Blockchain Startup Autify network raises $1.5 million in pre-seed funding

• ByStartupStory     |    September 8, 2022

Autify Network, a blockchain-based startup, has raised $1.5 million in a pre-seed fundraising round headed by Loop Ventures, among other investors. The company will utilize the capital to employ more blockchain, AI, and computer vision engineers. It will also spend money on its beta launch, marketing campaign, and product development. 

Autify, founded in 2021, provides blockchain-based products for the e-commerce business. The services they provide include – Traceability, decentralized insurance, decentralized rewards or loyalty programs, cross-border payment, and DeFi. Its goal is to increase transparency in the e-commerce and supply chain industries. Autify is currently working on pilot projects with five multinational companies and has over 10,000 transactions recorded on its test network. It has also conducted research with over 50 firms from various areas such as fashion, luxury, automotive, and healthcare, according to a release.

Autify raised $400K in July through grants and angel investments from the NEAR foundation and the Filecoin Foundation, to name a few. It was a part of the Government-led Programme of Telangana, India Blockchain Accelerator, along with other incubation programs like – Loop Ventures’ and ZilHive’s. 

According to the statement given, Autify can identify physical items even if they are of the same model using advanced recognition and identification algorithms created with AI, decentralized infrastructure, and computer vision.

According to research, blockchain expenditure in India was $289 million in 2019 and is expected to reach $4.3 billion by 2025, expanding at a CAGR of 47.3% between 2019 and 25.

Blockchain businesses have experienced a surge in funding in recent months. 5ire just become a unicorn after obtaining $100 million in Series A investment from SRAM & MRAM, a UK-based corporation, with a post-money valuation of $1.5 billion.

In addition, Cypher Capital, a venture capital firm located in the UAE, created a $100 million fund to support blockchain-focused firms in March of this year. A total of $40 million will be set aside for Indian blockchain and cryptocurrency firms. Nischal Shetty, creator of WazirX, and Omar Syed, a blockchain architect headquartered in the United States, established Shardeum in February. Creduce Technologies released its blockchain token, KICHEE, in May and announced that 1 crore of the tokens will be minted and listed for trade.

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