Singapore-based document verification provider Accredify, has closed its Series A funding round at $7 million, co-led by SaaS-focused investor SIG Capital and Singapore-based VC firm iGlobe Partners.
Existing investors such as Temasek’s Pavilion Capital and data, artificial intelligence, and software-focused investor Qualgro, participated in the funding, according to a press release.
The company plans to use the new capital to grow its team within Singapore, Australia and Japan, as well as accelerate the development of its SaaS solution to enable more industries and markets to leverage verifiable technology solutions.
“The strong support we have received is an affirmation that verifiable data is the future standard for information,” said Quah Zheng Wei, CEO and co-founder, Accredify. “Our solution is industry-agnostic and can be applied to various verticals and use cases.”
Founded in 2019, Accredify is an end-to-end verifiable technology solution that spans the issuance, management, and verification of documents.
The company is currently focusing on growing in nine markets and eight industries. Accredify opened its first international office in Australia last year and is planning an office in Japan, to better contribute to the development of digital trust applications for local markets.
Accredify had raised $2 million in an equity funding round led by venture capital firm Qualgro with participation from Temasek’s Pavilion Capital, Endeavour Ventures, and K2 Global in 2021.
The company has 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.
Accredify also worked with the Ministry of Health to deploy its solution for healthcare institutions at the peak of Singapore’s COVID-19 outbreak in 2020.