Okta, a leading provider of identity for the enterprise announced on 03 April the launch of Okta Ventures, a 50 million U.S. dollar investment fund.
Okta commenced by informing that Okta Ventures would invest and encourage cutting edge technology projects. These projects would specifically focus on identity, security, and privacy. Okta also announced its first investment in Trusted Key, a blockchain-based digital identity company.
Amit Jasuja, CEO of Trusted Key cited –
“Decentralized identity marks a profound change for the identity industry and we believe we are in the early stages of this change. Joining the Okta Ventures portfolio gives us a chance to access more than just funds to build our business, as Okta’s experience and depth of knowledge in the identity space will be invaluable as we move forward.”
Okta emphasized that the investment fund would focus on companies spanning a wide range of the technology ecosystem. The domains would include blockchain, artificial intelligence and machine learning, with a focus on early-stage investment. The funds would be directed at startups which would enable technological solutions to companies.
Okta further added that apart from monetary investments, Okta Ventures would also provide key benefits to member companies. Such benefits include the use of Okta software, software development kit (SDK) and application programming interface (API) design partnerships, access to experts and co-marketing facilities. Okta expressed that it would look beyond financial returns and endeavour to improve Okta Integration Network.
Frederic Kerrest, co-founder and Chief Operating Officer of Okta expressed the prominence of the investment fund to solve arduous problems of the industry. Frederic noted that such ventures would significantly add value to the portfolios of startups. He acknowledged Trusted Key as a perfect example, a newly launched company working on big ideas.
In March, Tendermint Inc, a blockchain technology company, announced that it has secured 9 million U.S. dollars Series A financing led by Paradigm, a crypto asset investment firm. Part of the funds would be used by Tendermint Inc to support the continued development of its ecosystem.
Okta shared some key insights into the industry engagements of Trusted Key. Founded in 2016, Trusted Key has built a decentralized digital identity solution. This solution enables organizations that work together as ecosystems to guard identities. With a combination of innovative mobile and blockchain technologies into a secure platform, Trusted Key’s enterprise-friendly approach was well received across multiple domains.