Singular ID, the provider of the integrated high technology enterprise brand security system called enxure, announced that it has closed its Series A round of finance to fund its plans for growth.
Headquartered in Singapore, with a subsidiary in Italy, Singular ID has been supplying its enxure system to customers, the biggest being in the automotive market.
With new partnerships in the fashion industry, and enquiries from the pharmaceutical industry, the company is poised to grow considerably over the next twelve months.
“We are delighted that Innogest and Upstream have chosen to lead investment in Singular ID. With Innogest having a presence near our subsidiary in Padua, and Upstream based in Singapore, this syndication makes excellent strategic sense as we move to grow our operations in both cities."
"Moreover, their international connections will assist us in expanding our operations further a field, especially elsewhere in Europe, the US and China”, outlines Dr. Adrian Burden, Singular ID's Chief Executive Officer.
Innogest, a start-up fund of the Torino Wireless group has strong connections in the IT and electronics industries and the manufacturing sector in northern Italy. Having raised a fund of €80 million, Innogest provides a strong financial backing to its investee companies.
Mr. Pietro Busnardo, General Partner at Innogest, states “We have watched Singular ID's progress since they won the Nanochallenge international business plan competition in Padua in late 2005 and have been impressed with their achievements."
"We look forward to contributing further to their success and helping the company to realise its potential as a key provider of enterprise brand security and track-and-trace solutions”.
Mr. Busnardo, with a background in Mechanical Engineering and holding an MBA from the Massachusetts Institute of Technology (MIT), has now joined Singular ID's Board of Directors as a non-executive director.
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