LuxTag Raises US$600k in Seed Funding to Fight Counterfeiting
Kuala Lumpur, 12 June 2018
LuxTag®, a Malaysian solution provider that secures valuable assets on the NEM blockchain, has secured US$600,000 in funding from a seed round led by XSquared Ventures(USA). This round of funding will push LuxTag’s valuation to over US$6.6 million. LuxTag provides the first-ever digitized certificates of authenticity for products registered on a blockchain. The LuxTag technology allows these certificates to be immutable, updatable, and flexibly transferrable.
The negotiations began in late last year when representatives from XSquared Ventures visited LuxTag’s office. Jeff McDonald(CTO) of LuxTag brought the dialogues further, visiting XSquared Ventures in early 2018. The collaboration finalized the agreement in May 2018. XSquared Ventures has experience investing in another blockchain company, He3. LuxTag is excited about this new partnership, and the expertise XSquared will bring to LuxTag as a member of the board.
Besides the relationship value that this partnership will bring to the company, this investment will allow LuxTag to further its mission in combating counterfeits through the introduction of a tamper-proof authentication.
LuxTag plans on using this funding to expand its operations, hiring more developers to decrease the time needed to complete development work on NEM Catapult, the open-source core blockchain technology, considered to be the NEM version 2.0. LuxTag will also set up services in the United States dedicated to customer support and product integration.
LuxTag would like to express their gratitude to Cyberview as well as NEM, Platcom Ventures, MIGHT, MaGIC, and MDEC; all these partnerships have helped to transform LuxTag into the amazing business it is today. LuxTag was a participant of the Cyberview Living Lab Accelerator in 2017, a program that helped stimulate the company’s growth. “Great to see how this project is being taken seriously by the world. Full steam ahead!” says Rene Bernard, LuxTag founder and CEO.
LuxTag is an anti-counterfeit and anti-theft solution provider, utilizing the state of the art blockchain platform called NEM. The blockchain-powered service issues digitized certiﬁcates of authenticity for tangible products, linking these to brands and owners through multi-signature smart contracts. LuxTag technology provides additional business intelligence through innovative means of enhanced customer engagement.
®“LuxTag”, Trademark registered.