Today, cloud identity management provider Okta unveiled Okta Ventures, a $50 million in-house venture fund focusing on early-stage identity and authentication startups that use artificial intelligence, machine learning, and blockchain technology.
Announced on-stage at the company’s annual customer conference in San Francisco, Okta Ventures’ first investment is in Trusted Key, a blockchain-based digital identity company that had previously raised $3 million. While Okta isn’t disclosing the amount, the investment speaks to the company’s interest in using blockchain to improve its flagship tool, which helps customers log in to multiple work apps with just their corporate username and password.
The company says that the fund will invest in existing Okta partners in addition to other identity management startups. Portfolio companies will have access to Okta’s products for the first year, in addition to the ability to build products that integrate with Okta’s technology.
“We expect the partnerships with our portfolio companies to extend our platform, and we’re committed to providing significant value to these early stage startups,” said Okta Cofounder and COO Frederic Kerrest in a prepared statement. “Trusted Key is a perfect example of a young company working on a big idea, and we look forward to collaborating to shape the future of identity.”