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04 Jul 2019 Updated 04 Jul 2019

Blockchain accelerator facilitates raising of S$17m

The Business Times Claudia Chong

Among the accelerator participants is Mighty Jaxx, a designer toy collectibles studio that on Tuesday announced a S$2.15 million pre-Series A round led by venture builder Eight Mercatus, with co-investment from SGInnovate.

Government-backed blockchain accelerator Tribe has opened the door to S$16.8 million worth of funds for its inaugural cohort of 10 companies, through its ecosystem of corporate and investor partners.

Among the accelerator participants is Mighty Jaxx, a designer toy collectibles studio that on Tuesday announced a S$2.15 million pre-Series A round led by venture builder Eight Mercatus, with co-investment from SGInnovate. The funds will be used in part to further develop a blockchain-powered platform that will help collectors verify the authenticity of collectibles.

The S$16.8 million figure was announced on by Tribe Accelerator on Wednesday, at a "demo day" held at Facebook's Asia-Pacific headquarters in Singapore. The event was part of a global tour that will showcase market-ready solutions developed by the companies. sgCarMart, for instance, has introduced blockchain tech to its online car auction platform for parties to work out fairer valuations of used vehicles by referencing untampered data records.

More demo-day events have been lined up for Shanghai, Seoul and San Francisco.

Other companies in Tribe's first cohort are Digix, which uses a blockchain-based platform to digitise physical assets such as gold; Accure, a financial-data analytics and machine-learning firm; Chorus Mobility, which is developing a blockchain-based peer-to-peer payments protocol and decentralised applications for autonomous vehicles; Halo, a data-privacy firm that provides an alternative to existing cloud storage platforms; Limestone Network, which provides smart-city solutions; TADA, a blockchain-based ride-hailing app; TEMCO, which aims to help small and medium-sized enterprises manage their fragmented supply chains; and WhatsHalal, a firm working on Halal food supply tracking.

Tribe will also launch Tribe Code, a blockchain-programming academy in partnership with two programming schools in Singapore and Vietnam. The schools have trained more than 2,000 developers in different programming languages over the last three years.

Tribe also said it will partner with top-tier blockchain protocols to train new developers, so that more companies can hire the right talent as blockchain technology matures.

Tribe Accelerator's official partners include Enterprise Singapore, BMW Group Asia, IBM, Intel and Nielsen.

Source: The Business Times © Singapore Press Holdings Limited. Reproduced with permission.