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ForgeRock nabs $93.5M for its ID management platform, gears up next for an IPO

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For better or worse, digital identity management services — the process of identifying and authenticating users on networks to access services — has become a ubiquitous part of interacting on the internet, all the more so in the recent weeks as we have been asked to carry out increasingly more of our lives online.

Used correctly, they help ensure that it’s really you logging into your online banking service; used badly, you feel like you can’t innocently watch something silly on YouTube without being watched yourself. Altogether, they are a huge business: worth $16 billion today according to Gartner but growing at upwards of 30% and potentially as big as $30.5 billion by 2024, according to the latest forecasts.

Now, a company called ForgeRock, which has built a platform that is used to help make sure that those accessing services really are who they say are, and help organizations account for how their services are getting used, is announcing a big round of funding to continue expanding its business amid a huge boost in demand.

The company is today announcing that it has raised $93.5 million in funding, a Series E it will use to continue expanding its product and take it to its next step as a business, specifically investing in R&D, cloud services and its ForgeRock Identity Cloud, and general global business development.

The round is being led by Riverwood Capital, and Accenture Ventures, as well as previous investors Accel, Meritech Capital, Foundation Capital and KKR Growth, also participated.

Fran Rosch, the startup’s CEO, said in an interview that this will likely be its final round of funding ahead of an IPO, although given the current static of affairs with a lot of M&A, there is no timing set for when that might happen. (Notably, the company had said its last round of funding — $88 million in 2017 — would be its final ahead of an IPO, although that was under a different CEO.)

This Series E brings the total raised by the company to $230 million. Rosch confirmed it was raised as a material upround, although he declined to give a valuation. For some context, the company’s last post-money valuation was $646.50 million per PitchBook, and so this round values the company at more than $730 million.

ForgeRock has annual recurring revenues of more than $100 million, with annual revenues also at over $100 million, Rosch said. It operates in an industry heavy with competition, with some of the others vying for pole position in the various aspects of identity management including Okta, LastPass, Duo Serurity and Ping Identity.

But within that list it has amassed some impressive traction. In total it has 1,100 enterprise customers, who in turn collectively manage 2 billion identities through ForgeRock’s platform, with considerably more devices also authenticated and managed on top of that.

Customers include the likes of the BBC — which uses ForgeRock to authenticate and log not just 45 million users but also the devices they use to access its iPlayer on-demand video streaming service — Comcast, a number of major banks, the European Union and several other government organizations. ForgeRock was originally founded in Norway about a decade ago, and while it now has its headquarters in San Francisco, it still has about half its employees and half its customers on the other side of the Atlantic.

Currently ForgeRock provides services to businesses related to identity management including password and username creation, identity governance, directory services, privacy and consent gates, which they in turn provide both to their human customers as well as to devices accessing their services, but we’re in a period of change right now when it comes to identity management. It stays away from direct-to-consumer password management services and Rosch said there are no plans to move into that area.

These days, we’ve become more aware of privacy and data protection. Sometimes, it’s been because of the wrong reasons, such as giant security breaches that have leaked some aspect of our personal information into a giant database, or because of a news story that has uncovered how our information has unwittingly been used in ‘legit’ commercial schemes, or other ways we never imagined it would.

Those developments, combined with advances in technology, are very likely to lead us to a place over time where identity management will become significantly more shielded from misuse. These could include more ubiquitous use of federated identities, “lockers” that store our authentication credentials that can be used to log into services but remain separate from their control, and potentially even applications of blockchain technology.

All of this means that while a company like ForgeRock will continue to provide its current services, it’s also investing big in what it believes will be the next steps that we’ll take as an industry, and society, when it comes to digital identity management — something that has had a boost of late.

“There are a lot of interesting things going on, and we are working closely behind the scenes to flesh them out,” Rosch said. “For example, we’re looking at how best to break up data links where we control identities to get access for a temporary period of time but then pull back. It’s a powerful trend that is still about four to five years out. But we are preparing for this, a time when our platform can consume decentralised identity, on par with logins from Google or Facebook today. That is an interesting area.”

