VIDA announces successful Series A fundraise, aims to extend leadership within digital identity services in Indonesia
Published on June 2, 2022
VIDA, Indonesia’s leading digital identity provider, today announced a successful Series A fundraising from leading regional and global investors. Investors in this round of financing include Alpha JWC Ventures, DST Global Ventures, Bryer Capital, Future Shape, AC Ventures, and Endeavor Catalyst.
Founded in 2018 by Niki Luhur, Sati Rasuanto, and Gajendran Kandasamy, VIDA provides individuals and businesses with secure digital identity services through identity verification (e-KYC), certified electronic signatures, and strong authentication products. VIDA is accredited by the Ministry of Communications & Information Technology of Indonesia, as well as multiple global providers.
VIDA’s products have been used by millions of users in Indonesia. Its customers include digital native technology companies from a range of industries such as financial services, e-commerce, transportation, telecommunications, and healthcare. VIDA leverages its expertise in information security to enable these companies to reduce fraud, increase trust in online transactions, and ultimately, provide their users with a safe and secure digital environment to conduct business.
This latest round of financing will allow VIDA to continue to invest in deepening its expertise in information security and machine learning, as well as intensifying its commitment to increasing public trust in digital transactions within the Indonesian digital economy. Along with providing valuable capital for growth, a number of investors in this round of financing will play a prominent role as key advisors to VIDA. This includes luminaries such as Jim Breyer (founder & CEO Breyer Capital), John Lindfors (Co-founder & Partner, DST Global), and Tony Fadell (Principal at Future Shape LLC, formerly founder & CEO of Nest Labs, co-inventor of the iPhone and iPod).
Niki Luhur, VIDA’s Founder and Executive Chairman stated, “We are honored to welcome our new partners, and are deeply grateful for their vote of confidence in VIDA. We will use this fundraising to continue to invest in our products and people to deliver a seamless verification and authentication experience for our customers, while also accelerating our ambitions within key growth verticals in Indonesia, specifically the financial services, e-commerce, and healthcare industries.”
Sati Rasuanto, Co-Founder & CEO of VIDA stated, “This successful fundraising validates the belief that we have always had in Indonesia’s enormous digital identity opportunity. It is also the beginning of a new stage of growth for VIDA, as we bring on board partners that not only provide us with capital to scale but also supply the business with strategic counsel and support to further solidify our leadership position in the digital identity space.”
Jefrey Joe, Alpha JWC Ventures said, “Indonesia remains one of the world’s fastest-growing digital economies, and there has never been a more important time to continue to build towards a safer online environment for commerce. With their best-in-class digital identity and verification products, we are thrilled to continue our support of VIDA, and believe that they are well-positioned to provide critical digital identity services to businesses and consumers across the entire digital economy.”
John Linfords, DST Global Partners said, “We believe that there is an incredibly large global opportunity in the digital identity services market, and have been very impressed with the business VIDA has built in a relatively short time period. Having architected their products to comply with rigorous international standards from the very beginning, we believe that VIDA will play a leading role in this market, and are excited to support their growth in the years to come.”
Jim Breyer, Breyer Capital said, “The founders at VIDA have demonstrated a strong understanding of the complexities and opportunities that exist within the rapidly growing digital identity market, and the team have employed their deep expertise in artificial intelligence and cybersecurity to create a host of compelling verification and authentication products. We believe that VIDA will continue to break new ground in Indonesia and beyond, and provide their customers with class-leading digital identity services and products.”
Ng Yi Chung, Partner, AC Ventures said, “VIDA’s robust identity and access management product suite is imperative in solving the trust layer in the region’s digital economy, promoting efficiency and enabling better income streams for businesses and individuals alike. Given that the space is relatively nascent in the region, we believe that VIDA is strongly positioned to continue innovating and becoming the market leader over the long term, and we’re pleased to be part of the journey.”
In line with VIDA’s ambitions to build a world-class cybersecurity business out of Southeast Asia, the company is also pleased to announce the appointment of Dr. Hamilton Turner as its new Chief Technology Officer. Hamilton is an adjunct Assistant Professor of Computer Science and Computer Engineering at the University of Vanderbilt and brings to VIDA years of experience in cybersecurity, authentication, cryptography, and optimization algorithms.