Okta Launches $50 Million Venture Fund, Debuts with a Blockchain Startup
- The firm will invest in startups working in identity solution domain.
Identity management solution provider Okta has launched a $50 million venture fund to support early-stage startups working on artificial intelligence, Machine Learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term, and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology.
In the press release published on April 3, the company unveiled that it has already made its first investment on a blockchain company called Trusted Key. The company did not provide any figures involved.
Trusted Key earlier raised $3 million to develop its blockchain-based digital identity solution.
Dubbed as Okta Ventures, the fund will focus its reach to the companies developing next-generation identity, security, and privacy solutions.
Commenting on the new fund, Frederic Kerrest, COO of the company, said: “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.”
Apart from the monetary backing, Okta will also provide its portfolio companies access to its software, SDK, API designs along with other expertise and marketing opportunities.
“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,” Kerrest added.
“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.”
Bringing Decentralization for Security
Trusted Key was established during the boom in the blockchain space in 2016 by former executives of big Silicon Valley tech firms. The company leverages blockchain technology to develop an enterprise-specific identity solution.
“Decentralized identity marks a profound change for the identity industry and we believe we are in the early stages of this change,” Amit Jasuja, CEO of Trusted Key, said in his statement. “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.”
With a slowdown in initial coin offerings (ICOs), venture capital firms are gearing up to back blockchain companies. Pantera Capitals recently secured $160 million for its new venture fund, aiming to invest in blockchain companies.
Identity management solution provider Okta has launched a $50 million venture fund to support early-stage startups working on artificial intelligence, Machine Learning Machine Learning Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Machine learning is defined as an application of artificial intelligence (AI) that looks to automatically learn and improve from experience without being explicitly programmed. Machine learning is a rapidly growing field that also focuses on the development of computer programs that can access data and use it learn for themselves.This has many potential benefits for most industries and sectors, including the financial services industry. Machine Learning ExplainedMachine learning can be explained Read this Term, and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology.
In the press release published on April 3, the company unveiled that it has already made its first investment on a blockchain company called Trusted Key. The company did not provide any figures involved.
Trusted Key earlier raised $3 million to develop its blockchain-based digital identity solution.
Dubbed as Okta Ventures, the fund will focus its reach to the companies developing next-generation identity, security, and privacy solutions.
Commenting on the new fund, Frederic Kerrest, COO of the company, said: “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.”
Apart from the monetary backing, Okta will also provide its portfolio companies access to its software, SDK, API designs along with other expertise and marketing opportunities.
“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,” Kerrest added.
“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.”
Bringing Decentralization for Security
Trusted Key was established during the boom in the blockchain space in 2016 by former executives of big Silicon Valley tech firms. The company leverages blockchain technology to develop an enterprise-specific identity solution.
“Decentralized identity marks a profound change for the identity industry and we believe we are in the early stages of this change,” Amit Jasuja, CEO of Trusted Key, said in his statement. “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.”
With a slowdown in initial coin offerings (ICOs), venture capital firms are gearing up to back blockchain companies. Pantera Capitals recently secured $160 million for its new venture fund, aiming to invest in blockchain companies.