Identity management firm Okta has launched a $50 million investment fund, Okta Ventures, the company announced in a press release. The fund is going to support startups and emerging companies that focus on identity, security, and privacy.
Okta Ventures is mostly planning early stage investment, and its goal is to support innovative tech companies building artificial intelligence, machine learning, and blockchain solutions. Besides financial support, Okta is also planning to provide them with access to Okta software, expertise, SDK and API design partnerships, and co-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,” said Frederic Kerrest, COO and co-founder of Okta. “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.”
Kerrest said Trusted Key, the first company in which the new fund has invested, serves as a perfect example of the type of company Okta wished to support. Trusted Key is a blockchain startup that provides decentralised digital identity solution.