Vida Confirms Series A Funding, Focusing to Ampllify System Security and Technology
Some investors will also act as advisors; Hamilton Turner is appointed as the new CTO
Digital signature provider VIDA has confirmed its series A funding. In the release, there was no mention of the company's fresh funding. However, this news confirms DailySocial.id's previous reports regarding the funding.
From our sources, VIDA managed to raise fresh funds of $50.5 million or around 691 billion Rupiah. However, his party refused to comment on the nominal funding obtained.
The investors announced were actually less than what we've been informed. In an official statement, investors participating are include Alpha JWC Ventures, DST Global Ventures, Breyer Capital, Future Shape, AC Ventures, and Endeavor Catalyst.
Several investors will also hold advisory positions, including Jim Breyer (Breyer Capital) and Tony Fadell (Principal Future Shape LLC, known as the inventor of the iPod and iPhone and Founder & CEO of Nest Labs).
VIDA will use this new capital to deepen its expertise in information security and machine learning. Moreover, continuing the educational process to encourage public trust in digital interaction and transaction.
“We will use this funding to continue investing in products and talent to provide a seamless verification and authentication experience for all users. In addition, we will continue to encourage acceleration of the company's vision to deepen our position in various strategic industrial sectors, such as financial services, e-commerce, and also health services," VIDA's Founder & Group CEO, Niki Luhur said, yesterday (6/6).
VIDA's Co-founder CEO Sati Rasuanto also said that this funding marks a new phase for the company's growth, 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 signature industry," Sati said.
The investor's representative also provide a statement. One of them is Jim Breyer of Breyer Capital. He said, “VIDA's founders have demonstrated a solid understanding of the complexities and opportunities of the ever-growing digital signature market, and VIDA has deepened its expertise in artificial intelligence and cybersecurity to be able to produce reliable authentication and verification products. We believe VIDA will continue to disrupt new frontiers in Indonesia and globally, and provide world-class digital signature services and products to the customers.”
Founded in 2018 by Niki Luhur, Sati Rasuanto, and Gajendran Kandasamy, VIDA provides secure digital signature services for businesses and the public. Armed with a full license as an Electronic Certificate Operator (PSrE) under the Ministry of Communication and Informatics and various other global accreditations, VIDA provides world-class services such as certified electronic signatures, and online identity verification services (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 terms of information security, VIDA plays an important role in assisting business partners in reducing fraud, increasing trust in online transactions, and 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.
The development of digital signature industry
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, according to DocuSign's analysis, the total addressable market in Indonesia is still very wide open. The potential could be as high as $25 trillion. This is due to the use cases are getting wider. Moreover, crucial sectors such as banking have also adopted this service to support its online banking services. In addition, related services have also received attention from regulators, for example, digital signature products penetration in the PSrE at Kominfo and e-KYC's implementation in the OJK regulatory sandbox.
The innovations carried out by TekenAja, for example, are developing E-Stamp integrated with API and to add up for business transactions process. Both are complementing the existing legal digital signature solutions.
–Original article is in Indonesian, translated by Kristin Siagian