The Rise of Chronicled Inc.
In a bid to tackle the persistent issue of counterfeit products, San Francisco-based Chronicled Inc. has secured a significant funding boost of US$1.4 million. This funding round witnessed participation from illustrious investors, including Pantera Capital, Mandra Capital, and even NFL superstar Marshawn Lynch, among several angel investors.
The Vision: Authenticity at the Tap of a Phone
Chronicled’s ambitious project aims to develop a consumer authentication platform designed to utilize smart labels that ensure the authenticity of products. The labels will be tracked and encoded on a blockchain, providing a transparent and immutable record of authenticity, ownership, and provenance. This innovation could revolutionize the way buyers and sellers interact, offering peace of mind when making purchases.
Partnerships that Matter
To further enhance its technology, Chronicled has partnered with Identiv, utilizing the newly raised funds to continue the development of encrypted microchips embedded in their smart labels. As Ryan Orr, the company’s founder and CEO put it,
“We are delighted to be joined by investors with deep expertise in social platforms, cryptography, and the burgeoning Internet of Things, as well as pop culture, art, sports, and fashion.”
A Trillion-Dollar Market Awaits
The startup has its sights set on the lucrative secondary market for luxury goods and collectibles, a sector currently valued at over US$1 trillion, with collectible sneakers making up a solid US$1 billion segment. Dan Morehead, CEO of Pantera Capital, emphasized that the secondary market is littered with counterfeit items, resulting in illiquidity and significant consumer risk. He stated,
“Chronicled’s technology has the potential to make the market safe and efficient, while giving users a better experience.”
The Launch and Beyond
The official launch of Chronicled’s platform is set for Fall 2015, starting in select U.S. cities. The platform will allow over 15,000 pairs of secured sneakers to be traded safely. Sam Radocchia, co-founder and CPO of Chronicled, highlighted the competitive edge of their technology by saying,
“Our technology lets consumers know if their products are authentic at the tap of a mobile phone.”
This will also enable brands and retailers to engage with consumers beyond the typical point of sale, creating a new avenue for limited edition products.
