Zitadel with headquarters in the St.GallenBodenseeArea has received seed financing of 2.5 million US dollars to further develop its innovative identity management platform. According to a press release, the funding round was led by Nexus Venture Partners, an early-stage venture capital company headquartered in India and Menlo Park in the US state of California. It manages 2 billion US dollars’ worth of assets and focuses on product-oriented software company development. Zitadel is a branch of software company Caos AG, which was founded in St.Gallen in 2019.
According to the press release, the seed capital is intended to help Zitadel to provide developers with a desperately needed open source alternative for their identity management requirements, further develop the platform, increase sales growth, and look after the open source community. The current market environment is dominated by closed source providers.
Co-Founder and CEO of Zitadel Florian Forster commented: “Amidst today's complex software projects, Zitadel provides a turnkey solution that allows developers to get started easily with a secure login, user management, multi-factor authentication, social logins, authorization management, and great APIs (application programming interfaces).”
Abhishek Sharma, Managing Director at Nexus Venture Partners, stated: “Zitalde takes a developer-first, open-source approach to solving identity management. Its simple and easy-to-integrate building blocks help developers build secure authentication into their applications without requiring deep in-house expertise and resource commitment.”
