Zug - Authena has secured 2.3 million Swiss francs in a financing round. The startup is developing a new solution to combat product counterfeiting. It uses blockchain technology to do so.

The Zug-based startup Authena has concluded a seed funding round amounting to 2.3 million Swiss francs according to a press release. Private individuals from Switzerland and the UK invested, among others. Additionally, the American innovation fund Ecliptic Capital invested in the startup. According to the information provided, this is the first time that Ecliptic has invested outside of the USA.

Authena was able to win over investors with a new innovation to help to combat counterfeiting. The solution is based on blockchain technology and enables transparent tracing of the supply chain. Manufacturers should be able to use this to guarantee the authenticity of their products and recognize unauthorized interactions with their goods. Consumers have the option of checking the authenticity of products at the tips of their fingers using their cell.

Founder and CEO Matteo Panzavolta is quoted in the press release, saying: “Authena creates a digital copy individually for each product that is saved in the blockchain and thus cannot be changed. Our solution prevents fraud at all levels and substantially contributes to modern client interaction.” The innovation from Zug is already being used by wine and cosmetics manufacturers, pharmaceutical producers, and in agriculture.

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