Swiss firm ScanTrust, an IoT platform for supply chain transparency, has raised $4.2 million in a Series A funding round led by Credit Suisse owned SVC-Ltd, with participation from venture capital investors that include Singapore-based ID Capital among others.
In an announcement on Thursday, the anti counterfeit startup ScanTrust said, it will use the new investment to further scale-up support and delivery of its supply chain projects with Global Fortune 1000 companies worldwide, as well as develop new features, expand business intelligence capabilities and fuel expansion into new verticals.
Apart from ID Capital, other institutional investors joining the round include innogy Ventures, the venture arm of Europe utility company innogy SE, MIT alumni venture fund Castor Ventures, VC fund of Privilège Management SA, as well as existing investor SOSV and other strategic investors in the printing and packaging industry. Meanwhile, Zurich-based Helvetica Capital AG acted as the exclusive investment advisor to SVC-Ltd.
ScanTrust provides a cloud-based IoT platform that connects individual products to the internet using its patent-protected technology for secure unique identifiers.
Consumers and inspectors can use their phones to scan secure QR codes on products and receive real-time data about their authenticity and origin. This gives companies visibility into their supply chains so they can monitor the flow of goods, conduct mobile product authentication, and engage consumers.
At the same time, the company has announced the appointment of IT entrepreneur, advisor and investor Jürgen Bauer to the Board of Directors at ScanTrust.
The investment round follows the launch of several large-scale projects by ScanTrust with Global Fortune 1000 food & beverage companies, in addition to global roll-outs of over 7,000 SKUs with industrial goods firm Leybold.
“Consumer trust is fast becoming the primary driver of brand loyalty and companies providing increased transparency are being rewarded by their customers,” said Nathan J. Anderson, CEO and co-founder of ScanTrust.
Cross-border supply chains are increasingly becoming complicated and their is also a rapid growth of counterfeit goods. As a result, new digital tools are required to secure their supply chains and allow greater visibility at each stage, from sourcing to production to consumption.