Parisian startup Unikbase closed a €2 million funding round led by Weber Investissements to protect digital twins of physical objects using Web3 tokens.
It's stated mission is to create digital passports of valuable objects, loading digital twin data into an NFT token to allow insurance firms to protect their providence while providing "irrefutable proof of authenticity and ownership."
Unikbase was started last year by a team who excel in art and fashion retail, logistics, cybersecurity and blockchain.
Each token would be loaded to contain digital twin data on the object's condition, along with a 3D scan and details of its previous owners. To prevent tampering, the platform specifies that only a single digital Unikbase duplicate can be circulated for each valuable object.
Right now Unikbase has 10 employees, and they're dispersed around Europe and Asia. It's largely catering to insurers who deal with auction houses, second-hand antiques and other purveyors of high-value goods, with a €2,000 upper limit for insurance policies it will consider eligible for its product.
Aside from insurers, it also addressed other lifecycle services like storage, transport, financing and resale.
Unikbase is also announcing a partnership deal with European insurer Coste Fermon, with the contract due for completion in April. Coste Fermon and the startup will team on an "ultra-simplified insurance underwriting offering."
As for the identity of its seed investors, Unikbase was unable divulge and would only say French and US "big names" had participated but wished to remain off record.
Etienne Hermite, CEO and co-founder, Unikbase, said: "We bring web3 and Track & Trace technologies to the world of physical objects. Our digital twin solution increases traceability and therefore trust around the history of long-lived objects.
"It is thus intrinsically value-creating for the successive owners of these objects and for the professionals who organize the transactions.
"The combined expertise of our investors in art and technology puts us in an ideal position to accelerate our integration into the ecosystem, grow our team, and develop our business model.”