Blockchain-based startup Autify network has secured $1.5 Mn in its pre-seed funding. The round was led by Loop Ventures. The latest funding is part of a trend where blockchain startups are seeing a lot of investments in the last few months. Recently, 5ire turned unicorn after raising $100 Mn in its Series A funding round from UK-based conglomerate firm SRAM & MRAM at a post-money valuation of $1.5 Bn.

The startup will use the funds to hire more blockchain, AI and computer vision engineers, develop the beta launch and invest in marketing campaigns. Founded in 2021, Autify offers blockchain-based products for the e-commerce industry. It aims to bring transparency to the eCommerce and supply chain sectors.

The company’s statement said that with the help of advanced recognition and identification techniques that are built through AI, decentralized infrastructure and computer vision, Autify can identify physical objects even if they are of the same model.

The startup currently conducts pilot projects with five international companies and has recorded over 10K transactions on its test network. It has also carried out research with over 50 brands working across diverse industries such as fashion, luxury, automotive and healthcare, it said in a statement.

Autify was also a part of India Blockchain Accelerator, led by the Government of Telangana. It was also a part of Loop Ventures’ incubation and ZilHive’s incubation programme.