UAE-based asset digitisation and traceability solutions provider Verofax has secured USD 1.5 million in pre-Series A to expand its Traceability-as-a-Service offering.
Verofax utilises patented technology, incorporating blockchain, augmented reality, and artificial intelligence to provide 'Traceability-as-a-Service', enabling brands to turn their offline products interactive and manage their entire supply chain to trace goods, fend off counterfeit activities, and facilitate manufacturers' productivity. Brands can extend their reach directly to end-consumers, thereby increasing consumer intimacy with direct engagement, and leverage the boom in NFTs and metaverse experiences.
The funds will be used to expand the company's sales and marketing activities on a global level, ahead of a planned Series A round later in 2022. Verofax solutions are applicable to a range of industries (retail and CPG) and are already used by brands such as Anheuser Busch. Verofax is a Microsoft Gold partner and has secured a global network of distributors, resellers, and co-selling on enterprise solution platforms, including Microsoft Appsource, Amazon AWS, and Ant Group Antchain.
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