I am excited to share with you that Ping Identity passed another major milestone today with a new round of investment funding. Totaling $35 million, this investment was led by prestigious global investment fund KKR & Co., and featured a new investor, Ten-Eleven Ventures along with participation by existing investors. Not only do we appreciate the endorsement from new and existing investors, we are also grateful to RBC Capital Markets for their tremendous effort in organizing and closing this private placement.
KKR is not a fund typically associated with technology investments and their participation represents a milestone for them, as well as for us. Their investment in Ping Identity signals a new focus on growth stage technology minority investments, and our entire team is honored to be the lighthouse investment in this effort.
It's been 12 years since Ping Identity was founded and in that time we have seen a lot of hard fought victories in a market that viewed security technology as something you needed to manage risk and lock down the enterprise. The market started to shift considerably with SaaS and mobile applications gaining increasing mind share among employees and organizations. Putting a firewall around your data center assets was no longer sufficient in an environment where employees were using cloud apps from their smartphones, and therefore not on the company's network.
As identity security requirements - and threats - have become more sophisticated with pervasive cloud applications, mobility, and API access requirements, Ping Identity has responded. We have delivered new products in PingAccess and PingID that fulfill requirements of next-generation identity for federated access management and mobile strong authentication and multi-factor, respectively. We have extended our PingFederate product, the most successful product for identity federation in the market today, along with our identity-as-a-service (IDaaS) product, PingOne.
The powerful portfolio of products we have delivered built on open standards is just one reason why Ping Identity is the only company to be recognized by Gartner, Forrester, IDC, and KuppingerCole for leadership in IDaaS, federated identity, and IAM. However, the most fulfilling recognition comes from our customers. With 1,200+ customers across all geographies and industries, including 50 of the Fortune 100, Ping Identity is well positioned to extend our market leadership
We also have achieved considerable success by providing an identity security framework that enables customer portals as well as the extended supply and demand chain networks of companies. Today it is common practice to deliver a customer portal with a portfolio of services that your company built or which are offered by third parties. Identity is what stitches the customer experience of customer portals together.
In the same manner that a bank or cell phone company provides a portal to manage your customer account, companies provide portals to their partners to manage shared business processes, such as those for inventory replenishment, invoicing, and logistics. Identity is what stitches those services together in order to provide a secure experience for partners and the host company. It is also worth pointing out that many of the breaches we have seen over the last year were the result of passwords compromised through partners, not employees, and federated identity is one proven mechanism to mitigate that risk.
Delivering professional-grade identity security for workforce, customer, and partner use cases is what separates Ping Identity from other vendors. Our customer success and unique value underscore our claim to the title of largest independent identity security company. It's why our investors, including KKR, support us.