Investors finance Chemnitz-based start-up authentic.network with 2.6 million euros

Chemnitz, July 2021 –

The Chemnitz-based start-up authentic.network has successfully completed another round of financing. 2.6 million euros have been made available for further rapid growth. They are financed by the two already committed investors Peppermint Holding and Jentzsch Investment GmbH as well as an institutional bank from Saxony.

With the fresh capital we want to push the internationalization and build a broker platform for authenticity between the physical and digital world.Frank Theeg, CEO

The first international branch is to be opened in Abidjan (Ivory Coast) before the end of this year. The number of employees is expected to grow from 10 to 50.

"authentic.network GmbH has developed a unique counterfeit protection of products and documents. A physical code is connected to its digital twin using blockchain, which ensures authenticity while allowing opportunities for a completely new type of interaction with end customers. Peppermint is convinced of the high potential of this unique digital marketplace and again acted as lead investor in the current financing round."

The young company has developed a technology that proves the authenticity of products and documents. An invisible code is hidden in a hook about three centimeters in size, which guarantees the authenticity of the item marked in this way. The green hook, which stands for "in order" internationally, can be printed anywhere there is a risk of counterfeiting. This is possible with any conventional printer. The patented cryptographic printing process makes it a security printer. The green tick can be scanned with a smartphone app like a QR code. The "Verified" display indicates authenticity.

"Our technology can be applied without any great installation effort or technical requirements, so the potential applications are enormous," says Theeg. For example, the authenticity of medicine packaging, admission tickets, ID cards and documents can be protected. Coveted luxury and consumer goods can be protected, as can offers on sales platforms. Product piracy causes up to 60 billion euros in damage every year in the EU alone. At the same time, almost 470,000 jobs are lost.