IndyKite launches decentralized ID product, raises further $8M in seed financing
IndyKite, launched in October 2021 by ForgeRock co-founder Lasse Andresen with Sun Microsystems co-founder Scott McNealy as a formal advisor, to offer open-source technology based on knowledge graphs has released a new product. IndyKite.id is a decentralized digital identity and granular authorization service for large enterprises. It launches alongside IndyKite.me, an open-source digital ID wallet.
The cloud-based IndyKite.id platform is based on the firm’s Identity Knowledge Graph and allows an organization to map every person, device and asset across its network in the hope of delivering rich contextual insight and personalization recommendations.
The IndyKite.me digital ID wallet can be offered by organizations wanting to allow end-clients to identify themselves and control what of their data is shared.
The company has also raised $8 million in a seed financing round, on top of the $2.5 million pre-seed round announced at launch. The latest round was led by Molten Ventures with Alliance Ventures and Speedinvest. Funds will help fuel team expansion – already heading towards 60 staff at three offices worldwide – as well as core platform and product development.
“Legacy Identity vendors have a set of overwhelming challenges when looking at Web 3.0, which will see the third generation of internet services built to meet the potential of artificial intelligence, machine learning, connected data, the semantic web, natural language search and identity management – going far beyond the hype of blockchain,” comments founder Lasse Andresen, who sees the investment enabling the firm to deliver products at a scale to suit large organizations and national governments.
Stuart Chapman, Chief Portfolio Officer, Molten Ventures which has invested in Revoult and Trustpilot, welcomes IndyKite to its portfolio. Chapman says now is the time to invest in identity and authorization:
“The digital identity market is rapidly evolving, with businesses looking towards the idea of delivering decentralised tooling but far from achieving it. IndyKite’s vision, deep market experience and breakthrough technology is a significant investment opportunity. We see huge potential and we’re excited for the journey ahead.”