Okta’s New $50M Venture Fund Invests In Blockchain Identity Startup Trusted Key

Blockchain, Investing | April 5, 2019 By:

Okta, an independent provider of identity for the enterprise, has launched a $50 million venture fund that will invest in cutting edge technologies, focusing specifically on identity, security, and privacy.

Called Okta Ventures, the new fund will invest in early-stage startups that are developing solutions using innovative technologies, such as artificial intelligence (AI), machine learning and blockchain. 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, the fund 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.

“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.”

Okta’s first investment is in Trusted Key – a blockchain-based digital identity company that enables organizations that work together as ecosystems to share strongly proofed user identities. The company, which was founded in 2016 by former executives from Microsoft, Oracle and Symantec, offers customers a blend of security and customizable experiences to meet modern identity challenges, much like Okta.

“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.”

Kerrest said that they expect the partnerships with their portfolio companies to extend their platform, and they’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,” Kerrest said.