Latch locks in $70M, Drawbridge draws $15M, Eventbrite seeks $200M IPO: Friday Deal Book for 08/24/2018

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements from across the identity industry. This week, smart lock maker Latch secures $70 million in funding, Drawbridge brings in another $15 million for identity resolution, Eventbrite prepares to go public, Okta teams up with Exabeam, and Princeton Identity wins a patent for iris recognition.

Latch raises $70 million for smart locks

The Series B round was led by Brookfield Ventures, with participation from Lux Capital, RRE Ventures, Primary Venture Partners, Third Prime, Camber Creek, Corigin Ventures, Tishman Speyer, and Balyasny Asset Management. The deal will see Brookfield Properties install Latch systems in multi-family properties currently under development. In a statement, Brookfield said the Physical Identity and Access Management space is currently a $25 billion market expected to grow at twice the rate of Traditional Identity and Access Management. Latch smart locks are designed for apartment buildings, and allow users to open a door with their smartphone, a keycard, or a door code. [Read more]

Drawbridge brings total funding to $70 million

The latest $15 million round came from all of its existing capital investors, including Sequoia Capital, Kleiner Perkins, and Northgate Capital. Drawbridge plans to use the money to develop cutting edge identity technology, build new use-cases, further expand its commercial and engineering teams, and become the de facto standard for identity. The company has also brought on Dave Zinman as its Chief Operating Officer and commercial leader. [Read more]

Eventbrite files for $200 million IPO

The events and ticketing company plans to raise $200 million from selling Class A shares, and will go public later this year. The company has reported net revenue of $142 million in 2018, though it has posted a net loss of $15.6 million so far this year. Ticketing services like Ticketmaster are investing heavily in identity verification technology, as entry to events is increasingly moving away from traditional tickets. [Read more]

Exabeam, Okta partner on advanced security detection and response for identity theft and data breaches

The team-up will see Exabeam, a security information and event management company, join the Okta Integration network. As a result, Exabeam will benefit from Okta’s identity platform, helping security teams proactively detect and respond to user-based threats before they become critical. Okta, a global provider of identity solutions for the enterprise, will work with Exabeam on a unified security management system, providing clients with a complete view of security events across an organization, contextualized with user identity information. [Read more]

Princeton Identity secures patent for iris recognition

Awarded by the U.S. Patent and Trademark Office, U.S. Patent Nos. 10042994 (validation of the right to access an object), 10025982 (for collecting and targeting marketing data and information based upon iris identification, and 10038691 (for authorization of a financial transaction) are now owned by Princeton Identity. The company said the patents show its unique approach to iris authentication in the markets of access, marketing and financial transactions. [Read more]