Accredify, a Singapore-based verifiable technology solutions provider, has on Tuesday announced that it has secured a strategic investment from Okta Ventures as part of its Series A extension.

Accredify said in a statement that Accredify is the first start-up headquartered in Singapore that Okta Ventures has invested in.

The investment follows the company’s $7 million financing in April 2023 co-led by iGlobe Partners and SIG Venture Capital, with participation from returning investors, Pavilion Capital and Qualgro.

Okta is the world’s leading independent identity management platform.

The firm’s investment arm, Okta Ventures, contains a large portfolio of companies who have developed innovative products and services related to digital identity.

Accredify specializes in enabling firms to create, issue, and manage tamper-proof verifiable credentials.

According to the statement, Accredify will be integrating Okta’s digital identity management solutions such as SSO and MFA into the company’s product for its clientele to benefit from.

“In an era where digital trust is being eroded due to the rise of deepfake and generative artificial intelligence (AI) applications that are being used by malicious actors and fraud syndicates worldwide, verifiable digital identity has become a must-have for organizations to retain their brand reputation and ensure the security of online transactions and information exchange,” said Quah Zheng Wei, Chief Executive Officer and Co-founder of Accredify,

“We’re excited to be partnering with Okta Ventures to bring Accredify’s verifiable technology to every corner of the globe and to realize our vision of the next stage in mankind’s path to digitalization – the adoption of verifiable data and identities to rebuild digital trust for all,” he said.

It is noted that Okta’s investment criteria for portfolio companies stipulate that the firm must focus on modern identity and be well-positioned to address identity, privacy, and security use cases.

Portfolio companies must also be able to deliver unique value to Okta’s deep network of pre-built integrations, as well as solve a specific problem for customers by demonstrating market fit and demand.

“Okta Ventures is excited by Accredify due to its successful history of commercial use cases where it deployed verifiable credentials and identities across multiple industry verticals such as education, healthcare, corporate services, and defence – a differentiator from most verifiable credential providers who focus solely on one industry. “ said Austin Arensberg, Senior Director at Okta Ventures.

According to the statement, over the past year, there has been increased urgency felt by organizations to adopt technology that can swiftly build digital trust in an organization’s processes.

This need has been driven by a global rise in deepfake identities and credentials, made possible by generative AI, that have become almost impossible to differentiate from authentic credentials required for online business transactions ranging from authorizing bank loans to selling tickets or merchandise on Instagram.

Accredify’s vision is to accelerate the world’s adoption of verifiable credentials, identities and documents to create a trustless future – one where stakeholders in online business transactions and information exchange are assured that the data they receive can be trusted by default.

Thus, the strategic relationship between Accredify and Okta is a key step to enhancing digital trust for all.

Singapore’s Accredify raises $7M Series A funding led by iGlobe Partners and SIG Venture Capital