Alitheon, a machine vision software that helps traces goods without labels, markings, or packaging, closed a $14.9 million venture capital financing round.
Participants in the funding round include BMW i Ventures, IPD Capital, and Shasta Ventures alongside current and former senior management from Accenture, Boeing, and Fidelity.
The company plans to use the new funds to expand its FeaturePrint – a contactless digital identity technology – across the defense, aerospace, aviation services, automotive, semiconductor, luxury goods, additive manufacturing, pharmaceutical, and government sectors.
Alitheon’s FeaturePrint technology transforms how objects, components and finished products are authenticated, tracked and traced across supply chains and distribution systems throughout the world. Once registered by Alitheon’s optical artificial intelligence system, any individual item can be subsequently identified wherever it exists to verify authenticity, determine place and time of origin, detect signs of tampering, measure wear and identify grey market and counterfeit products, including unauthorized “over runs” and previously rejected products.
“A FeaturePrint registration or authentication can be performed in milliseconds at industrial production speeds without human involvement using off-the-shelf hardware integrated at any step throughout manufacturing and distribution,” said Scot E. Land, Alitheon’s CEO and Co-Founder. “Our mission is straightforward: to create enduring trust among manufacturers, suppliers, distributors, and customers.”
According to the company, unauthorized and counterfeit items cost legitimate manufacturers more than a trillion dollars and claim as many as a million lives a year.
“Alitheon’s ability to identify an item using only the object itself-independent of markings, tags, or other modifications – is groundbreaking,” said Marcus Behrendt, Partner, BMW i Ventures. “FeaturePrint technology has the potential to bring a new level of trust to supply chains that do not currently exist.”
Image Credit: Alitheon