Authentication startup Ennoventure raises $5m

Ennoventure, a US-Indian company that provides tech to track and trace products and authenticate products, has raised $5m in first-round funding from Fenice Investment Group.

The funding will be used for scaling up the team and to expand to Europe and the US, said the company, which raised $1m in seed funding in 2018. Ennoventure says its range includes artificial intelligence, cryptography, blockchain, geofencing and embedded technologies.

The platform is built around cryptographic signatures on product packaging, and has already been deployed on pharma, fast-moving consumer goods, retail and luxury products.