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Technology startup Rise-X has received a $1.5 million (AUS 2.1 million) investment from global commodity trading company Mercuria Energy Trading.

As previously reported, Perth-based rise-x is the company behind QuayChain Pte. Ltd., an open access market facing platform designed to facilitate the online sale, purchase, delivery and settlement of marine fuel.

Last year, Mercuria’s 100%-owned subsidiary, Minerva Bunkering, formed a partnership with rise-X to establish ADP Clear Pte. Ltd. in Singapore, a spin off digital business combining Minerva's Advanced Delivery Platform and rise-x’s proprietary DIANA Ecosystem Operating Platform (EOP) to enable end to end bunkering solutions in a digital ecosystem.

‘The software system has proven its potential to improve productivity and to increase transparency and traceability across the global commodities ecosystem,’ Mercuria chief operations officer Alistair Cross was quoted as saying in The West Australian.

According to the report, rise-X recently exceeded its $2.5 million funding target by securing $2.7 million from private investment, including Mercuria’s investment.

In February 2021, Bunkerspot spoke with rise-x founder and director Rowan Fenn to find out more about the company’s QuayChain platform and its potential to increase transparency and traceability throughout the whole bunker-buying process. Click here to read the full interview.

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