Dedoco, Singapore’s first decentralized digital document and signing platform announced that it has completed its seed funding round of S$3.3 million ($2.5 million) led by Vertex Ventures Southeast Asia.
The fresh funding will be used to expand into new markets and scale Dedoco’s platform and technology to support a robust product roadmap focusing on delivering the solution to organizations and users globally, according to the announcement.
Dedoco, co-founded in 2020 by Daphne Ng and Ernie Teo, enables document authentication by securing real-time verification options while an audit trail is recorded on the blockchain to maintain transaction integrity.
“The ability to deliver and complete documents digitally also removes the need for physical documents to be couriered, thus helping organizations achieve better productivity with savings in terms of cost and time,” the startup said.
Part of the fresh funding will be used to roll out new features over the next 12 to 24 months, with an emphasis on increasing connectivity with various cloud and system partners.
To date, Dedoco has clients that span government organizations, banks, professional services (HR, accounting, and corporate services), and real estate.
The startup envisions an API-first, modularized approach that allows companies and digital platforms to experience seamless and secure document transactions with their stakeholders without compromising
convenience, flexibility, or privacy.
“Document security and privacy are vital for both MNCs and SMEs alike because they protect important document data and business interests. We understand the infrastructure that needs to be developed and are working alongside enlightened organizations to build and strengthen their digital document workflows,” said co-founder and CEO Daphne Ng.
The current competing solutions, according to co-founder and CTO Ernie Teo, rely on centralized trust and take custody of digital documents.
“This is a huge security concern especially for companies dealing with highly sensitive and confidential documents. At Dedoco, we take a different approach with a decentralized architecture and a no-store solution to provide our clients with the highest form of data and document privacy,” Teo added.
Dedoco is also well backed by prominent angel investors like Willy Arifin (whose investments include Homage in Singapore, and BukuKas, KoinWorks in Indonesia) and Ong Chee Beng (tech veteran and
most recently, Country Manager of AWS Singapore).