Authentic Vision, an Austrian startup developing anticounterfeiting software, has closed a $5 million Series B round to fuel expansion within Europe and the US. The funding came from an international set of investors: Custos Privatstiftung (Austria), Dolby Family Ventures (US), Gronova Vision (UAE), TAKKT (Germany) and some business angels.
The International Chamber of Commerce estimates the global value of counterfeit goods and products to pass $2.3 trillion by 2022. To combat this problem from both sides, Authentic Vision’s anticounterfeiting solutions can be used by manufacturers and brands as well as end consumers. With holographic fingerprint tags, companies can authenticate their products, protecting them throughout the distribution chain. The startup also provides a free app, CheckIfReal, which can verify items in real time, assuring channel partners and buyers that they’re purchasing genuine products. Founded in 2012, the Salzburg startup’s customers now span the globe, including HDMI and Helen of Troy in the US, Danfoss and Eurostampa in Europe, Elswedy in Egypt and Japan Bio Products. CEO and founder Thomas Weiss says the new funding will fuel further expansion, and help grow the team across customer success, product development and R&D.