The Nasdaq-listed company Okta has decided to create a new $50 million VC fund and invest in early-stage technology startups. One of them will be the blockchain-based ID firm Trusted Key. However, the amount invested was not disclosed by the company.
Okta Makes Investment in Blockchain Firm
In a recent announcement made by Okta Ventures Fund on Wednesday, they mentioned that they have decided to invest an undisclosed amount in the identity firm Trusted Key. The blockchain startup was founded by former Microsoft, Oracle and Symantec executives and it aims at offering decentralized digital identity solutions.
Okta wants to start investing in blockchain-focused innovative companies in the market. At the same time, they will also be placing their funds in firms working on artificial intelligence and also machine learning.
Frederic Kerrest, the co-founder of the firm commented:
“In line with Okta’s vision of enabling any organization to use any technology, Okta Ventures will invest in the growing ecosystem of startups tackling issues like identity, security and privacy.”
Okta is also planning to provide support to the companies it has invested in. They will be using their software and searching for co-market opportunities.
Okta has already raised $229 million in funding as reported by Crunchbase. The firm has also received funding from other firms such as Andreessen Horowitz, Sequoia Capital, Khosla Ventures and many others.
There are different companies working with blockchain technology that are receiving funding from VC firms from different countries. As the market seems to be entering a new bull trend, investors are placing their funds in the space.