ScanTrust raises $4 2 million for QR codes in supply chains
0ScanTrust raises $4.2 million for QR codes in supply chains.
ScanTrust wants to add a layer of security to business supply chains by providing real-time data through a unique QR code. The Lausanne, Switzerland-based startup announced today that it has raised $4.2 million in a round led by Credit Suisse’s SVC. Innogy Ventures, Castor Ventures, ID Capital, and Privilège Management also participated, joining existing investor SOSV.
Nathan Anderson, the startup’s cofounder and CEO, was living in Beijing, China when he began thinking about fighting fake products through tech. “When you live in China, you worry everyday about the things you buy,” he said, in an exclusive interview with VentureBeat. “You ask yourself: Is it real? Is it fake? Where does the product come from? Counterfeiting is a big problem there.”
When he met CTO and cofounder Dr. Justin Picard at a World Economic Forum event in Jakarta a few years ago, he soon realized that the problem wasn’t only in China. At the time, Picard was working as the chief scientist officer at Advanced Track & Trace in France, where he developed a technology that helps businesses with brand protection and security. The company is now a competitor of ScanTrust.