As part of its Series A extension, Okta Ventures has made a strategic investment in Accredify, a Singapore-based provider of verifiable technology solutions, the company announced on Tuesday.
As per the statement released by Accredify, Okta Ventures has made its first investment in a start-up with its headquarters located in Singapore.
The funding comes after the company’s $7 million financing round in April 2023, which was led by iGlobe Partners and SIG Venture Capital and included participation from Pavilion Capital and Qualgro, two previous investors.
Okta is the top independent identity management platform in the world.
A sizable portfolio of businesses that have created cutting-edge digital identity-related goods and services is held by Okta Ventures, the company’s investment arm.
Creating, distributing, and overseeing tamper-proof verifiable credentials is Accredify’s area of expertise.
Accredify’s announcement states that Okta’s digital identity management solutions, including SSO and MFA, will be integrated into the company’s product for the benefit of its customers.
“In an era where digital trust is being eroded due to the rise of deepfake and generative artificial intelligence (AI) applications that are being used by malicious actors and fraud syndicates worldwide, verifiable digital identity has become a must-have for organizations to retain their brand reputation and ensure the security of online transactions and information exchange,” said Quah Zheng Wei, Chief Executive Officer and Co-founder of Accredify,
“We’re excited to be partnering with Okta Ventures to bring Accredify’s verifiable technology to every corner of the globe and to realize our vision of the next stage in mankind’s path to digitalization – the adoption of verifiable data and identities to rebuild digital trust for all,” he said.
Notedly, Okta’s investment requirements for portfolio companies state that the company needs to be well-positioned to handle use cases related to identity, privacy, and security and concentrate on modern identity.
Along with providing distinctive value to Okta’s extensive network of pre-built integrations, portfolio companies need to be able to show market fit and demand while also resolving a particular customer issue.
“Okta Ventures is excited by Accredify due to its successful history of commercial use cases where it deployed verifiable credentials and identities across multiple industry verticals such as education, healthcare, corporate services, and defence – a differentiator from most verifiable credential providers who focus solely on one industry,” said Austin Arensberg, Senior Director at Okta Ventures.
