Digital identity management startup ForgeRock Inc. has $93.5 million in new funding to invest in research and development, cloud, global sales and market awareness.

The Series E round announced today was led by Riverwood Capital and included Accel, Meritech Capital, Foundation Capital and KKR Growth. As part of the deal, Riverwood Capital co-founder and Managing Partner Jeff Parks is joining ForgeRock’s board of directors.

Founded in 2010, ForgeRock offers digital identity management solutions that are designed to transform how companies securely interact with customers, employees, devices and things.

Using artificial intelligence, the company’s main product, the Identity Platform, includes identity management and governance, access management and strong authentication, identity gateway, directory services, user-managed access and edge security. Based in the cloud, the platform is designed to be scalable, with support for the management of potentially billions of identities.

The Identity Platform can be accessed as a service or deployed as software. On the software side, options include on-premises or any cloud environment, including multicloud and hybrid clouds.

ForgeRock has more than 1,100 customers, including AutoZone Inc., Koninklijke Philips N.V., Geico Insurance Agency Inc., the BBC, BMW, Pearson plc and Deloitte Touche Tohmatsu Ltd. The company says its revenue is north of $100 million and it has annual recurring revenue growth of 75%.

“Increasingly, our platform is becoming mission-critical to the largest organizations in the world and we take our responsibility seriously to deliver on their expectations,” ForgeRock Chief Executive Officer Fran Rosch said in a statement. “This has become even more pronounced as remote work and e-commerce has surged in the wake of the COVID-19 pandemic.”

Getting somewhat old for a startup raising venture capital, ForgeRock has yet to go public. When it last raised funding in September 2017, then-CEO Mike Ellis said the company was looking at an initial public offering in early 2019. That obviously didn’t happen.

Speaking to TechCrunch, Rosch said this round will likely be the company’s last before an IPO but didn’t give a timetable on when that may happen. With markets in turmoil from the COVID-19 pandemic, ForgeRock is unlikely to go public anytime soon.

In its quarterly VC report, the PitchBook-NVCA Venture Monitor noted that volatility stemming from the pandemic is expected to remain through the rest of the year because the IPO window for private businesses is linked to the conditions in the public market. The report added that there were only 13 VC-backed IPOs following the global financial crisis in 2008 and 11 in 2009.

Image: ForgeRock