Tribe Accelerator, Supported by Singaporean Govt, Allocates $16 Million for Blockchain Startups

Tribe Accelerator was supported by the government of Singapore via Enterprise Singapore and they are in the news once again. Tribe was able to successfully raise an extra $16 million (21.5 million Singapore dollars). The fund is for blockchain startups that have been seen as active.

Brilliant Moves

The funds specifically are for a set of 9 startups from several locations all over the globe. An announcement released on Monday also described these startups as those that are working on solutions. These are solutions are to tackle real-world problems by making use of blockchain technology.

The startups in this regard are Bluzelle, Affle, Torus, Eximchain, Pilab, Aqilliz, AID:Tech, Dimuto, and WhiteCoat. All these startups are related to areas and sectors like social welfare, Issues in data privacy, and in digital retail, cybersecurity, supply chain, and healthcare services.

Aqilliz is a platform that focuses on hybrid advertising and customer loyalty services while Bluzelle is a distributed open-source database service. Then there is Pilab which is responsible for the building of software for the communication and management of data on various networks.

AID:Tech has also been able to work on solutions for aid, social welfare and donations that have been processed using the blockchain technology. Affle on its own is carving its niche as a consumer advertising startup. All these are very active ventures that are believed to perform even better when the proper level of funding is achieved. That is the primary decision behind the support that the government of Singapore is giving via Tribe.

Active Firms Working on Solutions

A good example in this regard is AID:Tech which offers a comprehensive decentralized digital ID protocol. On the other hand, WhiteCoat which offers healthcare services through their blockchain-dependent application. Its purpose is to improve patient identities and reduce the leaks of medical records when there are attacks. All these details were also made public in the release.

Ng Yi Ming is the managing partner of Tribe Accelerator and he said that one of their aims is to advocate for the inclusion of blockchain at the level of countries like Singapore. Singapore is aggressively pursuing its Smart Nation ambition and what Tribe Accelerator is doing is assisting such countries to achieve their national objectives.

He also clarified further talking about Mighty Jaxx which is one of the participating ventures from the first set. This venture is already working with OpenCerts which is a public venture in Singapore too. This partnership allows for the issue and validation of tamper-resistant digital certificates.

As for the first set of startups, the same program was able to accumulate almost 17 million Singapore dollars (around $12.3 million) in the spring of this year. So with this latest round of funding that a total of about at just over Thirty-Eight million dollars (which translates to around $28 million). Tribe was established in December 2018 and has made swift progress. Of recent, it struck partnership deals with big ventures. These are really solid brands and they include Intel, BMW Group Asia, Citi Bank, Nielsen, and others.

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