Singapore-based software development company Credify has raised $1 million in a seed funding round from venture capital firm Beenext and Deepcore, a Japanese artificial intelligence-focused incubator set up by SoftBank.
Credify co-founder and CEO Makoto Tominaga confirmed the investment to DealStreetAsia in an email interaction.
Founded in 2019, Credify provides universal identity and trust system solutions to companies active in e-commerce and finance. Credify’s product acts as a personal data bridge, connecting e-commerce marketplaces and lending platforms.
The company will use the funds to enhance its suite of products, further localise its software development operations in South East Asia, and move ahead with its live client engagements.
“This investment from Beenext and Deepcore represents far more value than the capital that will assist us as we execute on our vision to elevate trust in digital economies,” Tominaga said.
“Both firms bring with them strong networks within our target markets and deep understanding of the strategic and practical execution necessary to transform early stage businesses to large-scale growth enterprises,” he added.
Recently, Singapore-based venture capital firm Beenext has been seeking to raise $100 million for a new fund and has so far gathered $8 million for it, according to an SEC filing. The fund, Beenext Emerging Asia LP, was launched in late October.