Ennoventure Inc., an anti-counterfeit startup, has secured $8.9 million in a Series A funding round led by Singapore-based venture capital firm Tanglin Venture Partners.
The round included participation from existing investors, such as Fenice Investment Group and additional SAFE investors.
The funding will be utilised to scale its technology, according to Padmakumar Nair, CEO, Founder, Ennoventure. “The funds will help us us further develop the technology and expand our presence in Europe, the US, the UAE, India, and beyond, with a target of nearly 100 per cent revenue growth this year.”
Currently, 70 percent of Ennoventure’s revenue comes from outside India, with clients deploying its technology globally across all product lines.
“Some of our clients have implemented the technology on products sold in over 170 countries,” Nair noted, referencing a major client in the agro-tech sector.
Commenting on the funding, Ahmad Chatila, Chairman, Ennoventure, Inc.,expressed gratitude for the support and said, “The new investment will enhance our product offerings and drive our mission to provide unparalleled brand protection globally.”
Bengaluru-based Ennoventure provides anti-counterfeit solutions using its patented invisible signature technology providing businesses with real-time product authentication and protection.
Explaining its technology, the global SaaS company stated, “Ennoventure’s technology integrates into existing packaging without requiring any modifications. Our invisible signatures are undetectable to counterfeiters, making them extremely difficult to replicate. Further, the solution enables scanning with a standard smartphone, enhancing accessibility for both brands and consumers.”
Its solutions are used across diverse industries such as automotive and industrial spare parts, FMCG, agrochemicals.