Indicio raises $3.5M to scale up decentralized digital ID services
Seattle-based Indicio has secured $3.5 million from a fundraiser led by investment company Hard Yaka, to advance the adoption of its decentralized digital ID technology across industry verticals with steady focus on the finance, healthcare and travel sectors.
Since its creation in 2020, Indicio has developed software for companies to issue, share, and verify data through an ecosystem of encrypted digital credentials, enabling it to confirm the origin and authenticity of any kind of data repeatedly and efficiently without the expense or risk of direct integrations.
CEO Heather Dahl says the funds will help Indicio jump-start and clear certain market hurdles: “There has been much excitement around this technology’s ability to solve so many privacy and security problems. But, we needed to jumpstart it to remove blockers and get usable solutions into the hands of enterprises so that they could start building products and services. And we did that.
“We nurtured an Indicio community of forward-thinking companies around the technology. Now we get to the exciting part – to scale, to solve more complex use cases, to create new, market-catalyzing features and products, and to provide the tools, training, and support to nurture and sustain a rapidly growing movement around trusted data and verifiable digital interaction.”
Speaking further about Indicio’s technology, CTO Ken Ebert comments: “We created the framework of a Trusted Digital Ecosystem to show how you combine and use decentralized identifiers, software agents, verifiable credentials, and the powerful communication protocols and infrastructure that brings them together to verify data without having to check in with the source of data.
“This framework and the use cases we have developed provide the ‘aha!’ moment for our customers. They see how the technology works and they see how it can create actionable data that delivers immediate value.”
Greg Kidd, CEO of GlobaliD and founder of investment firm Hard Yaka which led the funding round, comments: “Indicio is proving there is value to building trust into online, digital communications. Indicio’s enterprise-grade network is a core part of GlobaliD’s vision for giving individuals ownership of their digital identity in a privacy-preserving way. By providing products to easily adopt verifiable credentials into a variety of markets and workflows, Indicio is helping transform the future of digital trust for business.”
Other participants in the funding round included 37 Angels, Alliance of Angels, Angel Investment Trust, Anthony and Marilyn Henn Trust, Baptiste Cota, Breakaway Partners OU, Dingman Center Angels, Liquid Avatar Technologies Inc, which also provides decentralized trusted digital ID services.