VIDA Confirms Series A Funding, Focuses on Strengthening Technology and System Security
Digital signature service developer startup VIDA has announced that it has secured Series A funding. There was no mention of the company’s fresh funding in the release statement.
From the information we got, VIDA managed to collect fresh funds of $ 50.5 million or around 691 billion Rupiah. However, his party refused to comment on the nominal funding obtained.
The names of investors that were announced were even less than the information we received. In an official statement, investors participating in this round include Alpha JWC Ventures, DST Global Ventures, Breyer Capital, Future Shape, AC Ventures, and Endeavor Catalyst.
Post-funding, several investors will hold advisory positions, including Jim Breyer (Breyer Capital) and Tony Fadell (Principal Future Shape LLC, known as the inventor of the iPod and iPhone and Founder & CEO of Nest Labs).
VIDA will use this fresh fund to deepen its expertise in information security and machine learning. And, continuing the education process to encourage increased public trust in interacting and transacting digitally.
A New Growth Phase for the Company
VIDA Co-founder CEO Sati Rasuanto added, “This funding marks a new growth phase for the company, with the presence of experienced partners in the world-class digital industry.”
“Not only providing ammunition for VIDA to continue to grow, but also strategic direction and support for VIDA’s business can push our position wider in the digital identity industry,” said Sati.
Representatives from investors also gave their statements. One of them is Jim Breyer from Breyer Capital. He said the founders at VIDA have demonstrated a solid understanding of the complexities and opportunities that exist in the ever-growing digital identity market.
VIDA has deepened their expertise in artificial intelligence and cybersecurity to be able to produce reliable verification and authentication products.
Founded in 2018 by Niki Luhur, Sati Rasuanto, and Gajendran Kandasamy, VIDA provides secure digital identity services for businesses and the public.
Armed with a full license as an Electronic Certificate Operator under the Ministry of Communication and Informatics and various other global accreditations, the company provides world-class services such as certified electronic signatures, online identity verification services (e-KYC), and other authentication services.
VIDA products have been used by millions of Indonesians through various popular digital services from various industries such as financial services, e-commerce, transportation, telecommunications and also health.
Utilizing deep expertise in terms of information security, the company plays an important role in assisting business partners in reducing fraud, increasing trust in online transactions, and providing a secure digital environment for users to do business.
In order to make the company a world-class cybersecurity company, the management also announced the appointment of Hamilton Turner as the CTO.
He is an Assistant Professor of Computer Science at Vanderbilt University, USA, with 12 years of experience in cybersecurity, distributed systems, authentication, cryptography, and optimization algorithms.
Digital Signature Service Startup Development
VIDA, TekenAja, Privy, and Digisign are currently capturing the huge market potential of digital/electronic signature products. According to Fortune Business Insight, the market size for digital signature services will reach $3 billion by 2021.
This year it is expected to increase to $4.05 billion and grow to $35.03 billion in 2029 at a CAGR of 36.1%. Meanwhile in Indonesia, according to DocuSign’s analysis, the total addressable market is still very wide open.
This is because the use cases are getting wider. Moreover, crucial sectors such as banking have also adopted to support its online banking services.
In addition, related services have also received attention from regulators, for example for digital signature products entered into PSrE at Kominfo and e-KYC entered in the OJK regulatory sandbox.
The innovations carried out by TekenAja, for example, are developing E-Material which is integrated with API and E-Stamp to complement the needs for conducting business transactions. Both complement the existing legal digital signature solutions.