He notes that the current market, where there has been an overall surge for all online services as people are staying home to slow the speed of the coronavirus pandemic, has seen big boosts in specific verticals.

Its largest financial services and banking customers have seen traffic up by 50%, and digital streaming has been up by 300% — with customers like the BBC seeing spikes in usage at 5pm every day (at the time of the government COVID-19 briefing) that are as high as its most popular primetime shows or sporting events — and use of government services has also been surging, in part because many services that hadn’t been online are now developing online presences or seeing much more traffic from digital channels than before. Unsurprisingly, its customers in hotel and travel, as well as retail, have seen drops, he added.

“ForgeRock’s comprehensive platform is very well-positioned to capitalize on the enormous opportunity in the Identity & Access Management market,” said Jeff Parks, co-founder and managing partner of Riverwood Capital, in a statement. “ForgeRock is the leader in solving a wide range of workforce and consumer identity use cases for the Global 2000 and is trusted by some of the largest companies to manage millions of user identities. We have seen the growth acceleration and are thrilled to partner with this leadership team.” Parks is joining the board with this round.

Read more: https://techcrunch.com/2020/04/21/forgerock-nabs-93-5m-for-its-id-management-platform-gears-up-next-for-an-ipo/

Source: https://blockchainconsultants.io/forgerock-nabs-93-5m-for-its-id-management-platform-gears-up-next-for-an-ipo/

Blockchain

Opinion: Can Uniswap’s UNI Break Into the Top 10 Cryptocurrency Token Rankings?

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The launch of Uniswap’s governance token UNI caught the cryptocurrency market left, right, and center. Some folks who received the airdrop for being a loyal Uniswap user before September 1, dumped it on the market to avail their free helicopter money. Some held on.

Nonetheless, UNI got listed on Coinbase Pro, Binance and it’s price shot through the roof. It’s now on number 32 as per CoinGecko. But can it break into the top 10?

UNI Token Price Pumps, Dumps Then Again Pumps

As reported by CryptoPotato, the listing of UNI on Coinbase and Binance led to a massive pump in the token’s price. UNI surged 300 percent from $1 to $4 before dropping to the lower $2 levels later in the day.

Then, the token went on a rampage and reached a high of just shy of $9 before retracing to where it’s currently trading at around $6.7. But the explosive price action has generated tremendous enthusiasm amongst traders and DeFi fans who are calling for UNI’s break into the top 10.

So much is the frenzy that users were found to buy ETH to collect their ‘UNI helicopter money’ despite surging gas prices on the Ethereum network.

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Can Uniswap’s Governance Token Break Into Top 10?

Since the launch and a super volatile bout of trading activity, Uniswap’s governance token is already a number 32 cryptocurrency according to data from CoinGecko.

Uniswap is currently the top DeFi project according to DeFi Pulse. And has assets with a total USD value worth $1.8 billion docked up in the DEX. An increment of 90 percent in the last 24 hours.

UNI has a $720 million market cap and is handling a $4.5 billion daily trading volume. Something which is unusual for a digital asset at such lower rankings. But according to hopium laced optimistic predictions on Twitter, the token will actually be a ‘unicorn’ cryptocurrency with its entry in the top 10.

And actually there may be some substance in such a claim as out of a maximum supply of 1 billion, only around 106 million UNI tokens are in circulation. The coin is trading currently for a price of $6.7.

It must be taken into consideration that Coinbase has an equity stake in Uniswap’s parent company Universal Navigation Inc and also holds a sufficient number of UNI tokens, as mentioned in their UNI token listing blog post.

This imparts a certain dose of legitimacy to the decentralized token swapping protocol. As per CoinGecko with current prices, UNI would have a ‘fully diluted valuation’ of more than $6.5 billion. That would be enough to push it comfortably amongst the top 10 cryptocurrencies.

