Chronicled, Inc. announced that it has closed $1,400,000 in convertible note financing *. The Company intends to use the funds to continue building its consumer authenticity platform, which it will launch in fall of 2015.
Chronicled, based in San Francisco, founded in September of 2014, eliminates knock-off from the market by attaching small wearable sensors—Smart Labels—, using an open registry and various applications to track authenticity, ownership, and provenance. The Company has partnered closely with Identiv in the development of the encrypted microchips included inside of the Smart Labels.
The Chronicled platform incorporates Smart Labels, an open registry, and a mobile app to document and guarantee product authenticity, ownership, and provenance. Chronicled will begin rolling out its consumer product in selected U.S. cities in fall of 2015.
"Our technology lets consumers know if their products are authentic at the tap of a mobile phone," said Sam Radocchia, co-founder and CPO. "It also provides brands and retailers with a new platform to engage with the consumer beyond the point of sale and to issue limited edition products."
The luxury consumer goods market exceeds $1 trillion in annual transactions. Chronicled believes its platform can re-establish trust between consumers and the brands that they love.
"The secondary market for luxury goods and collectibles is flooded with fakes, resulting in illiquidity and daunting consumer risk," said Dan Morehead, CEO of Pantera Capital. "Chronicled's technology has the potential to make the market safe and efficient, while giving users a better experience. Luxury goods provenance represents a multi-billion dollar sector where blockchain technology can add unprecedented value."
* The round was led by investment firm Colbeck, with participation from Mandra Capital, Pantera Capital, Social Starts, and Seattle Seahawks RB Marshawn Lynch, in addition to the Company's four co-founders and other angel investors.