Blockchain Startup Autify network raises $1.5 million in seed funding

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Autify Network, a blockchain-based start-up that was able to raise $1.5 millions in its pre-seed funding round which was led by Loop Ventures, among other investors. The company plans to use the money to hire greater blockchain and AI as well as computer vision experts. It will also use the funds for the launch of its Beta version, campaign marketing and development of its products.

Autify was founded in 2021 it offers blockchain-based solutions for the business of e-commerce. The products they offer include traceability decentralized insurance, loyalty or rewards programs that are distributed across the globe Cross-border payment, as well as DeFi. Its aim is to enhance transparency in the supply chain and online commerce sectors. Autify is currently conducting pilot initiatives with five multinational firms and has more than 10,000 transactions through the test platform. It done research on more than 50 businesses from diverse sectors like luxury, fashion, automotive and healthcare according to a press release.

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Autify has raised $400k in July with grants and investments from the NEAR foundation as well as The Filecoin Foundation, to name the two. It was part of the Government-run Programme of Telangana, India Blockchain Accelerator, as well as other incubator programs such as Loop Ventures’ and ZilHive’s.

As per the claim made, Autify can identify physical items , even if they’re identical with advanced recognition and recognition algorithms developed using AI as well as decentralized infrastructure along with computer vision.

Based on research the cost of blockchain for India totaled $289 million as of 2019 . It is predicted to grow to $4.3 billion in 2025. This will increase at a rate of 47.3 percent between 2019 and.

Blockchain-related businesses have seen an increase in funding recent months. 5ire is now a unicorn after it received 100 million dollars in the Series A funding through SRAM & MRAM, a British-based company, and the post-money estimate at $1.5 billion.

Additionally, Cypher Capital, a venture capital firm based in the UAE established an investment fund of $100 million to help blockchain-focused companies at the beginning of March. The fund will comprise $40 million allocated to support Indian cryptocurrency and blockchain companies. Nischal Shetty, who is the founder of WazirX along with Omar Syed, a blockchain architect based within the United States, established Shardeum in February. Creduce Technologies released its blockchain token, KICHEE, in May and announced that 1 million of the tokens would be issued and listed for trading.

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