Edufied, a blockchain-based credential storage and verification startup, has raised seed funding from a group of private investors, the company has announced recently.
While the Singaporean startup did not disclose the amount, the fresh funding has taken the company’s total value to nearly $4 million.
Founded in 2018, Edufied provides a secured and decentralized system for educational institutions, training providers, employers and individuals to store and verify certifications and credentials using blockchain technology. The system also improves work efficiency by reducing the amount of admin works, such as attending to call-in verification or attending to certificate reprint request, etc., and helps prevent fake certificates or claims from happening. For learners, Edufied gives academic and training passports to store and share their credentials securely and easily.
Edufied believes that there is a better way to verify certifications and credentials with a more secured, less invasive and more effective way for its users. Its mission is to help protect the dignity of its users and reduce business costs in a hassle-free manner.
Commenting on the funding, Ryan Soh, Founder and CEO of Edufied, said the company plans to use the new funds to expand in both Singapore and the Philippines. “With a larger footprint, we will be enhancing our support team to serve our clients better and focusing on a client-centric approach to improve our product,” he said.
After initially focusing on the academic sector, Edufied expanded its operations to serve clients from professional and government organizations. The company aims to have its presence in five countries by 2021.
Edufied said it has been setting up its foundation during the past year and onboarded clients such as the Philippine’s AMA Education System and Philippine Merchant Marine Academy, and pilot testing with government agencies in the country.
The company also said it had signed a memorandum of understanding with the Singapore Association for Private Education to roll out its product to the agency’s 34 institution members. Edufied also became a finalist in PIER71, a joint initiative from the Maritime and Port Authority of Singapore and NUS Enterprise aimed at supporting the maritime innovation ecosystem. Through the program, the startup set up a new business unit called Marified, which provides marine crew with personalized e-passports to digitize certification management.