The asset digitization and traceability solutions provider, Verofax Limited, has raised a $1.5 million pre-Series A for its patented tech that incorporates blockchain, AR, and AI. The funding round was led by Benson Oak Ventures, with 500 Startups, Wami Capital, and Vernalis Capital.
The company provides ‘traceability as a service’ to enable brands to turn offline products into interactive assets and look over the entire supply chain to trace goods, fend off counterfeit activities, and improve manufacturers’ productivity. Brands can use the technology to augment their reach directly to end-consumers, enhance consumer intimacy with direct engagement, and capitalize on emerging tech, such as NFTs and metaverse experiences.
Verofax plans to use the funds to expand its sales and marketing activities globally, ahead of a planned Series A round later in 2022. Its solutions have applications in various sectors and are already being used by prominent brands such as Anheuser Busch Inc. The company is a Microsoft Gold partner and has established a global network of distributors and resellers, co-selling on enterprise solution platforms including Microsoft Appsource, Amazon AWS, and Ant Group Antchain.
Wassim Merheby, CEO of Verofax, said, “Our solution helps brands turn their products into a direct-to-consumer communication channel and deliver amazing experiences to drive growth and boost loyalty while also promoting greener product choices and ESG auditability. Verofax also helps turn give-aways into collectible and tradeable NFTs, interoperable across several metaverse environments. We are thrilled to be joined by investors that will help accelerate our growth trajectory through their collective expertise, network, and leadership.”
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