Ottawa-based inBay Technologies expands seed round to $2M

inBay CEO Shane Young
inBay CEO Shane Young. Photo provided.

A Japanese investor is leading an additional $1 million investment in Ottawa’s inBay Technologies, which the firm says is key to expanding in the east Asian country.

The local firm, which develops a “passwordless” security solution based on a user’s smartphone, first announced a $1-million seed round last September. That round was led by a Dutch venture capital group and an Ottawa “super angel,” represented by Tongda One Partners.

This week, inBay announced it has oversubscribed this initial round by $1 million, thanks to contributions from Tokyo’s Global Alliance Inc. The Japanese firm has been an early investor in emerging technology companies such as PayPal.

Shane Young, inBay’s CEO, said in a statement that Global Alliance will help to open opportunities for the company in Japan.