VIDA Announces Successful Series A Fundraise, Aims to Extend Leadership Within Digital Identity Services in Indonesia
Jakarta, June 6, 2022 - VIDA, Indonesia’s leading digital identity provider, today announced a successful Series A fundraise from leading regional and global investors. Investors in this round of financing include Alpha JWC Ventures, DST Global Partners, Breyer 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), , and Tony Fadell (Principal at Future Shape, founder of Nest Labs, inventor of the iPod and co-inventor of the iPhone). Niki Luhur, VIDA’s Founder and Group CEO of VIDA stated, “We are honored to welcome our new partners, and are deeply grateful for their vote of confidence in VIDA. We will use this fundraise 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 and CEO of VIDA stated, “This successful fundraise validates the belief that we have always had in Indonesia’s enormous digital identity opportunity. It also marks 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.”
Tony Fadell, Principal at Future Shape, said, “As the world goes fully digital, VIDA’s trusted, reliable and easy-to-use identity tech turns cumbersome, forgery-prone physical signing into seamless, hack-proof digital signatures. VIDA verifies and authenticates hundreds of thousands of identities daily, while meeting stringent global security standards.”
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.” 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 over 12 years of experience in cybersecurity, authentication, cryptography, and optimization algorithms.
About VIDA - PT Indonesia Digital Identity
PT Indonesia Digital Identity (VIDA) is a licensed Certificate Authority (CA) under the Indonesian Ministry of ICT, authorized to issue digital certificates that can be applied for digital signatures and web authentication. Established in 2018, VIDA is a digital identity network leveraging multi-factor authentication, digital signatures, and verified identities. VIDA applies world-class data security standards, including Public Key Infrastructure, facial recognition, and endpoint security to provide comprehensive cyber security solutions.
VIDA is also listed as an Digital Financial Innovation (Inovasi Keuangan Digital / IKD) registered with the OJK. The products and solutions offered by VIDA can be adopted by various sectors and industries, including the financial services industry to make it easier to verify direct customers. VIDA also believes in instilling digital trust among its users and by virtue, thus, the company has been registered under the OJK and BI regulatory sandbox.
VIDA also applies world-class technology standards that are certified and recognized internationally. The company became the first Certificate Authority (CA) company that obtained WebTrust certification and listed in the Adobe Approved Trust List (AATL) in Indonesia, and also is ISO 27001 certified.
PT Indonesia Digital Identity (VIDA)
About Alpha JWC Ventures
Alpha JWC Ventures is an early to growth-stage Southeast Asian venture capital firm. Its debut fund was launched in 2016 as Indonesia’s first independent and institutional early-stage venture capital fund. Over the years, Alpha JWC has established a strong reputation and clear positioning in the market as the leading venture capital firm with one of the region’s largest on-the-ground teams and a global network. The firm currently manages around US$ 650 million AUM – the largest early-stage fund in Southeast Asia – and 60+ active portfolio companies across Southeast Asia. For more information, visit www.alphajwc.com.
About AC Ventures
AC Ventures is a leading Southeast Asian Venture Capital Firm investing in early-stage startups focused on the Indonesia and ASEAN markets. AC Ventures’ mission is to partner and empower entrepreneurs with more than capital, combining operational experience, industry knowledge, deep local networks, and resources to create value. Our vision is to be a generational partner to founders driving positive societal change and economic impact to Indonesia and beyond through technology-enabled ventures.
AC Ventures manages over US$380M in AUM invested across four funds. Since 2012, AC Ventures’ Partners have invested in over 100 technology companies in Indonesia and Southeast Asia, including some of the most iconic names in the SEA digital ecosystem. AC Ventures’ Founding Partners, Adrian Li, Michael Soerijadji, and Pandu Sjahrir, lead a team of over 25 professionals with offices in Jakarta and Singapore.
About Future Shape
Future Shape, led by Tony Fadell, is a global advisory and investment firm coaching engineers, scientists, and entrepreneurs working on foundational deep technology. With 200+ startups in its portfolio, Future Shape seeks to bring technology out of the lab and into our lives. Headquartered in Paris at Station F, Future Shape has grown over the past ten years to embolden companies beyond Silicon Valley. Future Shape mentors’ startups to get the fundamentals right for lasting innovation: a clear product definition, delightful user experience, thriving business ecosystems, and marketing that triggers both desire and need. For more information: https://www.futureshape.com
About Breyer Capital
Breyer Capital is a premier global venture capital and private equity investor focused on catalyzing high-impact entrepreneurs in the US and China. Founded by legendary investor Jim Breyer in 2006, Breyer Capital makes long-term, idea-driven strategic investments in artificial intelligence, digital health, data analytics, social media, and financial technologies. The firm prides itself on maintaining an openness to experimentation that can lead to long-term breakthrough performance and partnering with founders and teams who are passionate about building transformative companies anchored in technology. For more information, please visit http://www.breyercapital.com.