This standing statue represents Kaipunesut, an official buried at Saqqara, the great necropolis of the Old Kingdom capital Memphis. Old Kingdom tomb statues show their owners in an idealized, timeless form, striding forward with the left foot advanced.
Such statues were placed in the tomb's serdab, a sealed chamber, where they provided a permanent body for the ka, the life force of the deceased, to inhabit and receive offerings.