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Many of the positives of the transition to e-commerce across different industries have been discussed in detail, especially during the COVID-19 crisis. However, as with changes in the business ecosystem, there are significant potential disadvantages to this digital shift. One of these is the issue of counterfeit products sold on virtual platforms. In fact, a recent study by the community media platform LocalCircles found that one-fifth of the products sold on e-commerce platforms around the world are fake.
And while counterfeiting has long been unique to the e-commerce retail territory, there has been a lack of effective solutions for the same. To solve this problem, US-based tech startup Ennoventure has created Enncrypto, a unique software tool that validates product authenticity without impacting packaging or brand. Enncrypto was conceived as a software tool that enables uninterrupted verification of product packaging reliability without changing the company’s packaging design and manufacturing process, explains Ennoventures co-founder and CEO Padmakumar Nair. Around the world, there is a great risk of counterfeiting in areas such as FMCG, pharmaceuticals, alcohol and automobiles. Ennoventure has identified this gap and devised a solution that is patentable, unique and essentially non-stop for the client.
Enncrypto leverages patented encryption technology to add encryption code to specific branded packages. This code is invisible to the naked eye and, perhaps more importantly, inaccessible to counterfeiters. From the customer’s point of view, the encrypted code can be easily authenticated using a smartphone when the package is received. Nair adds that multiple machine learning models have been introduced to pick up suspicious signals in many ways. For example, using a deep neural network, you can quickly find a fake product look-alike, and blockchain stores the product’s e-pedigree directly from the manufacturer to the consumer. We are currently focusing on different areas of the world, including FMCG, pharmaceuticals, pesticides and luxury goods.
Nair and his co-founder Shalini V. Launched in 2018 with Nair’s India-based R & D team, the startup aimed to provide digital solutions that use artificial intelligence (AI) to solve everyday business problems. ), Encryption, blockchain, and geo-fencing. After the launch of Ennoventure in August 2018, CTO Shalini filed two patents in the United States. One is to scan labels that contain invisible encryption codes to verify the authenticity of products using smartphones, and the other is about design and method. The encryption code for the design has been optimized, says Nair.
Related: GCC-based physician booking platform Meddy acquired by Nigeria-based Healthtech startup Helium Health
In 2020, Ennoventure was selected as Area 2071, the Innovation Ecosystem of the Dubai Future Foundation, and then set up a base in the UAE and became part of the AI Venture Lab Accelerator Program. Posting this association with Area 2071, Ennoventure has decided to establish a subsidiary in the UAE, says Nair.For a long-term blockade around the world [due to the COVID-19 crisis]Realizing Dubai’s excellent connectivity, we decided to keep the UAE as a hub and started working to expand our business here. This year, Ennoventure was recognized as one of the innovative businesses among the 24 other major companies embraced by the Mohammed Bin Rashid Innovation Fund (MBRIF) Accelerator Program.
According to Nair, participating in MBRIF has brought several benefits to his startup. Ideal for networking, this program provides comprehensive support for all departments of your organization, from pricing to business modeling to tax consulting. The MBRIF team has provided a great deal of support regardless of the issues raised. With such great added value, we look forward to growing and expanding our services over the next few years.
The Enncrypto solution has been working for just over a year, but its name already has a fair amount of glory. The Ennoventures solution is recognized by Microsoft for Startups and is now available on the Microsoft Azure Marketplace. It was also recently accepted at the Cambridge Innovation Center in Boston, Nair said. In addition, we are currently a member of the International AntiCounterfeiting Coalition (IACC) with a mission to counter product counterfeiting and privacy and to strengthen our commitment and technical expertise to provide community-wide solutions. is.
With a strong team of 40 people, all startups are ready to skyrocket and recently raised US $ 5 million in a Series A funding round led by the US-based Fenice Investment Group. Nair and his team have no plans to slow down. From April 2018 to January 2020, Ennoventure raised a total of $ 1 million through a seed fund. The capital of this new Series A will be used for team expansion and market development strategies in the world’s major markets. In addition, as part of our future growth strategy, we are focusing on Indian pharmaceutical companies, which are the main export market for generic drugs, and we plan to continue expanding into the Western markets.
Related: Empowering the Next Generation of Innovators: UAE Treasury Chief Innovation Officer Fatima Arnakubi Joins Mohammed Bin Rashid Innovation Fund
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