Autify network, a blockchain-based startup, has earned $1.5 Mn in its pre-seed funding. Loop Ventures took the lead in the funding.
The most recent fundraising continues a pattern in which blockchain businesses have received numerous investments in recent months. After receiving $100 Mn in its Series A funding round from UK multinational firm SRAM & MRAM at a post-money valuation of $1.5 Bn, 5ire recently achieved unicorn status.
The business will utilise the money to expand its team of blockchain, artificial intelligence, and computer vision engineers, develop the beta launch, and finance marketing initiatives.
Autify, a 2021 startup, provides blockchain-based products for the e-commerce sector. It attempts to increase supply chain and eCommerce industry transparency.
According to the company’s statement, Autify can recognise physical things even if they are of the same model thanks to advanced detection and identification algorithms developed through AI, decentralised infrastructure, and computer vision.
The startup is presently working on pilot projects with five multinational corporations, and its test network has seen over 10,000 transactions. According to a release, it has also conducted research with more than 50 brands in a variety of sectors, including fashion, luxury, automotive, and healthcare.
Autify participated in the Telangana government-led India Blockchain Accelerator. It was also a component of the incubator programmes run by Loop Ventures and ZilHive.