Authena raises CHF 2.3 million to fight counterfeiting 

24.09.2021 09:01, Isabelle Mitchell

Zug-based startup Authena has completed a new financing round of over CHF 2.3 million. The company stands at the forefront of the global fight against product counterfeiting and the lack of transparency in supply chains. Every year, counterfeiting causes billions in losses for companies and has severe consequences for both people and the environment. Authena has developed a globally unique solution to make products secure and supply chains transparent with the use of blockchain-based technology. This new funding will be used to ensure continued growth and the development of new prototypes for major customers. Authena won the TOP 100 Public Voting in 2020 and 2021. 

The Authena management team (from left to right): Roman Kocemba (CFO), Nicola Fantini (Chief Product Officer), Rossana Ricco Rodgers (CMO), Matteo Panzavolta (CEO), and Dejan Milenovic (CTO)

Within just three years, the Swiss startup Authena has become the spearhead in the international fight against product counterfeiting and product diversion. The team headed by founder and CEO Matteo Panzavolta will now receive a considerable seed investment of more than CHF 2.3 million. The investors include private individuals from Switzerland and the United Kingdom. The rapidly growing US innovation fund Ecliptic Capital is sending a clear signal with its first investment outside the USA in Authena. Ecliptic focuses on pre-Seed, Seed, and Series A investments and backs the development and scaling of emerging technologies. “We are proud of the international trust placed in our team and technology. We are pleased to be able to take the next step in our business development with this investment,” emphasized Matteo Panzavolta, CEO of Authena.  

Blockchain, electronic seals, and direct communication
The Swiss startup has developed a blockchain-based technology for tracking supply chains and establishing interactive, end-to-end communication between manufacturers and end-users. Authena combats product counterfeiting, parallel imports, and the diversion of pharmaceutical products, for example. Using NFC tags that act as electronic seals, manufacturers are able to guarantee the authenticity of their products. At the same time, they can detect unauthorized interactions with their goods in real time. Consumers can determine the authenticity of products with just a tap of their smartphone by downloading the free app or using a direct NFC connection. This is faster and more secure than a solution based on a QR code.

“Authena creates a digital copy of each individual product, which is stored on the blockchain and cannot, therefore, be altered. Via end-to-end communication, manufacturers also have the option to use their products as a means of communication and provide information to the end-users in the form of text, images, audio, or video. Our solution prevents fraud at all levels and contributes significantly toward the modernization of customer interactions,” explained Matteo Panzavolta.

Around the world, companies and entire industries are increasingly counting on the services of this Swiss startup to guarantee transparent supply chains and protect manufacturers as well as consumers from counterfeits and product diversion. “Our technology is successfully being used by companies such as wine and cosmetic producers, pharmaceuticals manufacturers, and in agriculture. Every single product and every unit can be verified by users with the Authena app at any time. We are therefore making it possible to access detailed information about the product and generate the necessary data to further develop smart supply chains,” commented Matteo Panzavolta.

Authena won the TOP 100 Public Voting in 2020 and 2021.