Friday, June 21, 2024

Molten Ventures leads $8 million seed financing for Web 3.0 software company IndyKite

Molten Ventures, a leading venture capital firm investing in and developing high growth technology businesses, today announces that it has led the latest $8 million seed financing round in IndyKite, a San Francisco-based software company that is building the identity layer for Web 3.0, with products that securely manage human, IoT, and machine identity.

Molten led the round, with existing investors Alliance Ventures and SpeedInvest participating. This takes the total investment in the company to over $10 million USD in less than 12 months. With three offices worldwide, IndyKite is growing quickly, building towards a team of 60.

The funding round will support the launch of IndyKite.id, its digital identity solution to the market, just four months after its commercial debut. 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.

Alongside this, IndyKite’s open-source digital identity wallet, IndyKite.me, will be available to organisations 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 enterprises and national governments.

“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 focused on building apps and services with increasingly distributed architecture and data ecosystems,” he said.

Stuart Chapman, Chief Portfolio Officer, Molten Ventures, said:

“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.”

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