Blue Parasol Investments, Tin Fu Fund and BlockAsset Ventures are also investing in the firm.
The financing will help the company to hire, scale and deliver on projects with its global clients such as governments, enterprises, NGOs and charities.
The announcement was made by AID:Tech at MoneyConf in Dublin. Commenting on the funding, CEO Joseph Thompson said: “Today not only marks a landmark occasion for AID:Tech but also for the wider blockchain industry as a whole. 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.”
Founded in 2014, AID:Tech’s online platform enables entitlements like aid, welfare, remittances, donations and healthcare to be digitised and delivered through blockchain technology in a transparent manner. This helps governments and corporates to tackle some of the most entrenched issues in their fields. In a project in Tripoli, Northern Lebanon, the company utilised its platform to deliver aid to Syrian refugees.
“At SGInnovate, we invest in people who are building early-stage technology companies that aim to solve important problems. AID:Tech is using blockchain technology to enable new levels of transparency, accountability, and efficiency to the vital work of getting humanitarian aid to those who need it the most,” said Steve Leonard, Founding CEO, SGInnovate. “AID:Tech represents a perfect combination of an exciting technology being applied to an important human need.”
SGInnovate is a government-owned firm nurturing deep-tech startups in Singapore. Backing entrepreneurs through equity-based investments, access to talent, and support in building customer traction, SGInnovate focuses predominantly on healthcare, resources, transportation, artificial intelligence, robotics, and blockchain technology.
“By harnessing blockchain technology in the humanitarian sector and addressing obstacles in global development, including legal identity and social and financial inclusion, AID:Tech reflects the level of world-class blockchain solutions which are emerging from Ireland. Our investment not only marks a state-backed effort to lead on blockchain development across Ireland, but also showcases the faith we have in AID:Tech’s ambitious, innovative project,” said Eoin Fitzgerald, Senior Advisor for Fintech for Enterprise Ireland.