BlockAsset Ventures’ investment will facilitate AID:Tech’s plans to expand its current platform and build a transparency engine protocol for the delivery of digital entitlements
Dublin, Ireland — 31 July, 2018 — AID:Tech, the company that revolutionizes how governments, enterprises, and NGOs deliver digital entitlements, has announced a strategic investment by BlockAsset Ventures, a leading Asian blockchain technology investor. The investment will facilitate the scaling of AID:Tech’s existing platform and help extend its product offerings to increase its global service provider reach. BlockAsset Ventures will serve as the lead investor in AID:Tech’s upcoming Token Generation Event (TGE).
Commenting on the announcement, Professor David Lee, Managing Partner at BlockAsset Ventures, said, “At BlockAsset Ventures, we aim to invest in companies with shared values, as well as innovators who are building early-stage technology companies striving to make a positive impact in the world. AID:Tech is a multi-award-winning company that we greatly admire in its pursuit to leverage blockchain to bring financial and social inclusion to the unbanked and undocumented. We are proud to support AID:Tech as it aims to be a trailblazer in the resolution of the digital identity crisis while increasing transparency across multiple sectors.”
BlockAsset Ventures is a leading Asian investor in nascent, emerging technologies and in sectors using blockchain technology to drive the emergence of true decentralization and inclusion. It leverages its years of experience in the digital asset space and strong industry relationships to support a portfolio of prominent digital assets. In addition to being the Managing Partner of BlockAsset Ventures, David Lee is also a Professor of Fintech and Blockchain at the Singapore University of Social Sciences, Co-founder of Left Coast Academy and Lee & Pei Finance Institute, and advisor to numerous leading blockchain projects.
“Today marks a landmark and critical step forward in our company’s history. Partnering with a leading Asian technology investor that shares the same vision as AID:Tech is vital to our future success. This milestone investment will enable us to scale our products lines in remittances, donations, and identity, and ultimately fulfill our ambitious objective of building a transparency engine that cuts out intermediaries and empowers end beneficiaries. The support from BlockAsset Ventures, a pioneer in the space, is not only a vote of confidence in our products, but also a resounding affirmation of our far-reaching vision,” said Joseph Thompson, CEO and Co-founder of AID:Tech.
Founded in 2014, AID:Tech was the first company in the world to deliver international aid using blockchain technology. The company utilized its platform to deliver aid to Syrian refugees in Tripoli, Northern Lebanon. AID:Tech’s platform enables entitlements such as aid, welfare, remittances, donations, and healthcare to be digitized and delivered through blockchain technology in a completely transparent manner. AID:Tech is currently working with organizations such as UNDP and governments in Serbia, Singapore and the UK.
Leading the AID:Tech team are Joseph Thompson, CEO and Co-founder, and Niall Dennehy, COO and Co-founder. Thompson has extensive experience in management consultancy combined with expertise in strategic IT management. At the United Nations General Assembly, he was named as one of only 10 chosen UN SDG Pioneers for 2017 as a Pioneer for Blockchain Technology.
In January 2018, Thompson was named as the world’s 22nd most Visionary Leader. With a background in software design and development, Dennehy previously co-founded and led the design and development of numerous award-winning apps and platforms. Founded in response to the need to increase transparency and donor engagement, Thompson and Dennehy share a vision to position AID:Tech as a company that can be profitable, as well as socially responsible.
Founded in 2014, AID:Tech was the first company in the world to deliver international aid using blockchain technology in 2015. AID:Tech’s platform enables entitlements like aid, welfare, remittances, donations, and healthcare to be digitized and delivered to end users through digital ID and blockchain technology in a completely transparent manner. In a ground-breaking project in Tripoli, Northern Lebanon, the company utilized its platform to deliver aid to Syrian refugees.
AID:Tech is the current global winner of the Citi Tech4Integrity challenge. It received the James Wolfensohn ‘Game-Changer’ award for companies using technology to fight corruption at the IMF from Madame Christine Lagarde. AID:Tech are also recent winners of the Smart Dubai Blockchain Challenge 2018, IBM’s No.1 Global Startup Europe Award, and MasterCard’s Company of the Year.
About BlockAsset Ventures:
BlockAsset Ventures is a leading Asian investor in nascent, emerging technologies and sectors using blockchain technology to drive the emergence of true decentralization and inclusion. It leverages its years of experience in the digital asset space and strong industry relationships to support a portfolio of prominent digital assets. BlockAsset Ventures is a member of gf.network, a group of the most influential blockchain investors around the globe sharing resources and generating synergies to build the global blockchain ecosystem.