Blockchain startup Twala received a P4.6 million grant from the Department of Science and Technology (DoST) – Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) to further help companies power their remote or hybrid work arrangements through its digital signature solution.
The fund is part of the semiannual PCIEERD Grant Fund Program and aims to help startups thrive in the next normal.
Through its blockchain-based digital signature solution, Twala provides companies with an innovative way to legally sign their documents online, helping them save money and time. Twala also helps companies improve their data security as documents signed within its platform are tamper-proof, auditable, and independently verifiable.
Jeffrey Reyes, chief executive officer of Twala, said they will use the fund to enhance their platform's security and accelerate their Twala Blockchain Network's R&D activities.
“We thank the DoST-PCIEERD for their support. Despite its increasing adoption, blockchain's full potential is yet to be realized. Our digital signature solution proves its immense potential beyond cryptocurrency. We want to leverage our experience and knowledge to dive further into this trend and learn more about how blockchain can improve our lives,” Reyes noted.
Selection for the fund program is competitive, with only six out of 38 applicants this cycle receiving grants. The other five selected startups are Olivia Technology Group, Hubware, Creatorbox, Brooky, and Cerebro.
Russell Pili, chief of the DoST-PCIEERD Technology Transfer and Commercialization Division, said they aim to grant funds to more startups in the future. “Since we started the program in 2021, we evaluated a total of 120 applicants and approved 27 startups for the grant. We hope to help more startups in the coming year and increase the number of grantees over time.”
Twala will host a “Legal & Tech Series: PH E-Signature 101” webinar on August 12 at 3:00-4:30 pm. The event is in partnership with the French Chamber of Commerce and Industries in the Philippines (FCCIP), Bitskwela, and The Manila Times (official media partner). Register here: https://bit.ly/3bd2Ct8