Entrupy, a hardware-enabled SaaS company, has secured $2.6 million in Series A funding led by DG Lab Fund I, the jointly established venture arm of Digital Garage and Daiwa Securities Group. The company will use the funding to further develop its technology, to increase product coverage, improve hardware and expand globally.
Entrupy’s technology is designed to increase global awareness and prevent the sale of counterfeit products. is the solution currently is used by hundreds of secondary retailers and marketplaces to authenticate handbags and wallets — backed by a financial guarantee — from brands including Louis Vuitton, Chanel and Hermès. Entrupy has authenticated more than $14 million worth of goods to date.
Investor Zach Coelius also contributed to the funding.
“We are excited about the opportunity this funding gives us to accelerate the development and expansion of our solutions, increasing our ability to reach across product categories and geographies,” said Vidyuth Srinivasan, CEO and co-founder of Entrupy in a statement. “We look forward to bringing to bear a future where trust is the norm in secondary-market transactions and no consumer gets duped or worse by a fake product.”