According to TechCrunch, a Singapore-based technology startup "Accredify" has just completed Series A financing. This round was led by iGlobe Partners and SIG Venture Capital, with participation from Pavilion Capital and Qualgro, with a total financing amount of US$7 million.
“Accredify” was founded by Quah Zheng Wei in 2019 to help users verify documents. Quah was so interested in technology that he gave up his career as a CPA to teach himself how to code. It was his experience as an accountant that got him interested in blockchain and how it could be used to authenticate documents. So far, “Accredify” has verified 2 million documents 12 million times and provided services to 600 users.
“Accredify” initially worked with educational institutions to prevent students from using fake degrees and certificates. After that, it started to expand into other areas, including company registration and healthcare. For example, during the peak of the epidemic, “Accredify” worked with the Ministry of Manpower and the Ministry of Health to create a system for verifying COVID-19 records. It is also working with Singapore's Corporate Regulatory Authority to revamp its data infrastructure. Newly formed companies receive a verifiable business profile on the blockchain.
"Accredify" identifies customers by creating an identity for them on the blockchain. It creates a wallet or document for storage, a smart wallet on the Ethereum network that manages the client's private and public keys. It then plots the data via dashboards or API integrations.
There are many companies in the same field, including Unifier, which is partnering with "Accredify" during the epidemic - "Accredify" creates documents, and Unifier reads documents for its customers; US startups similar to Trinsic that use verifiable identity certificates; New Zealand companies like MATTR work with government to create digital identities and verifiable data.
Quah said the key difference between “Accredify” and other companies is that “Accredify” has achieved real commercial adoption, such as creating a complete new crown pneumonia management system for Singapore.
"Accredify" has offices in Singapore and Australia and plans to strengthen its presence in Australia by hiring more people.Quah said they are also exploring the market in Japan through pilot projects with government entities.
“Accredify” was founded by Quah Zheng Wei in 2019 to help users verify documents. Quah was so interested in technology that he gave up his career as a CPA to teach himself how to code. It was his experience as an accountant that got him interested in blockchain and how it could be used to authenticate documents. So far, “Accredify” has verified 2 million documents 12 million times and provided services to 600 users.
“Accredify” initially worked with educational institutions to prevent students from using fake degrees and certificates. After that, it started to expand into other areas, including company registration and healthcare. For example, during the peak of the epidemic, “Accredify” worked with the Ministry of Manpower and the Ministry of Health to create a system for verifying COVID-19 records. It is also working with Singapore's Corporate Regulatory Authority to revamp its data infrastructure. Newly formed companies receive a verifiable business profile on the blockchain.
"Accredify" identifies customers by creating an identity for them on the blockchain. It creates a wallet or document for storage, a smart wallet on the Ethereum network that manages the client's private and public keys. It then plots the data via dashboards or API integrations.
There are many companies in the same field, including Unifier, which is partnering with "Accredify" during the epidemic - "Accredify" creates documents, and Unifier reads documents for its customers; US startups similar to Trinsic that use verifiable identity certificates; New Zealand companies like MATTR work with government to create digital identities and verifiable data.
Quah said the key difference between “Accredify” and other companies is that “Accredify” has achieved real commercial adoption, such as creating a complete new crown pneumonia management system for Singapore.
"Accredify" has offices in Singapore and Australia and plans to strengthen its presence in Australia by hiring more people.Quah said they are also exploring the market in Japan through pilot projects with government entities.