Accredify, a company that enables firms to create, issue, and manage tamper-proof verifiable credentials in Singapore, has raised an undisclosed strategic investment from US-based Okta Ventures, the investment arm of the independent identity management platform Okta. Accredify will include Okta’s MFA and SSO technologies into its own offering.
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This Series A extension round comes after the Singaporean business received US$7 million in funding in April 2023 from SIG Venture Capital and iGlobe Partners, with Pavilion Capital and Qualgro also participating.
Organizations have felt more pressure in the last year to implement technologies that can quickly boost digital trust in their operations. This need has arisen due to the widespread use of deepfake identities and credentials, which are made possible by generative AI and are now nearly impossible to distinguish from real credentials needed for online business transactions, such as selling tickets or merchandise on Instagram or authorizing bank loans.
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Accredify aims to expedite the global adoption of verified credentials, identities, and documents. Accredify was established in 2019 with the goal of assisting universities in awarding qualifications that can be independently verified.
Today, both the public and private sectors employ its SaaS product. It guards against fraud and forgery by using blockchain technology to guarantee the legitimacy of a shared or received document.
About Accredify
Accredify was established in 2019 with the goal of assisting universities in awarding qualifications that can be independently verified. The intricacy and burdensome nature of legacy systems for data protection and accuracy often result in large information flow gaps during crucial business moments.
