- App revolutionizes security of products and goods traffic
- Mittelständische Beteiligungsgesellschaft mbH as a further investor
- Opening of the first branch office this year
The Chemnitz-based start-up authentic.nework has successfully completed another round of financing. 2.6 million euros have been made available for further rapid growth. They are financed by the two already committed investors Peppermint Holding and Jentzsch Investment GmbH as well as an institutional bank from Saxony. Thus, Peppermint is convinced of the high potential of this unique digital marketplace and again acts as lead investor in the current financing round. „With the fresh capital we want to push the internationalization and build a broker platform for authenticity between the physical and digital world“, said CEO Frank Theeg. The first international branch is to be opened in Abidjan (Ivory Coast) before the end of this year. The number of employees is expected to grow from 10 to 50.
„authentic.network GmbH has developed a unique counterfeit protection of products and documents. A physical code is connected to its digital twin using blockchain, which ensures authenticity while allowing opportunities for a completely new type of interaction with end customers. Peppermint is convinced of the high potential of this unique digital marketplace and again acted as lead investor in the current financing round.“
The young company has developed a technology that proves the authenticity of products and documents. An invisible code is hidden in a hook about three centimeters in size, which guarantees the authenticity of the item marked in this way. The green hook, which stands for „in order“ internationally, can be printed anywhere there is a risk of counterfeiting. This is possible with any conventional printer. The patented cryptographic printing process makes it a security printer. The green tick can be scanned with a smartphone app like a QR code. The „Verified“ display indicates authenticity. Unlike the barcodes and QR codes currently used as counterfeit protection, the Authentic key cannot be copied.
The technology is based on blockchain, a method for the encrypted chaining of data records on the Internet. The blockchain combines an unassailable physical code with an ambiguous digital twin and secures it one hundred percent, anywhere in the world. An Artificial Intelligence determines usage patterns, makes them analyzable, detects attacks early and eliminates them autonomously.
„Our technology can be applied without any great installation effort or technical requirements, so the potential applications are enormous,“ says Theeg. For example, the authenticity of medicine packaging, admission tickets, ID cards and documents can be protected. Coveted luxury and consumer goods can be protected, as can offers on sales platforms. Meyer Burger, a manufacturer of solar cells and modules, was one of the first industrial users to add digital services to its protected solar panels. Product piracy causes up to 60 billion euros in damage every year in the EU alone. At the same time, almost 470,000 jobs are lost.