Accredify, a Singapore-based verifiable technology solutions provider, has on Thursday announced that it has raised $7 million during its Series A funding round, co-led by top venture capital firms iGlobe Partners and SIG Venture Capital.

The round also saw participation from returning investors, Pavilion Capital and Qualgro, Accredify said in a statement.

With the successful close of fundraising, Accredify said it is well-positioned to expand its regional presence across Asia Pacific (APAC) by scaling its services and diversifying use cases of verifiable technology solutions across various industries.

Currently, Accredify is building digital trust in nine markets and eight industries, but will be focusing on Singapore, Australia, and Japan in the coming year.

To this end, Accredify will utilise its fundraising capital to grow its team within Singapore and its focus countries.

This includes greater investment in its first international office in Sydney, Australia, established last year, as well as planning for an office in Japan, to better contribute to the development of digital trust applications for local markets.

Accredify said it will also be accelerating the development of its software as a service (SaaS) solution to enable more industries and markets to leverage verifiable technology solutions to build digital trust in business operations, public sector governance, and daily life.

“The strong support we have received is an affirmation that verifiable data is the future standard for information,” said Quah Zheng Wei, Chief Executive Officer and Co-Founder, Accredify.

“Our solution is industry-agnostic and can be applied to various verticals and use cases,

“We look forward to working with our investors and leveraging their global networks to bring our digital trust technology to governments and enterprises across the region,” he added.

Founded in 2019, Accredify’s early success started in the education sector by helping higher education institutions to issue verifiable qualifications.

Today, Accredify’s SaaS solution is used across the public and private sectors, enabling government institutes and enterprises to digitally issue verifiable documents.

The underlying use of blockchain technology ensures the authenticity of a document that is shared or received, protecting against fraud and forgery. This also helps to digitalize the verification process to make it more efficient for all parties. 
Notably, Accredify worked with the Ministry of Health in Singapore to deploy its solution for healthcare institutions at the peak of Singapore’s COVID-19 outbreak in 2020, for which it was the only digital trust start-up to be awarded the President’s Certificate of Commendation. 

More recently, Accredify partnered with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) in rolling out verifiable business profiles and certificates for all business entities operating within the country.

The value of Accredify’s solutions spans far and wide, applicable even in use cases like authenticating gemstones.

“We are thrilled to support Accredify’s vision in paving the future of verifiable data as a lead investor and look forward to working closely with the team in their growth and geographical expansion,

“This successful round of funding will contribute significantly to Accredify’s development in verifiable technology and in driving the digital trust revolution forward,” said Dr. Chong Yoke Sin, Managing Partner of iGlobe Partners.

Blake Ong from SIG Venture Capital also said the team at Accredify has been building on this for years and are now seeing exciting traction serving industry leaders across multiple verticals.

“Breaking down the multi-variate problem of transacting trust, they deliver a simple elegant solution that is cost, time effective and accurate for their users,

“As more countries continue to chart towards their digital ambitions we believe that trust technologies like Accredify’s are foundational to enabling that secured connected future,” he added.

Weisheng Neo, General Partner, Qualgro, said data verifiability and security is increasingly important, given the sophistication of document forgery and deepfake technologies.

“We are proud to have witnessed Accredify’s growth and expansion into new use cases since our investment in 2021, which continues to build our conviction in their ability to capture a global opportunity, starting with the APAC market,” he added.

Singapore’s UXUY raises $3M to build the next-gen MPC-based decentralized trading platform