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. In the release, there is no mention of the company's fresh funding. However, this news confirms the news DailySocial.id beforehand regarding the funding.

From the information we get, VIDA managed to raise fresh funds of $ 50,5 million or around 691 billion Rupiah. However, his party refused to comment regarding the nominal funding acquisition.

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, some investors will hold positions as advisor, among them Jim Breyer (Breyer Capital) and Tony Fadell (Principal Future Shape LLC, best 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 the field of information security and machine learning. And, continuing the educational process to encourage increased public trust in interacting and transacting digitally.

“We will use the proceeds of this funding to continue investing in products and talent to provide a better verification and authentication experience seamless pattern for all users. Not only that, we will continue to encourage acceleration from the company's vision to deepen our position in various strategic industrial sectors, such as financial services, e-commerce, and also health services," said VIDA Founder & Group CEO Niki Luhur, yesterday (6/6). ).

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 of Breyer Capital. He said, “Para founders at VIDA have demonstrated a solid understanding of the complexities and opportunities that exist in the ever-growing digital identity market, and VIDA has deepened their expertise in artificial intelligence and cybersecurity to be able to produce convincing verification and authentication products. We believe VIDA will continue to disrupt new frontiers in Indonesia and globally, and provide world-class digital identity services and products to their customers.”

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 (PSrE) under the Ministry of Communication and Informatics as well as various other global accreditations, VIDA provides world-class services such as certified electronic signatures, identity verification services online (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 health. Utilizing deep expertise in information security, VIDA plays an important role in assisting business partners in reducing fraud (fraud), increase trust (trust) in online transactions, to providing a secure digital environment for users to do business.

In order to make VIDA a world-class cybersecurity company, the management also announced the appointment of Hamilton Turner as CTO. Turner is an Assistant Professor of Computer Science at Vanderbilt University, USA, with 12 years of experience in cybersecurity, authentication, distributed systems, cryptography, and optimization algorithms.

Digital signature service startup development

VIDA, Privy, TekenAja, 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 has reached $3 billion by 2021. This year it is expected to increase to $4,05 billion and grow to $35,03 billion by 2029 at a CAGR of 36,1%.

Meanwhile in Indonesia, according to DocuSign analysis, total addressable market still very wide open. The potential could be as high as $25 trillion. 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-Stamp which is integrated with API and E-Stamp to complete the needs in conducting business transactions. Both complement the existing legal digital signature solutions.