Swiss startup Authena has closed a new funding round of CHF 2.3 million. The company is at the forefront of the global fight against counterfeit products and lack of transparency in supply chains. Counterfeiting results in billions of dollars in losses for companies each year and has serious implications for people and the environment. Swiss startup Authena has developed a globally unique solution to make products secure and supply chains transparent using blockchain-based technologies. The fresh money will be used for further growth and the development of new prototypes for major customers.
In just three years, Swiss startup Authena has become a spearhead in the international fight against counterfeiting and product detour. Now, the team led by founder and CEO Matteo Panzavolta is receiving a substantial seed investment of over CHF 2.3 million. Investors include private individuals from Switzerland and the UK. The fast-growing US innovation fund Ecliptic Capital is making a clear statement by investing outside the US for the first time with Authena. Ecliptic focuses on pre-seed, seed and Series A investments and is committed to developing and scaling emerging technologies. “We are proud of the trust placed in us and our technology internationally. We are excited to ignite the next stage of our company’s development with this investment,” emphasized Matteo Panzavolta, CEO of Authena.
The Swiss startup has developed blockchain-based technology to track supply chains and create interactive end-to-end communication between manufacturers and end users. Authena fights against counterfeiting, parallel imports and detour of e.g. pharmaceutical products. Using NFC transmitters that act as electronic seals, manufacturers can guarantee the authenticity of their products. At the same time, they can detect unauthorized interactions with their goods in real time. Consumers can determine the authenticity of products with a tap on their smartphone, using the free app or a direct NFC connection. This is faster and more secure than any QR code-based solution.
Matteo Panzavolta explains, “Authena creates a digital copy individually for each product, which is stored in the blockchain and thus cannot be modified. Through end-to-end communication, manufacturers also get the opportunity to use their product as a means of communication and provide information via text, images, sound or video to end users. Our solution prevents fraud at all levels and makes a significant contribution to modern customer interaction.”
Worldwide, companies and entire industries are increasingly relying on the services of this Swiss startup to guarantee transparent supply chains and protect manufacturers and consumers from counterfeiting and detour. “Our technology is successfully used by wine and cosmetics manufacturers, pharmaceutical producers and in agriculture, among others. Every single product and unit can be checked by users at any time with the Authena app. In this way, we create the possibility to access detailed information about the product and create the necessary data to further develop intelligent supply chains,” Matteo Panzavolta emphasizes.
Authena is the world’s leading provider of blockchain-based technology solutions for tracking supply chains and creating interactive end-to-end communications between manufacturers and end users. The Swiss startup, headquartered in Zug, was founded in 2018 and employs 15 people internationally. The company fights counterfeiting, parallel imports and detour of e.g. pharmaceutical products worldwide. Using NFC transmitters that act as electronic seals, manufacturers can guarantee the authenticity of their products and detect unauthorized interactions with their goods in real time. Authena is committed to ecological and transparent production lines as well as sustainable trade systems.