Irish blockchain startup AID:Tech has raised an undisclosed sum in investment from Singapore-based SGInnovate and Enterprise Ireland. Other participants in the funding round were Amsterdam-based Blue Parasol Investments, Tin Fu Fund and BlockAsset Ventures.

AID:Tech offers enterprise level blockchain solutions for aid and social welfare programs. The platform streamlines supply chains, enables pinpoint asset management, and delivers reporting. It also generates rich data sets, which governments, non-governmental organizations (NGO), and charities can harness to improve how funds, products, and assets are distributed and tracked.

The platform reduces fraud and offers add-ons, such as smart contracts, digital identities, instant micro-insurance, and additional gateway services. Announced at MoneyConf in Dublin, Ireland, the investment marks the first time that either state-backed organizations have put money into a blockchain company.

AID:Tech wil used the funding to hire, scale and deliver on projects with its global clients. “Today not only marks a landmark occasion for AID:Tech but also for the wider blockchain industry as a whole,” said Joseph Thompson, CEO and Co-founder of AID:Tech.

“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.” Enterprise Ireland is a state-owned economic development agency that is responsible for the development and funding of the indigenous business sector. It recently launched a new Competitive Start Fund focused on FinTech and deep tech startup companies. Read more from…

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