Verofax Limited, an Abu Dhabi, UAE-based Asset Digitization and Traceability solutions provider, closed a $1.5M pre-Series A funding round.
The round was led by Benson Oak Ventures, with participation from 500 Startups, Wami Capital and Vernalis Capital.
The funds will be used to expand the company’s sales and marketing activities on a global level, ahead of a planned Series A round later in 2022.
Led by Wassim Merheby, CEO, Verofax utilizes patented technology incorporating Blockchain, Augmented Reality and Artificial Intelligence to provide ‘Traceability as a Service’, enabling brands to turn their offline products interactive, and manage their entire supply chain to trace goods, fend off counterfeit activities, and improve manufacturers’ productivity. Brands can extend their reach directly to end-consumers, thereby increasing consumer intimacy with direct engagement, and leveraging the possibilities given by NFTs and metaverse experiences.
The solutions are applicable to a wide range of industries (Retail and CPG) and are already used by leading brands such as Anheuser Busch Inc. Verofax is a Microsoft Gold partner, and has secured a global network of distributors and resellers, and co-selling on enterprise solution platforms including Microsoft Appsource, Amazon AWS and Ant Group Antchain.