Entrupy, a NYC-based developer of artificial intelligence-based technology for authenticating high-end luxury goods, secured $2.6m in Series A funding.
The round was led by Digital Garage and Daiwa Securities Group’s jointly established venture arm, DG Lab Fund I Investment Limited Partnership (also known as DG Lab Fund), along with Zach Coelius.
The company will use the funds to accelerate further development of its technology while increasing product coverage, improving hardware and expanding strategic partnerships worldwide.
Launched in 2016 by Vidyuth Srinivasan, CEO, Ashlesh Sharma, and Lakshminarayanan Subramanian, Entrupy provides a hardware-enabled SaaS patented technology platform which uses computer vision algorithms and microscopy to enable hundreds of secondary retailers and marketplaces to authenticate handbags and wallets from brands including Louis Vuitton, Chanel and Hermès.
The company guarantees the veracity of its findings with the Entrupy Certificate of Authenticity, backed by a financial guarantee.
To date, it has authenticated $14 million worth of goods.