Ennoventure Inc Raises $5M In Series A Round From Fenice Investment Group Of USA
- ByStartupStory | July 13, 2021
US and India-based Ennoventure Inc, the device and process-agnostic solution to track and authenticate brands, has raised $5 million in its 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. Ennoventure’s key markets are South Asia, India, and Africa with further plans to expand to the European and the US markets. The startup, with its headquarters in Massachusetts, USA, has its R&D center in Bengaluru, India.
“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 company said in a statement.
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.”
Follow Startup Story
Related Posts
