Ennoventure Secures $8.9M for AI-Powered Anti-Counterfeit Technology

Ennoventure raises $8.9M for AI-driven cryptographic anti-counterfeit technology - SiliconANGLE

Ennoventure raises $8.9M for AI-driven cryptographic anti-counterfeit technology Ennoventure Inc., a company that provides brands a way to protect their products using invisible artificial intelligence-powered watermarks, said today it has raised $8.9 million in early-stage funding led by Singapore-based venture capital firm Tanglin Venture Partners. Existing investor Fenice Investment Group, among others, also participated in the Series A round. Ennoventure's technology platform uses AI and cryptography to create invisible signatures for digital packaging or directly onto products. This allows customers and brands to provide real-time authentication of products within supply lines or in retail outlets. The way that it functions is a company shares the artwork of a product or package with the company and it uses an AI algorithm to add an invisible watermark signature to the artwork. This does not visibly change the artwork in any way, however. When it is printed onto a box, bottle, package, stamped or shrink-wrapped it remains intact. The customers can authenticate products using another AI algorithm on a smartphone, which can detect the invisible watermark within the artwork. According to the company, the encrypted watermarks are nearly impossible to replicate and do not damage or change the artwork. They can be generated within 48 hours and scale to millions of products within days. Scans can also be tracked in real time on a dashboard, allowing companies to get a quick understanding of how authentication is used in the wild. Ennoventure's technology uses a cryptographic technique similar to steganography, which is the practice of hiding information within another image so it's invisible without special examination. In this case, the technology hides authentication data in packaging artwork. Modifying the image or photographing it destroys the encrypted information. That means counterfeit products that simply copy or scan the packaging will not have the AI-generated watermarks created by the company and cannot be authenticated as genuine. The company said that although Quick Response codes and barcodes have been beneficial to combat counterfeiting, they are extremely susceptible to counterfeiting. No matter how many advanced anti-counterfeit measures companies put into their products, many customers find it difficult to distinguish genuine from fake. The company believes that putting watermarks directly on products and producing an easy-to-use app makes end users part of the role in fighting counterfeiting. In one particular use case, Ennoventure partnered with an automotive brand to protect against counterfeit parts, in particular spark plugs. According to the firm, the company was seeing a 20% to 30% hit to its revenue from counterfeiting, even with advanced measures deployed. Spark plugs were chosen because they had the highest rates of fakes and created the greatest risk in the field when they misfired or melted. The company said its technology has been adopted for industries such as automotive, industrial spare parts and fast-moving consumer retail goods, where its customers have seen great benefit from advanced genuine product authentication. Ennoventure said that the new funding will allow the company to scale up its operations globally and expand its footprint in the United States, United Arab Emirates and India, where it currently has offices.

AI SaaS Startup Ennoventure Bags $8.9 Mn From Tanglin Venture Partners

According to Inc42's "Decoding India's SaaS Startup Ecosystem" report, 85% SaaS startups in India have started enhancing their software offerings with AI AI SaaS startup Ennoventure has raised $8.9 Mn (around INR 75.10 Cr) in a Series A funding round led by Tanglin Venture Partners, along with participation from existing investors, including Fenice Investment Group among others. The startup plans to deploy the fresh proceeds to scale its operations globally and strengthen its footprint in the US, UAE and Indian markets. "This investment will enhance our product offerings and drive our mission to provide unparalleled brand protection globally," Ennoventure's founder and CEO Padmakumar Nair said. Founded in 2018 by Padmakumar and Shalini Nair, Ennoventure leverages artificial intelligence to add invisible cryptographic signatures on company's product to curb counterfeiting. Its patented invisible signature technology has fetched its clients across FMCG, automotive and industrial spare parts. The company claims that it provides such companies with real-time product authentication and protection. It claims to count the likes of Nestle, Reckitt, Denso as its clients. The investment comes at a time when businesses across the spectrum are relying on software providers who are leveraging AI to solve critical business problems. This has led to an increased prevalence of SaaS providers in India embracing AI to enhance their products. According to Inc42's "Decoding India's SaaS Startup Ecosystem" report, 85% SaaS startups in India have started enhancing their software offerings with AI. As a result, India today is the home to more than 1.5K AI-powered SaaS startups. At the heart of this development, more investors are lining up to back such SaaS startups experimenting with AI. The SaaS opportunity in the country is estimated to surpass the $70 Bn mark by 2030, up from the current $14 Bn at a CAGR of 31%.