Asset Digitalisation and Traceability Platform, Verofax, Secures $1.5 Million

January 06, 2022 | 2 minutes read

With the aim to provide asset digitalisation and traceability as a service, Verofax, has banked $1.5 million in its latest funding round.

Asset digitalisation and traceability is in real demand these days because of the increasing trend of cryptocurrency. These digital assets are electronic files of data that can be stored and exchanged. These assets are then used to make transactions. Non-fungible tokens (NFTs) and tether are examples of it.

Verofax tapped the potential of this emerging blockchain technology by providing its services in asset digitalisation and traceability. The company has successfully raised $1.5 million in its latest funding round. Benson Oak Ventures led the pre-seed funding round. However, 500 Global, Wami Capital, and Vernalis Capital were also part of the group.

To provide traceability as a service, the platform uses a patented technology. This technology incorporates very powerful blockchain, augmented reality, and artificial intelligence. This allows the brands using this technology to make even their offline products interactive. Moroever, they can manage their supply chain efficiently to trace goods and fend off counterfit activities. As well as it improves the manufacturers productivity.

In the same way, brands can further improve the customer experience by directly reaching out to them and leveraging the boom in NFTs and metaverse experiences. Because as per experts metaverse is going to completely revolutionize the whole eCommerce culture.

Verofax is a Microsoft Gold Partner and has secured a global network of distributors and resellers, and co-selling on enterprise solution platforms including Microsoft Appsource, Amazon AWS, and Ant Group Antchain.

In light of this platform-boosting investment, Wassim Merheby, CEO of Verofax told TradeArabia, “Our solution helps brands turn their products into a direct-to-consumer communication channel and deliver amazing experiences to drive growth and boost loyalty while also promoting greener product choices and ESG auditability. Verofax also helps turn give-aways into collectable and tradeable NFTs, interoperable across several metaverse environments.”

However, with the newly acquired funds the company is aiming to extend its services in different other countries in the region and improve its sales and marketing activities.


Story Credits: Magnitt