Dust Identity secures $10M Series A to identify objects with diamond dust
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 business software for the superior expertise, and in the present day it introduced a $10 million Sequence A spherical led by Kleiner Perkins, which additionally led its $2.3 million seed spherical final yr.
Airbus Ventures and Lockheed Martin Ventures, New Science Ventures, Angular Ventures and Fortress Island Ventures additionally participated within the spherical. Right this moment’s funding brings the overall raised to $12.three million.
The corporate 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. Whereas utilizing diamond mud might 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, quite than the costly selection you discover in jewellery shops.
As CEO and co-founder Ophir Gaathon informed TechCrunch final yr, “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 a press release.
The presence of strategic buyers Airbus and Lockheed Martin exhibits that huge industrial firms see a necessity for superior expertise like this within the provide chain. It’s price noting that the corporate partnered with enterprise computing big SAP final yr to supply a blockchain interface for bodily objects, the place they retailer the Mud Id identifier on the blockchain. Though the startup has a relationship with SAP, it stays blockchain agnostic, in keeping with an organization spokesperson.
Whereas it’s nonetheless early days for the corporate, it has attracted consideration from a broad vary of buyers and intends to make use of the funding to proceed constructing and increasing the product within the coming yr. So far, it has applied pilot packages and early deployments throughout a spread of industries, together with automotive, luxurious items, cosmetics and oil, fuel and utilities.