Ennoventure Inc Raises $5 Mn In Series A Funding Led By Fenice Investment Group Of USA
Funds will be used to highlight the importance of counterfeit management, scaling up the team, and in expanding to Europe and the US
US and India-based Ennoventure Inc, the device and process agnostic solution to track and authenticate brands, on Tuesday announced to have raised $5 million in their 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.
"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 faced by humankind. 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," said Padmakumar Nair, co-founder, Ennoventure.
Ennoventure's key markets are South Asia, India, and Africa with further plans to expand to the European and US markets. The company with its headquarters in Massachusetts, USA has its R&D center in Bengaluru, India.
"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," stated Shalini Nair, co-founder, Ennoventure.
Ennoventure Inc will utilize this 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 throughout the journey, right from production to final consumption.
"We are extremely excited to partner with Ennoventure in their journey to become the de-facto standard in brand authentication and engagement across a range of industries. Counterfeiting is a global menace, and we are thrilled with team Ennoventure's innovative solution that ensures rapid execution from concept to revenue paying customers seamlessly. We are delighted to be a part of this journey with this significant investment in Ennoventure and look forward to partnering them in their growth story," added Ahmad Chatila, managing partner, Fenice Investment Group and the chairman board of directors, Ennoventure.
A recent study on consumer behavior post-COVID done by Nielsen, Caravan, and EY states that, since March 2020, online shopping has grown by 74 per cent.
According to a report by FICCI, 30 per cent of FCMG goods sold in India are fake.
Another report by ASPA suggests how counterfeit products create INR 1-lakh-crore hole in the economy.
In line with the above challenges faced across industries on combating counterfeiters, Ennoventure has come up with a revolutionary technology that can encrypt any information on packaging and the encrypted information is completely invisible to the naked eyes.