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Identity platform for Web3 soars ahead with $8M seed to let end-users control and manage their personal data

IndyKite
Image credits: Speedinvest

IndyKite, a San-Francisco and Norway-based software company that’s building an identity layer for Web 3.0, has raised $8M funding in a Seed round led by Molten Ventures. 

Other existing investors, including Alliance Ventures and SpeedInvest, joined. The latest funding round takes the total investment to over $10M in less than 12 months. 

How will the funding be used?

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

IndyKite.id provides decentralised identity and dynamic and granular authorisation services for large enterprises, says the company.

It enables organisations to map every person, device, and asset across an organisation or network, uncovering rich contextual insights and driving value via hyper-personalisation, recommendations, and more.

Additionally, the company is working on its open-source digital identity wallet, IndyKite.me. IndyKite says it will be available to organisations that want to allow end-clients the means to identify themselves and control which data is shared. 

Cloud identity platform

Founded by Lasse Andresen, IndyKite is a cloud identity platform built to secure and manage human & non-person (IoT) identities and their data.

Based on open-source standards, IndyKite’s identity platform leverages machine learning and data graphs to deliver context-aware authorisation, dynamic policy decisions, computer vision, and edge security, built on a knowledge graph data model. 

With three offices worldwide, IndyKite is growing quickly, building towards a team of 60.

“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.

Investors

Based out of London, Molten Ventures is one of the most active venture capital firms in Europe, developing and investing in disruptive, high-growth technology companies. 

Currently, the UK VC is a shareholder in a diverse portfolio of companies including Revolut, UiPath, Trustpilot, Ledger, and Graphcore. 

Stuart Chapman, Chief Portfolio Officer, Molten Ventures, says, “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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