Singapore-Based Blockchain Firm #dltledgers Raises US$ 7 Million, Switches to R3’s Corda

Singapore-Based Blockchain Firm #dltledgers Raises US$ 7 Million, Switches to R3’s Corda

by March 26, 2021
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#dltledgers, a Singaporean blockchain platform for cross-border trade, trade finance, and supply chain digitisation, has raised US$ 7 million during a Series A funding round.

The fundraising round was led by Regis and Savoy Capital, Vittal, Walden International and various veteran industry leaders.

With the funding, #dltledgers has commenced expanding its 70-strong team by 120% across Asia Pacific, ANZ, Japan India and Middle East.

To support #dltledgers’ rapid growth, the company will migrate its blockchain-based solutions from Hyperledger Fabric to Corda, R3’s flagship enterprise blockchain platform, enabling businesses in trade finance to streamline business operations, while reducing transaction and record-keeping costs.



Samir Neji, Founder of #dltledgers

Samir Neji

Samir Neji, Founder of #dltledgers said,

“The injection of funding will help #dltledgers to amplify its work on partnerships, standards, integration, as well as accelerating product development in several areas.

 

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.”

Farooq Siddiqi, CEO of #dltledgers

Farooq Siddiqi

Farooq Siddiqi, CEO of #dltledgers said,

“We are ecstatic to work with R3 and implement Corda within our technology infrastructure. Corda aligns with our goals at #dltledgers—which is to build efficiency in inter-enterprise transactions, reduce friction in physical and financial flows, and to help customers transition to a future dominated by data.

 

We will continue shifting our users from disparate processes, communications, and reliance on email and paper, to a single, private, digital network, which can expand as customers’ requirements evolve. ”

 

Featured image credit: edited from Pexels

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