Asian Spectator

Men's Weekly

.

Verofax Secures $1.2M Seed Round for Automation and Traceability Platform

  • Written by ACN Newswire - Press Releases

Verofax Secures $1.2M Seed Round for Automation and Traceability Platform

ABU DHABI, UAE, Mar 9, 2021 - (ACN Newswire) - Verofax Limited, an automation and traceability platform, has secured $1.2M in a Seed funding round, led by Trove Capital Limited UK. Other investors included MFD Holding, Kepler Fund Managers, and Casablanca Holding. This funding marks Verofax porting its platform on Microsoft Cloud and its recent Q4 expansion into Asia and Africa.

Verofax Secures $1.2M Seed Round for Automation and Traceability Platform

Mssrs Wassim Merheby and Jamil Zablah of Verofax Limited.

Established in 2018, Verofax has developed an automation and traceability platform that allows enterprises to prevent counterfeit, improve manufacturers' engagement with consumers, and increase staff productivity with data insights. Verofax offers services such as Item ID serialization, traceability, and transaction certification on private Blockchain with cost and time to market advantage.

Wassim Merheby, CEO and Co-Founder of Verofax, commented on the round, "Counterfeit is exceeding 20% of global trade in some industries and accounts for $1.8T losses to businesses. With retailers and manufacturers adopting traceability and item serialization in their operations, Verofax enables supplier screening, consumer engagement, and inventory optimization.

"US, EU, China, and Russia have already adopted regulations for retailer and E-commerce accountability on fake merchandise sold through their marketplaces. Verofax simply adds certainty in global trade with item digital ID throughout every product lifecycle."

Verofax, which has offices in Abu Dhabi and Kuala Lumpur, will use the funding to serve its pipeline of projects, launch a marketing campaign targeted at food, healthcare, and apparel industries. It is also to hire 20 additional team members, mainly software developers and business development managers.

About Verofax

Verofax Limited is an automation, optimization and validation solutions provider for enterprises and financial institutions with a presence in Asia, the Middle East and Africa. The Verofax platform allows enterprises to share operational datasets with Banks to boost their credit scoring. Verofax has established partnerships with a sustainable retailer in Asia, and set-up JVs in Asia, Africa, and the GCC. The startup has also been approved as a co-sell partner by Microsoft, Oracle, and AntGroup. Please visit www.verofax.com.

Copyright 2021 ACN Newswire. All rights reserved. www.acnnewswire.com

Authors: ACN Newswire - Press Releases

Read more //?#

Magazine

Reformasi total kepolisian mendesak–tapi secara politik tidak akan mudah

Aparat polisi berbaris di halaman gedung DPR/MPR RI melakukan pengamanan selama aksi demonstrasi di Jakarta pada 22 Agustus 2024. Taufik Hidayatta/Shutterstock● Tragedi rantis Brimob melindas Af...

The banality of state violence: Why the Indonesian police have become a public enemy

Hashtag #PolisiMusuhBersama (Police are the common enemy) has gone viral among Indonesian social media users, as the Indonesian Police have, once again, sparked public anger due to a series of violent...

Realita ‘freelance’ pekerja kreatif: Banyak kerja sambilan, minim perlindungan

Pekerja freelance minim perlindungan hukumAlgi Febri Sugita/ShuttershockApakah kalian merupakan pekerja freelance alias pekerja lepas? Kalau iya, mungkin kamu merasakan pengalaman kerja yang berbeda d...