DUST Identity, a company at the forefront of product authentication technology, has raised $40m for its Series B funding round. .
This financial boost was led by Castle Island Ventures, with notable contributions from Amex Ventures, Kleiner Perkins, Airbus Ventures, 8VC, and other investors. This investment marks a significant milestone in DUST Identity’s journey, underlining the growing interest and confidence in its innovative technology.
At its core, DUST Identity specializes in offering solutions that authenticate products by creating a digital link to their physical counterparts. Initially focusing on high-security applications, the company is now expanding its horizons. It’s venturing into new markets including luxury goods, artwork, game-used apparel, memorabilia, and other unique items. This diversification strategy highlights the company’s adaptability and innovative spirit in the FinTech world.
The new funding will be pivotal in supporting DUST Identity’s expansion into these new markets. Their newly launched mobile solution, which bolsters the authenticity of valuable physical objects, is a testament to their commitment to innovation. The technology enhances traceability and provides unprecedented visibility into the origin of objects, a feature that is increasingly important in today’s market.
In addition to these developments, DUST Identity has entered into a significant partnership with Oxygen Esports. This collaboration with one of North America’s largest multi-title esports organizations will leverage DUST’s mobile solution to authenticate game-used merchandise. This partnership is not only a strategic move for DUST Identity but also a clear indicator of the company’s growing influence in the sports and entertainment sector.
Dani Marks, CMO at OXG, shared their enthusiasm about this partnership. “The merchandise we sell reinforces our brand reputation and DUST’s solution is helping us protect our brand, athletes, and fans from counterfeit memorabilia. We’re looking forward to working with DUST to unlock rich omnichannel experiences for fans, as we leverage their technology.”
Ophir Gaathon, CEO and Co-Founder of DUST Identity, also commented on the company’s vision and future plans. “People want to trust that the products they are spending their time and money on are genuine, and the foundation of that trust comes from being able to validate an item’s authenticity. Our technology provides that validation.
“DUST Identity has broadened its mission of protecting and connecting everything that matters by introducing our new mobile solution. We’re excited to utilize our funding to deliver on this mission as we bring our technology to many new industries..”
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