Security Startup InBay Technologies Closes $1 Million

InBay Technologies announced it has raised $1 million in financing, led by Ramphastos Investments and Tongda One Partners.

InBay Technologies is a cybersecurity software company that claims to be the first to offer trusted identities on the Internet without exposing credentials. The company has developed the idQ trust-as-a-service platform, which enables users to verify the identities of the applications, services and sites they access and ensures that only authenticated users can access private accounts or authorize confidential transactions.

According to Shane Young, InBay Technologies’ president and CEO, the funds raised will help accelerate commercialization of the company’s idQ platform.