# Blockchain Company, AID:Tech Secures Investment from Enterprise Ireland and SGInnovate  Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-06-15 Category: INVESTING Category URL: https://financedigest.com/category/investing Meta Title: Irish and Singapore State-Backed Orgs Invest in Blockchain Meta Description: State-backed organisations invest in AID:Tech, revolutionising the delivery of digital entitlements through blockchain technology. Find out more! URL: https://financedigest.com/blockchain-company-aidtech-secures-investment-from-enterprise-ireland-and-sginnovatehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd140618-2-1-1736840327065-compressed.jpg) _Investment marks the first time both state-backed organizations have invested in a blockchain company_ > [AID:Tech](https://aid.technology/), the company that revolutionizes how governments, enterprises, and NGOs deliver digital entitlements, has announced simultaneous investments from [Enterprise Ireland](https://www.enterprise-ireland.com/en/), and [SGInnovate](https://www.sginnovate.com/), at MoneyConf, Dublin, Ireland. The announcement signifies the first time both Irish and Singapore state-backed organizations have invested in a blockchain company. Commenting on the investment announcement, Joseph Thompson, CEO and Co-founder of AID:Tech 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](https://www.financedigest.com/the-future-of-fintech-forging-ahead-with-digital-transformation.html "The future of fintech: Forging ahead with digital transformation") projects.” Founded in 2014, AID:Tech was the first company in the world to deliver international aid using blockchain technology. In a ground-breaking project in Tripoli, Northern Lebanon, the company utilized their platform to transparently deliver aid to Syrian refugees. AID:Tech’s platform enables entitlements like aid, welfare, remittances, donations, and [healthcare to be digitized and delivered through  blockchain technology](https://www.financedigest.com/crispy-innovation-to-drive-the-nano-healthcare-technology-for-medical-equipment-market.html "Crispy Innovation To Drive The Nano Healthcare Technology For Medical Equipment Market") in a completely transparent manner, helping governments and corporates to tackle some of the most entrenched issues is their fields. “By harnessing blockchain [technology in the humanitarian sector](https://www.financedigest.com/the-technologies-set-to-boost-the-finance-sector-in-2022.html "The technologies set to boost the finance sector in 2022") 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. Enterprise Ireland is Ireland’s national export agency, responsible for the development and growth of Irish enterprises in [world markets](https://www.financedigest.com/world-u-s-share-markets-come-under-pressure-as-delta-economic-worries-mount.html "World, U.S. share markets come under pressure as Delta, economic worries mount"). In addition to its investment in Aid:Tech, this week Enterprise Ireland launched a new €750,000 competitive start fund for fintech and deeptech start-up [companies that have the capacity to succeed in global markets](https://www.financedigest.com/automated-liquid-handling-systems-market-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Automated Liquid Handling Systems Market Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027"). SGInnovate, a government-owned firm nurturing deep [tech startups](https://www.financedigest.com/italys-brembo-sets-up-venture-capital-arm-to-invest-in-tech-startups.html "Italy’s Brembo sets up venture capital arm to invest in tech startups") in Singapore, is enabling ambitious and capable individuals and teams to imagine, start, build, and scale globally-relevant technologies. Backing entrepreneurs through equity-based investments, access to talent, and support in building customer traction, SGInnovate focuses predominantly on healthcare, resources, transportation, [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence"), robotics, and blockchain technology. “At SGInnovate, we invest in people who are building early-stage [technology companies](https://www.financedigest.com/the-digital-ir-revolution-how-new-technology-is-bringing-companies-and-shareholders-closer-together.html "The digital IR revolution: how new technology is bringing companies and shareholders closer together") that aim to solve important problems. AID:Tech is using blockchain [technology to enable](https://www.financedigest.com/ethical-financial-selling-the-role-of-compliance-technology-and-sales-enablement.html "Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement ") 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](https://www.financedigest.com/why-trust-and-technology-are-the-perfect-partnership-to-rebuild-the-financial-sector.html "Why trust and technology are the perfect partnership to rebuild the financial sector") being applied to an important human need. In addition to Enterprise Ireland and SGInnovate, Blue Parasol Investments, Tin Fu Fund, and BlockAsset Ventures are also investing in AID:Tech. The Tin Fu Fund aims to create added value to business ventures as an active investor by providing strategic advice and financial guidance to the Asian network. Based in Amsterdam, Blue Parasol Investments is an impact investment [fund led by former Credit Suisse](https://www.financedigest.com/credit-suisse-to-repay-further-750-million-to-greensill-linked-fund-investors.html "Credit Suisse to repay further 0 million to Greensill-linked fund investors") and Barclays Capital Managing Director, Maurits Schouten. BlockAsset Ventures, an Asian blockchain [technology fund](https://www.financedigest.com/uk-launches-270-million-pound-fund-to-support-green-heating-technology.html "UK launches 270 million pound fund to support green heating technology") invests in promising blockchain startups. The fund leverages its years of experience in the digital asset space and strong industry relationships to [invest in a portfolio](https://www.financedigest.com/three-fundamental-tips-to-enhance-your-investment-portfolio-performance.html "Three fundamental tips to enhance your investment portfolio performance") of prominent digital assets. Professor David Lee is a [Managing Partners](https://www.financedigest.com/impact-com-named-a-market-leader-in-research-in-actions-partner-management-automation-report-and-in-g2-winter-reports.html "impact.com Named a Market Leader in Research in Action’s Partner Management Automation Report and in G2 Winter Reports") of BlockAsset Ventures and lectures at Singapore University of Social Sciences. “The combined funding will help us hire, scale, and ultimately [deliver on projects](https://www.financedigest.com/trend-micro-cloud-one-delivers-projected-roi-of-up-to-188.html "Trend Micro Cloud One Delivers Projected ROI of Up to 188%") with our global clients from governments and enterprises to NGOs and charities. The importance of having experienced and diversified [investors from Europe and Asia is exactly in line with our global](https://www.financedigest.com/global-share-sell-off-pauses-in-asia-as-investors-await-fed-policy-update.html "Global share sell off pauses in Asia as investors await Fed policy update") vision as a software company,” concluded Thompson. For more information, please visit: [https://aid.technology/](https://aid.technology/) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---