PRESS RELEASE: Blockchain Company, AID:Tech Secures Investment from Enterprise Ireland and SGInnovateJune 14, 2018
Investment marks the first time both state-backed organizations have invested in a blockchain company
Dublin, Ireland – 13 June, 2018 — AID:Tech, the company that revolutionizes how governments, enterprises, and NGOs deliver digital entitlements, has announced simultaneous investments from Enterprise Ireland, and SGInnovate, at MoneyConf, Dublin, Ireland. The announcement signifies the first time both Irish and Singapore state-backed organizations have invested in a blockchain company.
Commenting on the investment announcement, Joseph Thompson, CEO and Co-founder of AID:Tech said: “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.”
Founded in 2014, AID:Tech was the first company in the world to deliver international aid using blockchain technology. In a ground-breaking 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 is their fields.
“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,” said Eoin Fitzgerald, Senior Advisor for Fintech for Enterprise Ireland.
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 in 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,” said Steve Leonard, Founding CEO, SGInnovate. “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.
“The combined funding will help us hire, scale, and ultimately deliver on projects with our global clients from governments and enterprises to NGOs and charities. The importance of having experienced and diversified investors from Europe and Asia is exactly in line with our global vision as a software company,” concluded Thompson.
For more information, please visit: https://aid.technology/
Founded in 2014, AID:Tech was the first company in the world to deliver international aid using blockchain technology in 2015. In a ground-breaking 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 transparently delivered to end users through Digital ID and blockchain technology in a completely transparent manner. AID:Tech is the current global winner of the Citi Tech4Integrity challenge, they received the James Wolfensohn ‘game changer’ award for companies using technology to fight corruption at the IMF from Madame Christine Lagarde. AID:Tech are also recent winners of the Smart Dubai Blockchain challenge 2018, IBM’s number 1 global startup and Mastercard’s company of the year.
About Enterprise Ireland:
Enterprise Ireland is Ireland’s national export agency, responsible for the development and growth of Irish enterprises in world markets. With over 30 offices worldwide, Enterprise Ireland’s local sectoral specialists work with international customers to understand their unique challenges and match them with Irish suppliers that can deliver leading edge products and services. Enterprise Ireland’s goal is to simplify and enhance the purchase process for international customers and build successful, long-term business relationships between international companies and Irish suppliers.
With the support of our partners and co-investors, SGInnovate backs deeply technical founders through equity-based investments, access to talent, and support in building customer traction. Our efforts are prioritised around transformational technologies such as Artificial Intelligence, Blockchain and MedTech, which represent impactful and scalable answers to global challenges. SGInnovate is a private-limited company wholly owned by the Singapore Government.
For more information, please visit www.sginnovate.com