Authentication platform Dust Identity secures 40 million dollar funding

Dust Identity, a product authentication platform, has announced the closing of a 40 million dollar Series B funding, led by Castle Island Ventures, alongside the launch of its latest mobile solution.

The round had participation from new investor Amex Ventures, the managing director of which, Margaret Lim, said that “Dust’s technology provides new capabilities to track and trace an item across its lifecycle”, ultimately helping to “unlock new customer engagement opportunities”.

In regards to Dust’s latest launch, the company said it was expanding its offerings to include an on-demand authentication solution for luxury goods, game apparel and memorabilia, as it aims to enhance the traceability and visibility of physical objects in these categories.

As part of the launch, Dust has partnered with US-based Oxygen Esports (OXG), which will leverage the solution to cater to the rising demand for authenticity within the sports and entertainment space.

In a release, Dani Marks, CMO at OXG, said: "The merchandise we sell reinforces our brand reputation and Dust’s solution is helping us protect our brand, athletes, and fans from counterfeit memorabilia.

"We're looking forward to working with Dust to unlock rich omnichannel experiences for fans, as we leverage their technology."

In his own statement, Dust CEO and co-founder, Ophir Gaathon, said: "Dust Identity has broadened its mission of protecting and connecting everything that matters by introducing our new mobile solution. We're excited to utilise our funding to deliver on this mission as we bring our technology to many new industries."