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Startup Digital Identity VIDA Considers Fundraising Options

Startup Digital Identity VIDA Considers Fundraising Options

PT Indonesia Digital Identity (VIDA) wants to expand its business.The Electronic Certification Provider (PSrE) or Certification Authority (CA) startup is now starting to consider options for seeking external funding from investors.

This was revealed by VIDA CEO, Sati Rasuanto on Wednesday (23/6).”We will fundraising in the future,” said Sati, Wednesday (23/6).

According to Sati’s explanation, currently VIDA’s funding still relies on internal funding from the co-founder.In the startup funding stage, this stage is known as bootstrapping.

With funding from internal sources, VIDA, which was founded in 2018, has started to run its business commercially.

Startup Digital Identity VIDA Considers Fundraising Options

As a PSrE, VIDA is already registered under the Ministry of Communication and Information of the Republic of Indonesia, so it has the authority to issue digital certificates for digital signatures and web authentication needs.

In addition to being registered with the Ministry of Communication and Information, VIDA is also registered as an organizer of Digital Financial Innovation (IKD) registered with the OJK.

VIDA is also the first WebTrust accredited, and is listed as a secure and Adobe-approved electronic signature service provider (Adobe Trust Service Provider) on the Adobe Approved Trust List (AATL).VIDA has also obtained the ISO 27001 certificate.

Targeting Financial Institution in Indonesia

Currently, VIDA’s business is targeting financial institutions such as banks, insurance companies, and technology or fintech-based money lending companies.

In Indonesia, VIDA competes with several other PSrEs which are not large in number.Understandably, the barriers to entry to enter this business is not low because it requires a large enough capital.

Citing the Kemenkominfo website, there are 7 PSrEs with different recognition statuses in Indonesia at the time of writing.

Two of them are state administrative agencies, namely the Electronic Certification Center for the National Cyber ​​and Crypto Agency (BSSN) and the Agency for the Assessment and Application of Technology (BPPT).

Startup Digital Identity VIDA Considers Fundraising Options

The remaining five players are non-state administrators, including VIDA and the other four players, namely PT D Clear Signatures Together, PT.Solusi Net Internusa, Public Company for Printing Money of the Republic of Indonesia (Peruri), and PT Privy Digital Identity.

So far, Sati has not disclosed how many external funds she wants to pursue in the fundraising agenda or when the fundraising agenda will be carried out.

“How much we want to fundraise can’t be shared yet, but once we are ready to fundraise, we will certainly provide information and can discuss more deeply about it,” said Sati.

VIDA Supports the Go Digital MSME Sector

PT Indonesia Digital Identity (VIDA) is collaborating with PT Bhanda Ghara Reksa (Persero) or BGR Logistics to provide a technology solution for verification and authentication of stall data on the food stall application BGR Logistics.

This is part of the ‘Shopping at Neighbor Stalls’ program initiated by the Ministry of Cooperatives & SMEs.This synergy is part of VIDA’s support for the Ministry of Cooperatives and Small and Medium Enterprises (Kemenkop UKM) program.

The synergy between VIDA and BGR Logistics was marked by the visit of Sati Rasuanto as CEO of VIDA and Tri Wahyundo Hariyatno as Director of Business Development & Information System BGR Logistics to a food stall partner in Cijantung, East Jakarta.

Startup Digital Identity VIDA Considers Fundraising Options

During the visit, socialization was also carried out on the procedures for using the verification and authentication technology owned by VIDA when it was implemented in the BGR Logistics food stall application.

Traditional stalls that will register through the ‘Warung Pangan’ application belonging to BGR Logistics, they will provide some of their identity data, such as the Cooperative Identification Number (NIK), full name, date of birth, and other data according to predetermined criteria.

After registering, the VIDA technology service verifies the identity of the stall business owner against Dukcapil data.The data verification process is carried out online with a high level of security, so that the resulting data is accurate and securely protected.