SAP Ventures, the corporate venturing unit of Germany-based software company SAP, has reinvested in the latest $21m round for US-based cloud identity security company Ping Identity.
The other investors were financial services firm Silicon Valley Bank and venture capital firms Triangle Peak Partners, Appian Ventures, Draper Fisher Jurvetson, General Catalyst Partners, and Volition Capital (formerly known as Fidelity Ventures).
Andre Durand, chief executive of Ping, said: "We’ve experienced significant growth without touching our last round of financing. Now it’s time to put those funds and our new financing to work as the market expands."
David Hartwig, a partner at SAP Ventures, by email said: "Ping runs a very tight ship but there’s been no shortage of market pull and we are accelerating growth, while continuing to invest in fundamental technology."
Ping previously raised $13m in its series C round in October 2006, $7.5m in May 2005 and it’s A round in April 2004 at $5.8m.