LoginRadius lassos $17M, Xage takes $12M, GlaxoSmithKline gets $300M stake in 23andMe: Friday Deal Book for 07/27/2018

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements from across the identity industry. This week, new funding rounds for LoginRadius, Xage and Madaket Health, a major stake in 23andMe is bought, and new products from Google, Dashlane, and Oracle.

LoginRadius gets $17 million for cloud-based Customer IAM

The Series A round was led by ForgePoint Capital and Microsoft’s M12 venture fund. Participation came from all existing major investors, including Real Ventures, BDC Capital, and Yaletown Venture Partners. The $17 million will be used to accelerate product innovation, customer acquisition and global acquisition. LoginRadius plans to double its workforce over the next 12 months. The company’s cloud-hosted service provides a platform to securely manage and transact with billions of customer identities, all while keeping privacy and compliance regulations — such as GDPR — in mind. [Read more]

Xage gets $12 million for blockchain security for IoT devices

The Series A round was led by March Capital Partners, with participation from GE Ventures, City Light Capital, and NexStar Partners. Xage uses blockchain to build security for the Internet of Things, enabling a secure environment for connected devices to operate. By using blockchain as a core trust mechanism, it aims to ensure that IoT devices cannot be compromised. The Palo Alto, Calif., company was founded in 2017. [Read more]

GlaxoSmithKline acquires $300 million in 23andMe

The four-hear collaboration deal will allow Glaxo to tap into genetic data to find new drug targets, and to better select patients for clinical studies. 23andMe is a genetic testing company, and Glaxo plans to use the data from the partnership to focus on health issues related to the immune system and genetics. The company plans to streamline its research and development in hopes of boosting profitability and cutting failure rates. [Read more]

SoftBank may sink $1 billion into SenseTime

The funds would reportedly come from the SoftBank Vision Fund, which is looking to invest a considerable amount into the artificial intelligence company. If it goes through, it would mark the third major investment in the Chinese company this year, after a $620 million round in June, and another $600 million in April. To date, SenseTime has raised more than $1.6 billion. The company has more than 700 customers in markets including fintech, smartphones, and smart cities. Its technology is also used by the Chinese government for identifying people through its national surveillance team. [Read more]

Dashlane 6 launches to solve ‘digital identity crisis’

The new version of the password manager provides an all-in-one solution for online risk prevention, identity monitoring, and identity restoration. Dashlane 6 includes a new Identity Dashboard, which provides a complete picture of a person’s online identity, as well as clear actionable steps to improve it. It integrates with features such as dark web monitoring, credit score monitoring, identity restoration support, and identity theft insurance, giving users more control of their digital identity. [Read more]

Madaket Health raises $10 million for payer-provider ecosystem

The Series B round was led by Qiming Venture Partners, with additional participation from Experian Ventures, the PNC Financial Services Group, and Salesforce Ventures. Madaket plans to use the funds to extend its platform solution deeper into the administrative inefficiencies in the payer-provider ecosystem. The company’s products automate manual, error-prone and redundant processes in common payer-provider transactions, and also streamline EFT, ERA and EDI on behalf of providers. To date, Madaket has processed more than 1.5 million EDI enrollments for customers, who have 1.3 million providers under contract to be enrolled on the platform. [Read more]

Oracle launches Trust Fabric initiative to boost IAM with autonomous security capabilities

The initiative is an effort to boost the security of Oracle’s identity and access portfolio, using artificial intelligence and machine learning to bolster autonomous security. Trust Fabric includes cloud infrastructure security and monitoring elements, as well as IAM. [Read more]

Google announces context-aware access to stop fraud

The new feature will let administrators define information that could help determine a user’s identity, including location, IP address, time of day, and more. The system would allow systems to help determine the identity of users, rather than putting all of the onus for providing credentials on the end user. The company also announced it will begin selling its Titan Key physical Universal 2nd Factor authentication tool later this year, after internal use at Google managed to eliminate successful phishing attempts over the course of a year and a half. [Read more]