Indonesia-based digital identity network Vida has received an undisclosed sum in funding from investors, including Jungle Ventures, Alpha JWC Ventures, and Monk’s Hill Ventures.
With the new funds, the startup will focus on hiring and building its tech and go-to-market functions and expanding its presence across fintech, banking, insurance, and healthcare sectors.
Vida was founded in 2018 by fintech and cybersecurity experts Niki Luhur, Sati Rasuanto, and Gajendran Kandasamy. It offers identity verification, legally binding and verifiable digital signatures, and verifiable credentials.
It applies “world-class data security standards”, including Public Key Infrastructure, facial recognition, and endpoint security, to provide comprehensive cyber security solutions.
The startup helps companies verify identities digitally using biometrics, machine learning and computer vision, and Big Data to run checks on identity cards and facial biometrics against government databases.
To date, Vida has provided MSMEs with digital identity authentication services and certified digital signatures to improve the security of electronic transactions. It resulted in more efficient business processes and supported the digital transformation of MSMEs in Indonesia.
Its digital signature can be recognised in more than 40 countries.
Vida has planned a series of use cases to help its users with some of the basic pain points in their everyday lives: enabling frictionless mobility, a secure and flexible work environment, and low-touch leisure.
Niki Luhur, Vida founder and executive chairman, said: “Identity verification underpins every digital transaction. We leverage our expertise in cybersecurity to build products that fundamentally change the user experience of all digital platforms and products. As a digital trust provider, we provide solutions to answer the challenges faced by cyber security today.”
“Vida aims to create frictionless access to financial services, as well as provide health certificates to help safely reopen the Indonesian economy during this pandemic,” he added.
“Vida offers state-of-the-art solutions that will play a pivotal role in a growing Southeast Asia’s digital economy. We have seen how similar solutions become part of daily lives in other major markets like the US and Europe, but not in Indonesia,” said Jefrey Joe, co-founder and general partner at Alpha JWC.
“Digital identity infrastructure and management — from authentication to verification to authorisation — is fundamental to the digitalisation of the Indonesian economy in particular and Southeast Asia in general. Vida has taken on the consequential task to meet the challenge with their deep expertise and a relentless commitment to delivering digital identity infrastructure in Indonesia,” said Kuo-Yi Lim, co-founder and managing partner of Monk’s Hill.
Image Credit: Vida
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