Singapore-based Accredify has recently received $7 Million to ensure that documents are secure and authentic. The company was founded in 2019 by Zheng Wei, an accountant who moved away from his profession to learn coding. He was particularly drawn to the functionality of blockchain technology and was impressed by how it could perform in real-time authentication.
Accredify primarily works with educational institutions to prevent instances of fake degrees and certificates. It has also expanded its range of services to include corporate registries and healthcare. During the peak of the COVID-19 pandemic, it collaborated with the Ministry of Manpower and the Ministry of Health to create a verification system for workers to travel. Additionally, it was also involved in the Accounting and Corporate Regulatory’s data infrastructure, where every newly-created business profile is traceable to the blockchain.
This $7 million Series A funding was co-led by iGlobe Partners and SIG Venture Capital with participation from returning investors Pavilion Capital and Qualqro. It has successfully handled 12 million verifications for 2 million issued documents and served 600 users.
There are many players within the document verification space, such as U.S.-based Trinsic, Unifier and MATTR from New Zealand. However, Zheng Wei believes that what sets Accredify apart from the competition is its scalability, as well as its capability to create and manage a complete system for COVID-19 authentication within Singapore. Currently, the company has offices in Singapore, Australia, and is exploring establishing its presence in Japan by doing pilot programs with government entities.
