SAN FRANCISCO – June 17, 2020 – Authenticiti, a blockchain-enabled supply chain platform, announces it has secured additional funding from leading technology investors. The round was led by Gravity Ranch, with participation from Holt Ventures, SRI International, and existing investor Scopus Ventures.
Authenticiti platform is the single-source-of-verifiable-truth for supply chain management, connecting data from siloed systems in real-time. As supply chains struggle to adapt during uncertainty, companies need to optimize existing fragmented supply chain infrastructures.
“With applications deployed for specific needs, most supply chain infrastructures today are a labyrinth of data, tools, and processes,” said Andrew Yang, CEO and Co-founder of Authenticiti. “This complex environment is riddled with manual steps and spreadsheets. We provide a solution to effectively connect and manage next-generation supply chains.”
Unlike most legacy supply chain solutions, Authenticiti is an overlay that works without replacing existing infrastructures. The advantage of this approach, the users gain visibility and control, regardless of their backend ERP, logistics, or accounting system. With blockchain, manufacturers gain a real-time ledger of trusted transactions and can run operations with greater accuracy and risk management. “There is a need for a seamless overlay that connects supply chain vendors and legacy systems in a codeless, easy way that builds trust without ripping out existing systems. And that’s exactly what the Authenticiti team has built,” said Eran Gilad, Managing Partner at Scopus Ventures.
Authenticiti platform is packaged in a lightweight container, allowing quick deployment to any IT environment. It also leverages key sharding encryption combined with blockchain infrastructure for highly secure and federated data sharing.
“There are enormous amounts of redundancy and cross-checking in supply chains today. Authenticiti’s platform comes at a time when there is an opportunity to reset supply chain systems that have relied on outdated processes,” said Meg Paulus, Partner at HOLT Ventures, the venture capital arm of HOLT CAT, the largest Caterpillar heavy equipment and engine dealer in the USA. Michael Downing, Founding Partner at Gravity Ranch Venture Fund explains, “We invested in Authenticiti because a blockchain-enabled supply chain will securely automate and streamline key operations, as it synchronizes data efficiently to save millions in operating costs, and this perfectly aligns with our investment model that fuels change.”
Founded in 2016, Authenticiti has helped companies across different industries such as aerospace, manufacturing, mining and insurance, with operational advancements and millions in savings annually. The company is headquartered in San Francisco with an engineering office in Toronto, Canada.