Identity and access management company Okta announced it is launching a new $50 million investment fund called Okta Ventures. The announcement was made at the Oktane19 event.
Okta Ventures is going to invest in cutting edge technologies that are aimed at solving challenges that are focused specifically on identity, security, and privacy. And Okta Ventures is going to focus on companies that build innovative solutions using artificial intelligence, machine learning, and blockchain with an emphasis at the early stage.
The fund is also going to seek out startups that are aligned with the vision of enabling any organization to use any technology. Not only is Okta going to provide monetary investments for its portfolio companies, but they are also going to provide the use of Okta software, access to expertise, and co-marketing tools.
“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 Okta co-founder and chief operating officer Frederic Kerrest. “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.”
Okta also announced it made its first investment in a blockchain-based digital identity company called Trusted Key. Trusted Key was founded by former Microsoft, Oracle, and Symantec executives. And the company combines an innovative mobile and blockchain technologies into a secure platform — which resonates with customers in the healthcare, finance, and retail sectors.
“Decentralized identity marks a profound change for the identity industry and we believe we are in the early stages of this change,” added Trusted Key CEO Amit Jasuja. “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.”
