Blockchain and supply chain management startup Autify Network has raised $1.5 million in its pre-seed round led by Loop Ventures along with the participation of others. This would be the fresh fund infusion besides $400K which the company raised through grants and seed funding from NEAR foundation, Filecoin Foundation and others.
Founded in 2021 by Nabarun Chakraborty, Autify Network develops a blockchain trust protocol for the global supply chain and retail industry. It claims to empower both brands and users with independently verifiable tamper-proof data.
The startup was also selected by the Telangana government for the India Blockchain Accelerator, Loop Ventures incubation, and ZilHive incubation.
Autify Network claims that it can uniquely identify physical objects even if they are of the same make or model using its advanced recognition and identification techniques created with computer vision, artificial intelligence and decentralized infrastructure.
The startup has also conducted user research with over 50 brands from the fashion, luxury, automotive and healthcare sectors with a combined potential user base of over 10 million. Its pilot projects are underway with 5 global companies and more than 10,000 transactions have already been processed on the test network.