JumpCloud Ventures will back identity, security, AI, and IT productivity developers, beginning with hiring verification startup Tofu.
Identity verification software provider JumpCloud has announced the formation of a corporate venture capital subsidiary called JumpCloud Ventures and revealed its debut investment.
The US-based company has developed unified open directory software that enables businesses to securely manage identities, devices and access across their organisation. It has raised over $400m of venture funding and its backers include the CVC arms of Atlassian, CrowdStrike and NTT Docomo.
JumpCloud Ventures will invest in early-stage developers of identity, security, AI, and IT productivity tools, offering them access to JumpCloud’s internal experience, insights and network.
“(JumpCloud cofounder and CTO) Greg Keller and I have spent much of our careers building companies from the ground up,” JumpCloud CEO Rajat Bhargava said in a release launching the fund.
“At our current scale, it is time to give back. We are supporting emerging companies tackling hard problems in identity and security. JumpCloud Ventures is about investing in innovation and helping these companies grow.”
JumpCloud has not revealed who is heading the unit but its first portfolio company is Tofu, a Canadian startup that has created a tool that discovers identity fraud in the recruitment process. It disclosed a $5m seed round led by VC firm Slow Ventures in December last year.
