Bringing an identity layer solution to the decentralised web, Norway/San Francisco-based IndyKite has raised another $8 million in seed funding. The raise arrives just four months after the company’s $2.5 million pre-seed round and coincides with the official launch of indyKite.id. as well as the company’s open source digital identity wallet, indyKite.me.
IndyKite’s knowledge graph data model helps developers map out every person, device, and asset across an organisation or network and uses this data to deliver personalisation and authorisation services. In a decentralised data, edge security, computer vision, and digital twins world, IndyKite’s platform is designed to deliver an ultra-personalised user experience, recommendations, and discovery, all while retaining privacy in a compliant, confidential, and secure manner.
“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,” explained IndyKite and former ForgeRock and Sun Microsystems CTO Lasse Andresen. “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."
IndyKite is comprised of nearly 60 team members and reports deals in the works with European and US-based companies, particularly interest stemming from finance and education verticals.
Molten Ventures led IndyKite’s $8 million seed round, with Alliance Ventures and Speedinvest participating. The funding is slated to drive a significant expansion of the team, with a major focus on driving core platform and product development.
“The digital identity market is rapidly evolving, with businesses looking towards the idea of delivering decentralised tooling but far from achieving it,” commented Molten Ventures’ Stuart Chapman. “IndyKite’s vision, deep market experience and breakthrough technology is a significant investment opportunity.”