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Security startup Ping Identity Corp. has clinched $8.5 million in Series B funding to advance its position as a specialist in identity management software.
The round adds SAP Ventures to Ping's existing backers, Draper Fisher Jurvetson, General Catalyst Partners, and Fidelity Ventures.
The startup got $5.8 million in Series A financing in April 2004, as well as an undisclosed sum of seed financing shortly after its launch in January 2002.
Ping's software product, PingFederate, enables single sign-on, removing the need for end-users to re-key passwords and user names as they move across an organizations systems. It supports the Security Assertion Markup Language (SAML), an emerging standard that lets users employ a single log-on for related, but separate, Websites.
Other vendors in identity management support single sign-on and SAML, including Trustgenix Inc. and RSA Security Inc. (Nasdaq: RSAS). Startup Trustgenix has signed an OEM agreement with Hewlett-Packard Co. (NYSE: HPQ). (See HP Signs Up Security Startup and HP OEMs Trustgenix Techology.)
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