Ottawa, Ontario (PRWEB)
September 20, 2017
inBay Technologies, developers of ‘passwordless’ authentication solutions, today announced the company has secured $1+ million of financing from European-based Ramphastos Investments, co-leading with an Ottawa-based super angel represented by Tongda One Partners Ltd.
“I’m thrilled to announce the close of this financing round with our new investors,” said Shane Young, President & CEO of inBay Technologies. “This important milestone will help inBay accelerate our commercialization of our idQ® Trust as a Service digital identity platform and deliver new value to enterprise customers with the first and only digital identity that cannot be compromised.”
Ramphastos Investments is a $1 billion private equity firm led by entrepreneur-investor, Marcel Boekhoorn. “We’re very impressed by the technology and authentication solutions that the team at inBay Technologies have delivered to date,” said Corné Melissen, Partner, Ramphastos Investments. “We believe that this investment will amplify the potential for inBay to address untapped market needs for digital identity and authentication.”
“Choosing to invest into inBay Technologies was a no brainer,” said James Nguyen, Partner, Tongda One Partners Ltd. “The company has traction, proven technology, an impressive patent portfolio, talent, and the ability to raise capital. More importantly, the market needs their technology and no one else owns this technology. Along with our co-lead investors at Ramphastos Investments and our Ottawa-based angel investors, we believe that we have the full ability to help inBay Technologies to become the undisputed leader in the digital identity and authentication space with their idQ® Trust as a Service digital identity platform.”
About inBay Technologies
inBay Technologies Inc. delivers an easy to use, safe and secure access to enterprise services and applications. The company’s idQ® Trust as a Service (TaaS) is a unique and innovative SaaS that eliminates the need for user names and passwords. The idQ® TaaS is a highly reliable and scalable mutual identity assurance platform. It enables companies of all types and sizes to employ leading edge multi-level, multi-factor ‘passwordless’ authentication and delegated authorization solution. Visit http://www.inbaytech.com for more…