SG startup bags $7m to enable blockchain-powered document verification

Accredify CEO Quah Zheng Wei / Photo credit: Accredify

Singapore-based Accredify has raised US$7 million in its series A funding round led by iGlobe Partners and SIG Venture Capital. Existing investors Pavilion Capital and Qualgro also joined the fundraise.

Accredify plans to use the funding to fuel its Asia-Pacific expansion, with a focus on Singapore, Australia, and Japan. The company is also looking to open an office in Japan focused on developing digital trust applications.

Funding details

• Funding amount: $7,000,000
• Lead investors: iGlobe Partners, SIG Venture Capital
• Other investors: Pavilion Capital, Qualgro
• Stage: Series A
• Source

Founded in 2019, Accredify’s SaaS solution uses blockchain tech to guarantee the authenticity of documents. It’s used by educational institutions to issue verifiable qualifications as well as by government agencies and enterprises for official documents.

“Data verifiability and security is increasingly important, given the sophistication of document forgery and deepfake technologies,” said Weisheng Neo, general partner at Qualgro.

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In 2020, Accredify partnered with Singapore’s Ministry of Health to roll out its solution across the country’s healthcare institutions to aid them amid the Covid-19 outbreak. Earlier this year, the firm worked with the Accounting and Corporate Regulatory Authority to provide verifiable profiles and certificates for businesses in the city-state.

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