OpenView Venture Partners provided $12.5 million in Series B financing to UnboundID, a platform provider for identity services. The financing will help the company expand its marketing and continue product development.
UnboundID, a leading platform provider for identity services, today announced that it has secured $12.5 million in series B funding from OpenView Venture Partners. The funds will be used to expand market penetration into new geographies and vertical markets, and to develop new products to meet existing and future customer needs. UnboundID plans to accelerate product development for its identity services platform, which enables companies to dynamically manage, protect, and share real-time customer data across cloud, mobile, and social applications.
“We are excited to partner with the team at UnboundID and to make our first investment out of our third fund,” said OpenView Managing Director Adam Marcus. “The company is already solving the big data problem facing many of the world’s largest consumer brands and cloud vendors. Their platform enables marketers to get a single view of their customers at every touch point, which we believe will be mission critical going forward.”
The explosive growth of cloud, social, and mobile computing has forced a dramatic shift toward simplifying how user information is managed, secured, and exposed. UnboundID has successfully taken advantage of this trend to help its customers tap into the new revenue streams being created by today’s identity services-driven economy.
“We’ve set clear and challenging goals for the next two years, and OpenView’s support will help us achieve them,” said UnboundID CEO Steve Shoaff. “We know where the opportunities are, we have the technology and professional expertise to hit the market sweet spots, and we now have the additional resources to make it happen in short order. We want to thank OpenView for putting their trust in us, and we look forward to another successful year.”
Identity information is a major contributing force behind big data, which will become a key driver of competition fostering productivity growth, innovation, and consumer surplus. UnboundID is an established leader in providing the technology to handle the tremendous growth in identity data.
In February, at Mobile World Congress in Barcelona, Spain, UnboundID unveiled its platform development and marketing strategy for enabling the proliferation and management of identity services to facilitate the open and secure, real-time exchange of identity data. Unlike traditional identity management solutions, which may increase efficiency and productivity but are still relegated as cost centers, UnboundID’s identity services platform enables companies to maximize average revenue per customer. Like currency, identity data is traded by individuals for information and services, and traded among companies who use it to increase the value of their offerings. For more information on how the currency of identity data will drive business value, see UnboundID’s new white paper, “Prospering in the Identity Economy.”
OpenView Venture Partners announced its third fund of $200 million March 21. The Boston-based venture capital firm invests in high-growth software, Internet, and technology-enabled companies.
About OpenView Venture Partners
OpenView Venture Partners (www.openviewpartners.com) is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly optimize their product, go-to-market, and organizational and operational functions. Founded in 2006, the firm invests globally and has approximately $445 million in total capital under management.
About UnboundID Corp.
UnboundID is a leading platform provider for identity services, enabling companies to dynamically manage, protect, and share customer data in real-time across cloud, mobile and social applications. UnboundID solutions help companies increase average revenue per customer while significantly lowering their costs for service and application delivery. UnboundID is a privately held company based in Austin, Texas and is funded by Silverton Partners and OpenView Venture Partners. For more information, visit www.unboundID.com.
UnboundID is a registered trademark of UnboundID Corp. All other company and product names mentioned are used only for identification and may be trademarks or registered trademarks of their respective companies.