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Source: https://cryptopotato.com/opinion-can-uniswaps-uni-break-into-the-top-10-cryptocurrency-token-rankings/

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Blockchain

DeFi in healthcare – a slice of over $8 trillion worth pie

DeFi has the potential to be a solution for many problems existing in the healthcare industry It can provide easier and more affordable access to financing It is the future of the healthcare industry The ongoing Covid-19 pandemic is a global healthcare problem. It is showing that the problems of such scale demand solutions on […]

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  • DeFi has the potential to be a solution for many problems existing in the healthcare industry
  • It can provide easier and more affordable access to financing
  • It is the future of the healthcare industry

The ongoing Covid-19 pandemic is a global healthcare problem. It is showing that the problems of such scale demand solutions on the same level.

The problems of shared access to the latest medical advancements and knowledge are not alone. A financing solution that is globally available is also necessary.

In recent months the expansion of telemedicine shows the trend for the healthcare industry moving online. Solutions for financing medical services are currently lagging behind.

DeFi potential role

In the modern world, it is considered that access to affordable healthcare is a basic human right. That it should be irrespective of class, wealth, or any other socioeconomic distinctions.

Such democratic universalism of services can be powered by DeFi, which is based on the very same principle. The need for easy access to healthcare services is global, and if properly applied it can provide a globally accessible way of financing them.

Opportunity for growth

The global healthcare market was worth mind-boggling $8.45 trillion in 2018, with projected growth to $11.9 trillion by 2022. And DeFi has a definitive opportunity to take a slice of this pie.

Currently, the whole of this industry is estimated to be worth just south of nine billion dollars. It can provide solutions that will give an astounding growth potential inside of the healthcare industry.

DeFi is based around community governance, community funding, and the principle of transparency. It has the power to provide financial solutions that will expand the accessibility to affordable healthcare around the world.

Projects based around DeFi solutions have the power to bring the most benefits to those who need them, the community. Groundwork already exists, now it should be built upon and grown to scale.

DeFi has the power to remove almost all barriers currently existing between people and affordable access to healthcare. It is the future of healthcare.

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Blockchain

Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September

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Cardano formed a bearish pattern on the charts as it braced for another dip in its price. The bearish pressure on the crypto-asset abated briefly, but sellers once more stepped in at a level of resistance to effect a slide for ADA. Crypto.com Coin, on the other hand, formed a bullish pattern. Ontology also displayed signs of bullishness.

However, since major altcoins seem to bleed whenever Bitcoin makes a move to the upside or down, another move could invalidate altcoin chart patterns.

Cardano [ADA]

Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September

Source: ADA/USD on TradingView

Cardano appeared to form an uptrend from its recent lows as it briefly rose past its resistance at $0.097. However, sellers have prevailed since and the price was forming lower highs over the past week.

ADA formed a descending triangle pattern, as shown by the white line. This was accompanied by falling trading volume, also highlighted by the same. Such a bearish pattern signaled an imminent drop in the asset’s price.

The next level of support for ADA, beneath $0.091, lay at $0.085.

Cardano was in the news recently when IOHK announced a $250K public fund for Cardano community innovation, Project Catalyst. “Anyone can bring their idea and create a proposal,” the announcement said. “Through a public vote” winning proposals will begin a development process, it added.

Ontology [ONT]

Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September

Source: ONT/USD on TradingView

The 20, 50, and 100 SMA (white, yellow, and pink respectively) showed that the past couple weeks have seen an uptrend. Their crossovers also indicated bullishness in the near-term.

Further, the MACD was forming a bearish crossover over the past few days. And yet, the previous week saw every price drop beneath this support being bought up as many candles near the $0.78-support level had significant tail wicks.

The outlook for ONT remained bullish, but a close beneath the support might suggest short-term bearishness.

Crypto.com Coin [CRO]

Cardano, Ontology, Crypto.com Coin Price Analysis: 19 September

Source: CRO/USDT on TradingView

Crypto.com Coin was forming a bull pennant on its 4-hour charts. The same was evidenced by the white lines which formed the pennant, while the yellow line formed the flag pole of the pattern. The height of the flagpole is generally the upside target for this pattern. Here, the target would be $0.19.

The Parabolic SAR also gave a buy signal. The dots formed by the indicator would be a good place to set a stop-loss, as the pattern would be invalidated if the price closes beneath the pennant.

Source: https://eng.ambcrypto.com/cardano-ontology-crypto-com-coin-price-analysis-19-september

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