Identity management firm Okta has made its first move following the launch of a new $50 million venture capital (VC), reportedly investing in digital identity platform Trusted Key, according to a press release (April 3).
Okta Ventures, the investment fund, aims to back innovative technology entrepreneurs, including those leveraging distributed ledger technology (DLT), artificial intelligence (AI) and machine learning, said the Nasdaq-listed company. While its first bet is Trusted Key, the specific investment amount was not published.
In addition to capital funding, portfolio companies like Trusted Key can benefit greatly from Okta’s software and co-marketing opportunities.
Founded by former Microsoft, Oracle executives, Trusted Key characterizes itself as the blockchain-based identity solution that “[enables] organizations to build trust across their ecosystems with secure digital identity.”
Frederic Kerrest, Okta’s co-founder and COO, revealed in the release that Okta Ventures’ target investment will be in “startups tackling issues like identity, security, and privacy,” as it aligns with its vision to promote technology adoption in any organizations.
Since its debut in the U.S. in 2017, Okta has advanced significantly with its stock price capped at $89 at press time.