[Funding Alert] Blockchain Startup Autify raises $1.5 Mn Pre-Series A Funding led by Loop Ventures - Asia Tech Journal
Summary
Blockchain-based startup Autify Network has raised $1.5 million in its pre-funding round led by Loop Ventures. Some other investors also joined the round.Autify will use the funding to hire more blockchain, AI and computer vision engineers.Founded in 2021, Autify offers blockchain-based products for the e-commerce industry. It aims to bring transparency to the e-commerce and supply chain industryThe startup is currently conducting pilot projects with five international companies and has recorded more than 10 thousand transactions in its test network. The company also surveyed more than 50 brands working in various industries such as fashion, luxury, automotive and healthcare, it said in a statement.In July, Autify raised $400,000 in grants and angel investment from NEAR, and the Filecoin Foundation, among others.The startup was also part of the India Blockchain Accelerator, led by the Telangana government. It was also part of the Loop Ventures Incubation Program and the ZilHive Incubation Program.The statement said that with the help of advanced recognition and identification techniques that are built through AI, decentralized infrastructure and computer vision, Autify can identify physical objects even if they are of the same model.According to the report, blockchain spending in India was at $289 million in 2019, which is expected to reach $4.3 billion by 2025, growing at a CAGR of 47.3% during 2019-25.Blockchain startups have seen a lot of investment in recent months.