IndyKite, which was founded in October 2021 by ForgeRock co-founder Lasse Andresen and Sun Microsystems co-founder Scott McNealy as a formal advisor to provide open source knowledge graph technology, has announced a new product. For major companies, IndyKite.id is a decentralized digital identification and granular authorisation solution. It will be available in tandem with IndyKite.me, an open-source digital ID wallet.
The cloud-based IndyKite.id platform is based on the company’s Identity Knowledge Graph and allows businesses to map every person, device, and asset throughout their network in order to provide rich contextual intelligence and personalization recommendations.
Organizations who want to allow end-clients to identify themselves and manage what data is shared can provide the IndyKite.me digital ID wallet.
In addition to the $2.5 million pre-seed investment announced at launch, the company has raised $8 million in a seed financing round. Molten Ventures led the current round, which also included Alliance Ventures and Speedinvest. The funds will be used to expand the company’s team, which already numbers 60 people across three offices across the world, as well as core platform and product development.
“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,” says Lasse Andresen, the company’s founder, sees the investment as enabling the company to produce goods at a scale suitable for huge companies and national governments.
Molten Ventures, which has invested in Revoult and Trustpilot, welcomes IndyKite to its portfolio, according to Stuart Chapman, Chief Portfolio Officer. Now, according to Chapman, is the best time to invest in identity and authorization:
“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.”