Dedoco founders Dr Ernie Teo (left) and Daphne Ng
Singapore-based Dedoco today announced that it has raised a US$3 million in funding from True Global Ventures 4 Plus (TGV4 Plus), bringing its total capital raised to US$7.5 million.
This update followed a seed funding round led by Vertex Ventures SEA & India (VVSEAI) who later invested a US$2 million follow-on funding in the company.
In a press statement, Dedoco said that the funding will be used to support its global expansion plan. Having set a presence in Australia, Singapore, Malaysia, and Thailand, the company is aiming to enter the US market this year.
Founded in 2020 by Daphne Ng and Dr Ernie Teo, Dedoco described itself as a DMaaS (Document Management as-a-Service) platform that is built on blockchain technology.
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It aims to tackle the challenges of lowering fraud risks, unauthorised signatures, and non-compliance. According to the company, the current solutions typically rely on centralised trust and take custody of digital documents, creating security concerns for organisations dealing with highly sensitive and confidential information.
Meanwhile, Dedoco’s decentralised approach allows users to continue managing their documents “on-premise”, thus supporting organisations in adhering to document security, data residency and sovereignty obligations, especially those in highly-regulated industries.
Its clients included organisations such as ERA Realty Network, GovTech Singapore, and Nexia TS.
TGV is an early investor of prominent projects such as blockchain unicorns Animoca Brands and The Sandbox, as well as the recently listed marketplace trading platform Forge Global in the US.
The fund is dedicated to blockchain companies, primarily in late-stage Series B and C across four verticals: Entertainment, infrastructure, financial services, data analytics, and Artificial Intelligence (AI).
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Image Credit: Dedoco
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