Singapore-based company Accredify, dedicated to the secure verification of documents through blockchain technology, has announced that it has raised $7 million in Series A funding. The funding round was co-led by iGlobe Partners and SIG Venture Capital, with the participation of returning investors Pavilion Capital and Qualgro. To date, the no-code platform has facilitated 12 million verifications across 2 million issued documents for 600 users.
Founded in 2019 by Quah Zheng Wei, a former chartered accountant, Accredify started its journey by working with educational institutions to combat the use of fake degrees and certificates. Subsequently, the company expanded its services to other sectors, including corporate registries and healthcare.
During the peak of the COVID-19 pandemic, Accredify collaborated with Singapore's Ministry of Manpower and the Ministry of Health to develop a robust system for verifying COVID-19 records for workers' travel. The company also worked closely with the Accounting and Corporate Regulatory Authority of Singapore to modernize their data infrastructure. As a result, every newly-established company now receives a verifiable business profile that can be traced back to the blockchain.
Quah expressed pride in the commercial traction and adoption achieved by Accredify and emphasized the importance of scalability in the industry. He highlighted that many comparable companies only manage to reach the pilot, proof-of-concept stage, while Accredify has already enabled seamless COVID-19 management in Singapore.
While primarily utilizing the Ethereum network to create identities for clients and manage their data through dashboards and API integrations, Accredify also collaborates with other companies in the field. During the pandemic, the Singaporean firm partnered with Unifier to issue documents while Unifier read and processed them for clients. Quah's company has been compared to international startups like Trinsic in the United States and MATTR in New Zealand, which focus on verifiable digital identity credentials.
With offices in Singapore and Australia, Accredify plans to increase its presence in the Australian market by hiring more personnel. In addition, the company is considering opportunities to expand to Japan, including pilot programs in collaboration with government entities.
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