Singapore: #dltledgers, a blockchain-powered cross-border trade digitization startup based out of Singapore, said today it has closed its US$7 million Series A financing, led by Regis & Savoy Capital (Bengaluru), with participation from Vittal Investments, Walden International, and various veteran industry leaders.
The startup had previously raised US$2.5 million in pre-Series A round from global VC firm Walden International in July 2019.
#dltledgers was founded in 2017 by Samir Neji, a serial technopreneur who has lead four businesses in his career. The concept was born out of his enthusiasm to disrupt global cross-border trade digitization.
Corporates and banks use the platform to authenticate their commercial documents, contracts, and bank interactions, enabling them to automate multi-party transactions, streamline processes and reduce cost.
As per a press statement, the latest round comes off the back of a “record-breaking” third year for #dltledgers with more than 200 percent y-o-y growth, as the need for digitization across trade finance surges amidst the COVID-19 pandemic.
#dltledgers has commenced expanding its 70-strong team by 120 percent across the Asia Pacific, ANZ, Japan India, and the Middle East.
To support # dltledgers’ rapid growth, the company plans to migrate its blockchain-based solutions from Hyperledger Fabric to Corda (R3’s flagship enterprise blockchain platform). This will enable businesses in trade finance to streamline business operations, while reducing transaction and record-keeping costs.
According to Neji, by migrating its blockchain platform to Corda, its current and future clients will benefit from unparalleled security, transparency, and performance that comes with Corda.
In addition, he noted, the platform’s ability to facilitate repeatable transactions enabled it to stand out globally and led to engagements with corporates like Shiseido, Wilmar, Mitsui, Wipro Unza, Vertiv, Schneider Electric, as well as over 45 banks including ANZ, DBS, Standard Chartered Bank, and Rabobank.
“The injection of funding will help #dltledgers to amplify its work on partnerships, standards, integration, as well as accelerating product development in several areas,” he said. “One area is Cognitive Document Automation (CDA) — a unique combination of graphical processing, machine learning, and blockchain — further reducing the effort required to reconcile invoices, purchase orders, packing lists, and other trade documents.”