In addition, Mr. Tony Goncalves, Chief Executive Officer of Advance Nanotech, with a background in finance and experience in the automotive and pharmaceutical sectors, has been elected non-executive director to represent the earlier seed round investors of the company.
“We are excited by the opportunities this investment provides” explains Mr. Pierre Hennes, a Partner at Upstream Ventures.
“We have a strong connection with Italy and a growing network of relationships in India and China. We believe our experience with both developed and emerging markets will help us to position Singular ID to maximize the growth of its business in the near future.”
Dr. Burden said that Singular ID was very pleased that its existing shareholders had the confidence in the company to contribute towards the syndication round.
Mr. Swan Foo BOON, Executive Chairman of Exploit Technologies Pte Ltd commented “We are pleased that the company has received validation of their business model from international investors. The partnership with the international investors will enable Singular ID's magnetic “fingerprinting” technology to be launched into the international markets.”
Singular ID will use the investment to strengthen its management team, grow its sales and business development activity, and continue to invest in its core technology development.
“We have an exciting time ahead with some major opportunities on the horizon which, as a result of this investment, are now within our reach. Our applications development team is already working on improving our enxure system, adding more features to our platform product, and creating a format that will be widely compatible across a range of applications”, highlights Dr. Peter Moran, Chief Technology Officer at Singular ID.
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