NEC X, the Silicon Valley venture studio backed by NEC Corporation’s (NEC; TSE: 6701) advanced technologies and global businesses, today announced a strategic investment in Indicio, a startup focusing on digital trust by enabling people, organizations, connected devices, and AI agents to control cryptographically verifiable digital identities and share instantly verifiable data.
The investment supports Indicio’s participation in NEC X’s Elev X! Boost program, which is designed to fast-track tech development and adoption for promising startups.
Indicio’s platform and specialized encryption technology address critical vulnerabilities in traditional, centralized identity systems, which are prone to data breaches, privacy violations and forgery. These outdated models require people to repeatedly share sensitive data, increasing risks and creating costly administrative burdens for banks, government operations and enterprises.
The self-sovereign identity (SSI) market is projected to reach $47.1 billion by 2029, with 500 million smartphone users expected to adopt decentralized identity wallets by 2026. Recognized by Gartner and Juniper Research firms as a market leader in decentralized identity, Indicio enables organizations to meet the growing demand for secure, privacy-preserving digital interactions and decentralized infrastructure.
“We are honored to join NEC X,” said Heather Dahl, CEO of Indicio. “And to see our innovation in digital identity authentication and access management, biometrics, AI, seamless digital travel and border management recognized by such a technology leader as NEC X. We see decentralization and verifiable digital identity as the foundation for building the next era of the internet, and for scaling new digital markets and autonomous digital systems.
“The ability to instantly authenticate any entity and share trusted data securely and in a privacy-preserving way will be a tremendously powerful ‘algorithm’ that synergizes economic growth, business integration, and consumer trust. It will also be critical to successfully deploy autonomous systems that use AI.
“Being part of NEC X’s Elev X! program will inform, inspire, and above all, accelerate our work in making this new, better, simpler and safer digital world a reality.”
NEC X’s Elev X! Boost program provides startups with strategic funding, cutting-edge technology access and business resources to accelerate their growth. Indicio will leverage NEC X’s investment and NEC’s biometric authentication technologies to develop new solutions for applications like trusted AI, streamlined travel and secure access management.
“Indicio’s vision for a user-controlled internet aligns perfectly with NEC X’s commitment to fostering disruptive technologies that solve fundamental global challenges,” said Shintaro Matsumoto, CEO of NEC X. “Their leadership in decentralized identity is creating the foundational layer for a more trusted and secure digital future. We are excited to support their journey as they redefine the standards for digital interaction and data privacy.”
Indicio is already gaining significant market traction. In a pioneering use case with SITA and the Government of Aruba, the company’s technology enables travellers to enter the country using a secure digital travel credential on their smartphone instead of a physical passport. The company’s technical excellence has also been recognized with multiple awards, including the EIC Award 2022 and selection as a finalist in the DHS Digital Design Challenge 2020.