Vida, an Indonesian digital identity startup, has raised $47.67 million in a funding round to help it meet growing demand for services in Southeast Asia. Companies in digital ID and adjacent industries had already raised more than $200 million since early April.
DealStreetAsia reports that London-based venture capital firm Hedosophia has made a Series A contribution of $25 million. Hedosophia is likely the lead investor, based on documents from Singapore’s Accounting and Corporate Regulatory Authority. Jakarta-based Alpha JWC Ventures added $10 million to the round, according to filings.
DealStreetAsia says digital identity verification is essential in an age where remote working is commonplace.
Jefrey Joe, co-founder and general partner of Alpha JWC Ventures, told DealStreetAsia that Vida “will play a pivotal role in a growing digital economy in Southeast Asia.” Joe noted that there is no dominant player in Indonesia unlike the United States and Europe.
Vida raised an undisclosed amount in September 2021 from Jungle Ventures, Alpha JWC Ventures, and Monk’s Hill Ventures to expand its technology efforts, go-to-market functions, and expand its presence in fintech and healthcare.
The Q2 wavelet of biometrics funding:
Vida’s funding round is one of many related investments so far in the second quarter of 2022, with announcements together totaling at least $208 million since April 1.
It started with Tech5 ($10 million) and Videosign ($1.4 million); $100 million for Unico; an additional $3.5 million for Indico; $1.9 million for machine vision company Envision; $2.85 million for Wink; $2.8 million Identitypass; $18.5 million for ProofID; a cumulative $17 million in 50 investments for Biofire; and $50 million for Certn.
Imprivata and Touch Biometrix received funding but did not disclose amounts.
biometrics | digital identity | facial biometrics | financing | identity verification | Indonesia | investment | selfie biometrics | Southeast Asia | VIDEO