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Singapore’s blockchain accelerator secures $15.7 million for startups


Today, Singapore’s Tribe Accelerator announced it has secured SD$21.5 million ($15.7 million) in funding for nine participating companies with market-ready blockchain solutions. This was the second Tribe cohort to receive financing, bringing the total to SG$38.3 million ($28 million). It’s been just eight months since Tribe unveiled the first cohort.

Additionally, Tribe also partnered with Dubai International Financial Centre (DIFC) FinTech Hive to expand its pool of innovators, investors and corporate partners.

Tribe Accelerator is the blockchain arm of TRIVE Ventures, a Singapore-based venture capital firm. The Accelerator is backed by Enterprise Singapore, a government agency aiming to support small and medium enterprises. Additionally, corporate partners include BMW Group Asia, ConsenSys, IBM, Intel, Nielsen, PwC, R3, and Temasek amongst others.

The recent round of fundraising was announced at the start of Tribe Accelerator’s Global Demo Tour, where participating companies visit innovation hubs to showcase their blockchain solutions.

“Every idea or solution shared during the Demo day has the potential to revolutionize the way the linked industry works in the present,” said Ng Yi Ming, Managing Partner of Tribe Accelerator.

Ming further added, “We will continue to harbour companies with transformative innovations, that can change the face of the blockchain industry and benefit the end-user — making the technology more mainstream.”

There are the nine companies which were part of the second batch of Tribe’s Demo tour. First is Affle, a Singapore-based mobile marketing company which is using blockchain to detect advertising fraud. It’s a subsidiary of a newly listed Indian firm. Aqilliz is another Singapore firm which provides blockchain solutions for digital marketing.

Ireland based AID: Tech offers a decentralized digital ID protocol for healthcare and social-welfare initiatives. Bluezelle provides a decentralized database service.

Next is DiMuto, which is simplifying supply chains by digitalizing physical products. It will also integrate with IBM’s Food Trust. Eximchain is another company which is using blockchain for streamlining supply chain operations. Both these companies are based out of Singapore.

South Korean firm Pilab is a research-focused blockchain company, for example, exploring smart contract security and blockchain applied to the cold chain.

Singapore-based Torus offers novel blockchain-based private key management solutions. And lastly, WhiteCoat, is a Singapore telemedicine company planning to use blockchain for identity and logging access to medical records.

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