Autify has secured $1.5 Mn in its pre-seed funding round led by Loop Ventures

Autify will use the funds to ramp up hiring, for its beta launch and marketing campaign

The startup provides blockchain-based products for the e-commerce industry and is currently conducting pilot projects with five international companies

Blockchain-based startup Autify Network has secured $1.5 Mn in its pre-seed funding round led by Loop Ventures. The round also saw participation from some other investors. 

Autify will use funds to hire more blockchain, AI and computer vision engineers. It will also deploy funds for its beta launch, marketing campaign and product development.

Founded in 2021, Autify offers blockchain-based products for the e-commerce industry. Its offerings include traceability, decentralized insurance, decentralized rewards or loyalty program, cross-border payment and DeFi. It aims to bring transparency to the ecommerce and supply chain sectors 

The startup is currently conducting pilot projects with five international companies and has recorded over 10K transactions on its test network. It has also carried out research with over 50 brands working across diverse industries such as fashion, luxury, automotive and healthcare, it said in a statement.

In July,  Autify raised $400K through grants and angel investments from NEAR foundation, Filecoin Foundation, among others.

The startup was also a part of India Blockchain Accelerator, led by the Government of Telangana. It was also a part of Loop Ventures’ incubation and ZilHive’s incubation programme.

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 a report, blockchain spending in India stood at $289 Mn in 2019, which is anticipated to reach $4.3 Bn by 2025, growing at a CAGR of 47.3% during 2019-25.

Blockchain startups have seen a lot of investments in the last few months. 5ire recently turned unicorn after raising $100 Mn in its Series A funding round from UK-based conglomerate firm SRAM & MRAM at a post-money valuation of $1.5 Bn.

Besides, Cypher Capital, a UAE based venture capital firm, launched a $100 Mn fund to back blockchain-focused startups in March this year. Of this, $40 Mn will be earmarked for Indian blockchain and crypto startups.

In February, WazirX cofounder Nischal Shetty and US-based blockchain architect Omar Syed together launched a blockchain venture called Shardeum.

In May, Creduce Technologies launched its blockchain token called KICHEE and further informed that 1 Cr of the said tokens would be minted and listed for trading.