AID:Tech, a company that changes how governments, enterprises, and NGOs deliver digital entitlements, has announced simultaneous investments from Enterprise Ireland, and SGInnovate.The announcement signifies the first time both Irish and Singapore state-backed organizations have invested in a blockchain company.
Founded in 2014, AID:Tech was the first company in the world to deliver international aid using blockchain technology. In a recent project in Tripoli, Northern Lebanon, the company utilized their platform to transparently deliver aid to Syrian refugees. AID:Tech’s platform enables entitlements like aid, welfare, remittances, donations, and healthcare to be digitized and delivered through blockchain technology in a completely transparent manner, helping governments and corporates to tackle some of the most entrenched issues in their fields.
“Today not only marks a landmark occasion for AID:Tech but also for the wider blockchain industry as a whole. 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.”
“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. 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.”
Enterprise Ireland is Ireland’s national export agency, responsible for the development and growth of Irish enterprises in world markets. In addition to its investment in Aid:Tech, this week Enterprise Ireland launched a new €750,000 competitive start fund for fintech and deeptech start-up companies that have the capacity to succeed in global markets.
SGInnovate, a government-owned firm nurturing deep tech startups in Singapore, is enabling ambitious and capable individuals and teams to imagine, start, build, and scale globally-relevant technologies. Backing entrepreneurs through equity-based investments, access to talent, and support for building customer traction, SGInnovate focuses predominantly on healthcare, resources, transportation, artificial intelligence, robotics, and blockchain technology.
“At SGInnovate, we invest in people who are building early-stage technology companies that aim to solve important problems. 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.”
In addition to Enterprise Ireland and SGInnovate, Blue Parasol Investments, Tin Fu Fund, and BlockAsset Ventures are also investing in AID:Tech. The Tin Fu Fund aims to create added value to business ventures as an active investor by providing strategic advice and financial guidance to the Asian network. Based in Amsterdam, Blue Parasol Investments is an impact investment fund led by former Credit Suisse and Barclays Capital Managing Director, Maurits Schouten. BlockAsset Ventures, an Asian blockchain technology fund invests in promising blockchain startups. The fund leverages its years of experience in the digital asset space and strong industry relationships to invest in a portfolio of prominent digital assets. Professor David Lee is a Managing Partners of BlockAsset Ventures and lectures at Singapore University of Social Sciences.