Singaporean FinTech platform Dedoco has raised $3m in a funding round to support its global expansion efforts.
The investment was supplied by True Global Ventures 4 Plus, which has previously backed blockchain unicorns Animoca Brands and Sandbox.
Dedoco claims to be a next-generation digital document management-as-a-service (DMaaS) provider that is built on blockchain technology. Its services aim to give deeper data privacy and document security.
Founded in 2020 by Daphne Ng and Dr Ernie Teo, the company empowers businesses to streamline their document workflow on a decentralised platform. Documents are digitised through real-time security verification and authenticated on the blockchain.
Over the past year, the company has launched its services in Australia, Singapore, Malaysia and Thailand. Plans are to launch in the Us later this year.
It currently has over 150 clients and partners, spread across government, banks, financial institutions, real estate, professional services, and technology platforms. These include real estate agency ERA Realty Network, governmental statutory board GovTech Singapore and public accounting firm Nexia TS.
Alongside its decentralised workflow and signing apps, Dedoco has a range of other services. Dedoco Verify can track the chain of custody of a digital document and tamper-proof the evidential audit trail, giving trusted records for both internal and external audits.
The Dedoco Document Check feature allows signers to verify the document version before they sign the document, while Dedoco vCerts enables organizations to issue blockchain-verifiable certificates that are ERC721 standard and OpenCerts compatible.
Its Form-as-a-service provides a customisable workflow solution that integrates with any repository. Finally, Dedoco VideoSign serves as a virtual meet-and-sign solution, allowing for a holistic experience to achieve greater efficiency and caters to documents that require identification and witnessing of signing parties.
Dedoco co-founder and CEO Daphne Ng said, “The world is already moving away from heavy, complex centralized systems, where many were designed to be closed-loop and system-centric. Dedoco, on the other hand, takes a decentralized approach to document management, while ensuring privacy protection and document security for companies. I believe that the future of technology is about giving our users full control over their documents and getting more out of their technology purchase.”
Ng was recently recognised as a Top 15 Women Leaders in Asia’s Fintech Industry in 2021 and Top 100 Women in Fintech 2022 globally.
Speaking on the deal TGV4 Plus founding partner Kelly Choo said, “As a pioneer equity investor in the web3 space since 2017, Dedoco is one of the very few blockchain companies globally that has successfully secured mass enterprise adoption through providing practical applications that businesses understand and need. In addition, we are seeing a phenomenon in the recent few quarters where big techs and enterprises, especially banks, FIs and fintechs are fast adopting new technologies to help them solve complex challenges relating to compliance and security.
“As long as Dedoco continues to solve these critical challenges and stay focused on their enterprise SaaS strategy, they will continue their strong acceleration of adoption globally.”
Dedoco has raised a total of $7.5m in funding. It previously raised $2.4m in its seed round in July 2021. The round was supported by Vertex Ventures Southeast Asia.
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