Autify Network, a startup developing a trust protocol to make commerce and supply-chain more transparent through blockchain, AI & computer vision, is raising a $1.5 million pre-seed round led by Loop Ventures and others. The amount raised through this campaign will be added to the $400K in grants and angel investments they have secured from the NEAR foundation, Filecoin Foundation and others. The company was also selected for the India Blockchain Accelerator by the Government of Telangana, Loop Ventures incubation & ZilHive incubation by Zilliqa.
Pilot projects are currently underway with 5 global companies and more than 10,000 transactions have already been processed on the test network. Autify Network has 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.
In the upcoming years, the company intends to revolutionize the global supply chain and commerce, by unlocking the full potential of blockchain and AI and by creating plug-and-play technology that can be easily adopted by a plethora of industries across the globe. The outcome of the pre-seed round led by Loop Ventures acquires vital importance for the future of supply chains globally.
Using advanced recognition and identification techniques created with computer vision, artificial intelligence and decentralized infrastructure, Autify Network can uniquely identify physical objects even if they are of the same make or model. This solution far surpasses anything currently in the market today.
Autify is composed of a team of experienced entrepreneurs, blockchain engineers, cryptographers, and operational and marketing experts who are working toward unveiling the true scale of the solution through products that can benefit large industries globally. The organization is focused on empowering both brands and users with independently verifiable tamper-proof data.
About Autify Network
Autify Network was founded in 2021, with supply-chain traceability and counterfeiting as its core focus, the company intends to go beyond and create a comprehensive solution for the global commerce industry through multiple blockchain-based products. These will include traceability, smart contract-based decentralized insurance, decentralized rewards/loyalty program, cross-border payment and DeFi.
About Loop Ventures
Loop Ventures enables intelligent early-stage investments in blockchain and Web3 innovation. The firm has innovated the venture capital model by establishing a dedicated team of world-class specialists who provide hands-on support for projects from ideas to IDO and beyond. Loop Ventures is focused on accelerating the adoption of blockchain technology by strategically investing in companies that are solving real-world problems with applications in DeFi, Metaverse, NFTs, Payments and infrastructure.
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