Authentication startup Dust Identity has secured $40 million in funding to expand its operations into new markets, including sports memorabilia, luxury goods, and art. While the majority of the company’s business currently lies within the aerospace and defense sectors, Dust Identity plans to combat counterfeiting in industries such as sports collectibles, sneakers, and luxury handbags using its innovative technology.
Dust Identity uses unique and almost invisible diamond dust blended into a polymer to mark physical items and link them to digital records. These marks can be scanned, allowing users to trace the provenance and track the chain of custody of authenticated items. This technology provides a level of authentication that goes beyond current manual authentication methods used in industries like retail.
CEO Ophir Gaathon stated that there has been a growing demand for Dust Identity’s services in various sectors, including the automotive and luxury industries. The company’s latest funding round was led by Castle Island Ventures and saw participation from Amex Ventures, Airbus Ventures, Kleiner Perkins, and 8VC. Dust Identity, originating from the Massachusetts Institute of Technology, also has backing from existing investor Lockheed Martin Corp.
In an effort to address counterfeiting in the sports sector, Dust Identity plans to invest in sorting, tagging, and cataloging game-worn items, allowing them to be connected with their respective brands. This move comes as interest in sports memorabilia has grown during the pandemic, with Collectors Holdings Inc. raising $100 million in funding last year for its sports collectibles trading, grading, and research platforms.
Dust Identity’s expansion into new markets signifies a significant milestone for the authentication startup. With its innovative technology and strategic partnerships, the company aims to combat counterfeiting and ensure the authenticity of various products, benefiting both consumers and industries.
Useful links:
1. Dust Identity: [link](https://www.dustidentity.com/)
2. Collectors Holdings Inc.: [link](https://www.collectors.com/)
