The US and India-based Ennoventure Inc, the world’s first device and process agnostic solution to track and authenticate brands have raised 5 million USD in their series A funding from Fenice Investment Group, USA. Ennoventure has patented its digital technology of encryption (without any process change) and is deployed to ensure brand protection, tracking, and tracing to enhance credibility and authenticity. In April 2018, the company had raised USD 1 million in a seed fund round. Ennoventure’s key markets are South Asia, India, and Africa with further plans to expand to the European and US markets. The company with its headquarters in Massachusetts, USA has its R&D center in Bengaluru, India.
Ennoventure Inc will utilize this fresh capital towards expanding its team and go-to-market strategy across key markets globally. As part of its growth strategy, the company also plans to focus on India as it is a key market for the export of generic drugs. The patented digital technology is an integrated packaging solution that enables companies to stay connected with their customers throughout the journey, right from production to final consumption.
How it works: When you are in a market looking to purchase biscuits or medicine, all you need to do is open the app and scan the packaging to get product information. You can immediately identify if the brand is authentic and if it is within its expiry date for consumption. This information also relies on the manufacturer which helps them keep a check on quality control, distribution, and counterfeit. It is a cloud-based patented plug-and-play SaaS solution with 512-bit cryptography encryption that requires no CAPEX.
One of the solutions primary characteristics is that it is covert and requires only a smartphone to authenticate products that could be anywhere in the supply chain. Another benefit for manufacturers is that it requires absolutely no process change and can be installed easily and quickly. Commenting on the fundraise, Padmakumar Nair, Co-founder, Ennoventure adds, “We launched in 2018, with an aim to leverage technologies such as AI, Cryptography, and Blockchain to develop digital solutions that work towards solving day-to-day problems faced by humankind. This resulted in the launch of our novel tracking and authenticating solution widely used by global brands and consumers today towards counterfeit and quality management.”
Source: Business World