[Funding alert] Ennoventure Inc raises $5M in Series A round led by Fenice Investment Group of USA
The funds will be used to highlight the importance of counterfeit management, scaling up the team and to expand to Europe and the US.
US and India-based Ennoventure Inc, the device and process-agnostic solution to track and authenticate brands, has raised $5 million in its 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 $1 million in a seed fund round.
Padmakumar Nair, Co-founder, Ennoventure said,
“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. 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.”
Ennoventure’s key markets are South Asia, India, and Africa with further plans to expand to the European and the US markets. The startup, with its headquarters in Massachusetts, USA, has its R&D center in Bengaluru, India.
Ennoventure said it will utilise the 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.
“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,” the company said in a statement.
This information is also relied to the manufacturer, which helps them keep a check on quality control, distribution, and counterfeit goods. It is a cloud-based patented plug-and-play SaaS solution with 512-bit cryptography encryption that requires no CAPEX, the statement added.
Shalini Nair, Co-founder, Ennoventure, added,
“Counterfeit and fake products are a major challenge faced by the world and India is no exception. This is serious as it has a direct and lasting impact on our loved ones and sometimes even health wise when it is counterfeit food products that are in question. Governments and companies are working hard on their part to find ways to curb this problem. We believe that our novel solution that is real time and easy to deploy will go a long way in fighting this menace.”
Edited by Megha Reddy