Dust Identity secures $10M Series A to establish objects with diamond mud
The thought behind Dust Identity was initially born in an MIT lab the place the founders developed the bottom expertise for uniquely figuring out objects utilizing diamond mud. Since then, the startup has been working to create a industrial software for the superior expertise, and at this time it introduced a $10 million Series A spherical led by Kleiner Perkins, which additionally led its $2.3 million seed spherical final 12 months.
Airbus Ventures and Lockheed Martin Ventures, New Science Ventures, Angular Ventures and Castle Island Ventures additionally participated within the spherical. Today’s funding brings the whole raised to $12.three million.
The firm has an uncommon thought of making use of a skinny layer of diamond mud to an object with the objective of proving that that object has not been tampered with. While utilizing diamond mud could sound costly, the corporate told TechCrunch last year on the time of its seed spherical funding that it makes use of low-cost industrial diamond waste, slightly than the costly selection you discover in jewellery shops.
As CEO and co-founder Ophir Gaathon advised TechCrunch final 12 months, “Once the diamonds fall on the surface of a polymer epoxy, and that polymer cures, the diamonds are fixed in their position, fixed in their orientation, and it’s actually the orientation of those diamonds that we developed a technology that allows us to read those angles very quickly.”
Ilya Fushman, who’s main the funding for Kleiner, says the corporate is providing a singular method to id and safety for objects. “At a time when there is a growing trust gap between manufacturers and suppliers, Dust Identity’s diamond particle tag provides a better solution for product authentication and supply chain security than existing technologies,” he mentioned in an announcement.
The presence of strategic traders Airbus and Lockheed Martin reveals that huge industrial corporations see a necessity for superior expertise like this within the provide chain. It’s value noting that the corporate partnered with enterprise computing large SAP final 12 months to supply a blockchain interface for bodily objects, the place they retailer the Dust Identity identifier on the blockchain. Although the startup has a relationship with SAP, it stays blockchain agnostic, based on an organization spokesperson.
While it’s nonetheless early days for the corporate, it has attracted consideration from a broad vary of traders and intends to make use of the funding to proceed constructing and increasing the product within the coming 12 months. To this level, it has carried out pilot packages and early deployments throughout a spread of industries, together with automotive, luxurious items, cosmetics and oil, gasoline and utilities.