In addition to participation from current investors, such as Fenice Investment Group, and additional SAFE investors, Singapore-based venture capital firm Tanglin Venture Partners led a $8.9 million Series A funding round for brand protection and authentication solutions provider Ennoventure.
The money raised will be used to expand its product line and further its goal of offering unmatched brand protection around the world, according to a press release from Ennoventure.
The AI-based cryptographic signature solutions company Ennoventure was co-founded in 2018 by Padmakumar Nair and Shalini V. Nair to track packaging products. The platform tracks product packaging by scanning information through the app for supply chain management and product authentication, leveraging technologies such as blockchain and artificial intelligence. The product can be scanned by customers and displayed on their web-based platform, which also includes VR, AR, and videos. Its solutions serve pharma, FMCG, agro, and other industries.
In order to give businesses real-time product authentication and protection, Ennoventure claims that its patented invisible signature technology has become indispensable for sectors like FMCG, automotive, and industrial spare parts. It authenticates billions of product units worldwide by utilizing AI and cryptography.
