The Singaporean state is piling cash into a Dublin startup making charity donations transparent
Enterprise Ireland has also backed AID:Tech, which will now make moves into the Asian market.
DUBLIN STARTUP AID:TECH has just banked funding from Enterprise Ireland and SGInnovate, a Singaporean government agency.
Founded in 2014, AID:Tech uses blockchain technology to track and verify donations made to charities and NGOs as well as remittances and healthcare data.
Blockchain refers to a distributed ledger managed by a network of computers where all transactions are recorded and verifiable.
AID:Tech has previously trialled its tech in Tripoli where its system was used to provide transparency to aid being delivered to Syrian refugees.
Fora understands that the funding round into AID:Tech totalled €1 million. The company is expected to raise a larger round before the end of the year.
The investment is the first of its kind, with Irish state-backed body Enterprise Ireland investing alongside SGInnovate.
SGInnovate is a similar government body in Singapore that invests in and supports startups. It is not limited to Singaporean startups and has been dipping its toes into startups internationally in recent years.
The support of government agencies is an important step forward for blockchain, AID:Tech chief executive Joseph Thompson said:
“(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,” he said.
Leading on blockchain
Earlier this week, Enterprise Ireland launched a new €750,000 investment for fintech startups.
The SGInnovate backing will help the company navigate the Asian market, the company said.
Two other firms also invested in the company: Amsterdam-based Blue Parasol Investments, a firm headed up by an ex-Barclays Capital managing director, and Tin Fu Fund, a little-known fund that made its first investment in UK fintech startup Kami last year.
