BMW Venture Fund invests in a Seattle-area startup.

Date:

Alitheon is a Seattle-area company that uses images to create unique identifiers of physical objects. It raised $10 million. The Series A round was co-led by Imagine Ventures and BMW i Ventures.

The company was founded in 2016 and aims to assist customers in industries like automotive, aerospace, medical and collectibles. The company plans to replace barcodes, QR codes and other tools that are vulnerable to fraud, damage and manipulation.

The “FeaturePrint” technology generates a unique identifier that can be used to identify products by using images from any standard camera. Software encodes unique characteristics of a surface and transforms them into a digital fingerprint.

Read more Bloccelerate, a Seattle-based blockchain VC company,

Alitheon can be used to take pictures of products, such as a manufacturer of gold bars or a manufacturer computer board. They can then confirm the authenticity of the products as they are sold or bought in the market.

Alitheon could be used by BMW to identify counterfeits or misidentified components.

“Today, the automotive industry is facing a rising rate in counterfeit parts which translates into a huge economic risk to the OEMs as well as a safety risk risk for their customers,” stated Roei Ganzarski CEO of Alitheon.

Alitheon can also help trace materials, parts and products as they arrive at factories, according to Ganzarski (ex-CEO of MagniX, an electric propulsion company).

Ganzarski stated that he learned about authentication and tracking while working in the aerospace industry.

Ganzarski answered a question about blockchain technology. He said that it could be used to identify and authenticate digital assets, but not physical ones.

Although there are many machine vision-powered systems that look similar to Alitheon’s, Ganzarski stated that his company is unique because it can identify unique items.

He stated that Alitheon was the only patent-protected technology that can combine identification, authentication, and track and trace in one product that doesn’t require any markings or additives. It’s what companies want to add trust to their supply chains.

Ganzarski stated that the company, which has 14 employees, is producing revenue, but declined to provide specific metrics. The total funding is currently at $35 million.

Read more SEBI invests in ‘Abeyance’ Go Digit’s IPO.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

ERP Modules: Types and Characteristics

Multiple options might be discovered while examining business management...

Agritech start-up Otipy is appointing Rohit Sood as its chief executive officer

Rohit Sood has been selected to be the chief...

Nykaa Q2: Profits up 333% year-over-year to the sum of Rs 5.2 crore Revenue up 39%

The second quarter in the fiscal year currently in...

Decentro is a fintech company has received $4.7M in the Series A round of capital

Funded by Y Combinator, a banking and payments API...