst Partners, SAP Ventures and Volition Capital.


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