Dedoco secures US$3 million funding from True Global Ventures 4 Plus (TGV4 Plus) Fund to fuel its global expansion. TGV is an early investor of prominent projects such as blockchain unicorns Animoca Brands and Sandbox, as well as the recently listed marketplace trading platform, Forge Global in the US.
Dedoco is a next-generation digital DMaaS (Document Management as-a-Service) that is built on blockchain technology, providing increased data privacy and document security to users. Founded in 2020 by Daphne Ng and Dr Ernie Teo, the latest investment brings Dedoco’s total capital raised to US$7.5 million. Dedoco’s seed round was led by Vertex Ventures SEA & India (VVSEAI) who continued to support the company and extended a US$2 million follow-on funding for its ambitious geographical expansion as part of this financing round.
In the last 12 months, the company embarked on its international expansion and now has presence in Australia, Singapore, Malaysia, Thailand and with its sights set on new markets this year, including the US. Its current clients and partners span over 150 across government, banks, financial institutions, real estate, professional services, and technology platforms. They range from organizations such as ERA Realty Network, GovTech Singapore, Nexia TS.
While Dedoco entered a seemingly crowded market, existing solutions failed to address common challenges such as the risk of fraud, unauthorized signatures, and non-compliance. The current solutions typically rely on centralized trust and take custody of digital documents, creating security concerns for organizations dealing with highly sensitive and confidential information such as fintechs, financial institutions, banks and governments. Conversely, Dedoco’s decentralized approach allows users to continue managing their documents “on-premise”, thus supporting organizations in adhering to document security, data residency and sovereignty obligations, especially those in highly-regulated industries.
By utilizing blockchain, every Dedoco-issued document is trusted, verifiable, and interoperable across multiple systems. Thus supporting companies in their transition to web3, by providing essential, practical applications that solve universal pain points not addressed by other providers.
“The world is already moving away from heavy, complex centralized systems, where many were designed to be closed-loop and system-centric. Dedoco, on the other hand, takes a decentralized approach to document management, while ensuring privacy protection and document security for companies. I believe that the future of technology is about giving our users full control over their documents and getting more out of their technology purchase. We are excited to partner with TGV – who has an impressive track record backing world-class blockchain companies from early on – in supporting our global Web3 vision,” said Daphne Ng, co-founder and CEO of Dedoco, who was recognized as a Top 15 Women Leaders in Asia’s Fintech Industry in 2021 and Top 100 Women in Fintech 2022 globally.
“As a pioneer equity investor in the web3 space since 2017, Dedoco is one of the very few blockchain companies globally that has successfully secured mass enterprise adoption through providing practical applications that businesses understand and need. In addition, we are seeing a phenomenon in the recent few quarters where big techs and enterprises, especially banks, FIs and fintechs are fast adopting new technologies to help them solve complex challenges relating to compliance and security. As long as Dedoco continues to solve these critical challenges and stay focused on their enterprise SaaS strategy, they will continue their strong acceleration of adoption globally,” added Kelly Choo, Founding Partner of TGV4 Plus.