Blockchain Startup AID:Tech Receives Investments From Singapore And Irish State-backed Organizationsbr>
Irish blockchain startup AID:Tech has raised an undisclosed sum in investment from Singapore-based SGInnovate and Enterprise Ireland. Other participants in the funding round were Amsterdam-based Blue Parasol Investments, Tin Fu Fund and BlockAsset Ventures.
AID:Tech offers enterprise level blockchain solutions for aid and social welfare programs. The platform streamlines supply chains, enables pinpoint asset management, and delivers reporting. It also generates rich data sets, which governments, non-governmental organizations (NGO), and charities can harness to improve how funds, products, and assets are distributed and tracked. The platform reduces fraud and offers add-ons, such as smart contracts, digital identities, instant micro-insurance, and additional gateway services.
Announced at MoneyConf in Dublin, Ireland, the investment marks the first time that either state-backed organizations have put money into a blockchain company. AID:Tech wil used the funding to hire, scale and deliver on projects with its global clients.
“Today not only marks a landmark occasion for AID:Tech but also for the wider blockchain industry as a whole,” said Joseph Thompson, CEO and Co-founder of AID:Tech. “As investments from state-backed agencies both at home and abroad signal further support of this promising technology, it is extremely encouraging to see these highly regarded institutions identifying blockchain as an active area of innovation while also embracing the technology for future transformative projects.”
Enterprise Ireland is a state-owned economic development agency that is responsible for the development and funding of the indigenous business sector. It recently launched a new Competitive Start Fund focused on FinTech and deep tech startup companies.
“By harnessing blockchain technology in the humanitarian sector and addressing obstacles in global development, including legal identity and social and financial inclusion, AID:Tech reflects the level of world-class blockchain solutions which are emerging from Ireland,” said Eoin Fitzgerald, Senior Advisor for Fintech at Enterprise Ireland. “Our investment not only marks a state-backed effort to lead on blockchain development across Ireland, but also showcases the faith we have in AID:Tech’s ambitious, innovative project.”
SGInnovate is a government-owned firm nurturing deep tech startups in Singapore. Its priority is to work with deeply-technical founders that have research-originated IP at the core of their company. They back these entrepreneurs through equity-based investments, access to talent, and support in building customer traction.
“At SGInnovate, we invest in people who are building early-stage technology companies that aim to solve important problems,” said Steve Leonard, Founding CEO of SGInnovate. “AID:Tech is using blockchain technology to enable new levels of transparency, accountability, and efficiency to the vital work of getting humanitarian aid to those who need it the most. AID:Tech represents a perfect combination of an exciting technology being applied to an important human need.”
Earlier this year, AID:Tech partnered with PharmAccess Foundation, the group committed to bettering access to healthcare all over Africa, to improve antenatal care in Tanzania through blockchain technology.