Founded by Lasse Andresen, ex-founder of ForgeRock (NYSE: FORG), and boasting an elite team of digital identity experts, IndyKite has also raised another $8 million USD in a new Seed financing round - taking total investment to over $10 million USD in less than 12 months. With three offices worldwide, the company is growing quickly, building towards a team of 60.
The seed round, led by Molten Ventures with Alliance Ventures and Speedinvest in support, will see a significant expansion of the team, with a major focus on driving core platform and product development.
Cloud-native and with the Identity Knowledge Graph (™) at its core, IndyKite.id is providing decentralized identity and dynamic and granular authorization services for large enterprises.
This enables organisations to map every person, device, and asset across an organization or network, uncovering rich contextual insights and driving value via hyper-personalization, recommendations, and more.
Launching alongside, IndyKite’s open source digital identity wallet – IndyKite.me – will be available to organizations who want to allow end-clients the means to identify themselves and control which data is shared. Through the wallet, end-consumers can identify and onboard themselves or provide trusted, secure and private confirmation for sharing of their personal information – in line with EU privacy and data protection standards.
Lasse Andresen, founder of IndyKite, said that this investment round has positioned IndyKite to deliver on a core product thesis, as well as scale an organization capable of servicing large enterprise and national government.
“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.’
“IndyKite’s approach provides dynamic and granular authorization services on top of a highly flexible data-model, fundamental for organizations focussed on building apps and services with increasingly distributed architecture and data ecosystems,” he said.
IndyKite has a number of additional services as well as an open source developer community also launching in 2022.
Investing in the future of Identity - for Web 3.0
Leading the seed round, Molten Ventures is recognised as one of the most active venture capital firms in Europe, developing and investing in disruptive, high-growth technology companies with a diverse portfolio including Revolut, UiPath, Trustpilot, Ledger, and Graphcore.
Stuart Chapman, Chief Portfolio Officer, Molten Ventures welcomed IndyKite to its portfolio and said that this is the time to invest in identity and authorisation.
“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.”
Arne Tonning, Partner at Alliance Venture said the company has assembled a great team and is moving at impressive speed, already showing very encouraging results.
‘Securing well-known clients in both Europe and the US, across different markets, is a strong indication of the attractiveness and market potential for IndyKite,’ he said.
Oliver Holle, Co-Founder and Managing Partner, from Speedinvest agreed and added that they expect to see a lot of excitement in the market as more and more clients use and realise the benefits of the platform.
‘This technology is a game-changer in many ways and there is nobody more credible to deliver than Lasse with the support of his amazing team. Indykite is a perfect example of how Europe’s tech founders have matured: born in Norway, with a global presence, global leadership, and unlimited ambition and potential from day one!’ Holle said.