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InBay Technologies picks up funding

Ottawa, Ontario-based inBay Technologies, a maker of “passwordless” authentication solutions, has raised over C$1 million in funding. Ramphastos Investments and an Ottawa-based super angel represented by Tongda One Partners Ltd led the round.



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 for more information about the company.

About Ramphastos Investments
Founded in 1994, Ramphastos Investments is the investment company of Marcel Boekhoorn, a well known Dutch private equity investor and entrepreneur, which currently holds (primarily majority) interests in over 30 companies in various sectors. Marcel Boekhoorn has led several companies – mainly operating in niche markets – into growth, expansion and market leadership, by pursuing a buy-and-build strategy as well as attracting new customers, business partners and the strongest management teams. Ramphastos not only actively supports portfolio companies by assisting them in the definition of their strategies, but also plays a key role in helping them achieve their business objectives. In addition to many private equity successes, Mr. Boekhoorn and his team have also realized a strong track record in venture capital and entrepreneurial investments, having successfully started several greenfield businesses. Visit for more information about the company.

About Tongda One Partners Ltd.
Founded in 2017 by James Nguyen, one of the founding partners, Tongda One Partners Ltd. (“TOP”) is a fast-growing Ottawa based advisory firm focused on international and domestic private equity, merger and acquisition opportunities. TOP’s clients consist of family offices and large private equity funds from around the world looking to diversify their investments by investing in Canada. TOP also helps existing Canadian companies go global, specializing in markets such as China and Vietnam. Visit for more information about the company.