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Saturday, July 24, 2021

[Funding alert] Ennoventure Inc raises $5M in Sequence A spherical led by Fenice Funding Group of USA

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US and India-based mostly Ennoventure Inc, the system and process-agnostic resolution to trace and authenticate manufacturers, has raised $5 million in its Sequence A funding from Fenice Funding Group, USA

Ennoventure has patented its digital expertise of encryption (with none course of change) and is deployed to make sure model safety, monitoring, and tracing to reinforce credibility and authenticity. In April 2018, the corporate had raised $1 million in a seed fund spherical.

Padmakumar Nair, Co-founder, Ennoventure mentioned, 

“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.” 

Padmakumar Nair, Co-founder, Ennoventure

Ennoventure’s key markets are South Asia, India, and Africa with additional plans to broaden to the European and the US markets. The startup, with its headquarters in Massachusetts, USA, has its R&D middle in Bengaluru, India. 

Ennoventure mentioned it would utilise the recent capital in the direction of increasing its crew and go-to-market technique throughout key markets globally. As a part of its development technique, the corporate additionally plans to  give attention to India as it’s a key marketplace for the export of generic medicine.  

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The patented digital expertise is an built-in packaging resolution that allows corporations to remain linked with their clients.  

“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 corporate mentioned in an announcement. 

This info can also be relied to the producer, which helps them maintain a examine on high quality management, distribution, and counterfeit items. It’s a cloud-based patented plug-and-play SaaS resolution with 512-bit cryptography encryption that requires no CAPEX, the assertion 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.” 

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