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Sunday, October 17, 2021
Home News $50 Million Okta Ventures to Fund Modern Identity Solutions

$50 Million Okta Ventures to Fund Modern Identity Solutions

NASDAQ-listed company Okta, a provider of identity for the enterprise has put together a $50 million investment fund called Okta Ventures.  Okta Ventures plans to invest heavily in early-stage solutions for identity, security, and privacy including artificial intelligence, machine learning, and blockchain. 

“In line with Okta’s vision of enabling any organization to use any technology, Okta Ventures will invest in the growing ecosystem of startups tackling issues like identity, security, and privacy,” said Frederic Kerrest, Chief Operating Officer and co-founder of Okta. “Beyond investing in industry-wide innovation, we also recognize how valuable these advancements can be for our customers, who are often looking for solutions to some of the hard problems these companies are solving. We expect the partnerships with our portfolio companies to extend our platform, and we’re committed to providing significant value to these early stage startups. Trusted Key is a perfect example of a young company working on a big idea, and we look forward to collaborating to shape the future of identity.”

In addition to announcing the creation of the fund, Okta is also announcing its first investment in Trusted Key, a blockchain-based digital identity company.

“Decentralized identity marks a profound change for the identity industry and we believe we are in the early stages of this change,” said Amit Jasuja, Chief Executive Officer of Trusted Key. “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.”

The fund will seek out startups that are aligned with Okta’s vision of enabling any organization to use any technology. Along with monetary investments, Okta Ventures plans to provide a number of unique advantages for portfolio companies, including the use of Okta software, access to expertise, SDK and API design partnerships, and co-marketing opportunities. Beyond the potential for financial returns, Okta Ventures will emphasize modern identity architecture design and adoption with its portfolio companies, as well as contributions to the Okta ecosystem, which Okta expects to increase the value of the Okta Integration Network.

Founded in 2016 by former executives from Microsoft, Oracle, and Symantec, Trusted Key has built a decentralized digital identity solution to enable organizations that work together as ecosystems to share strongly proofed user identities with user consent. Combining innovative mobile and blockchain technologies into a secure platform, Trusted Key’s enterprise-friendly approach is resonating with customers in healthcare, finance, and retail ecosystems. Trusted Key’s technology offers customers a blend of security and customizable experiences to meet modern identity challenges, much like Okta.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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