Blockchain-based startup Autify Network has secured $1.5 million in pre-seed led by Loop Ventures.
Autify provides blockchain-based products for the e-commerce sector. Autify plans to use the funds to hire more blockchain, artificial intelligence, and computer vision engineers. It will also spend money on beta testing, marketing, and product development. Traceability, decentralised insurance, decentralised rewards or loyalty programmes, cross-border payment, and DeFi are among its services. Its goal is to increase transparency in the ecommerce and supply chain industries. The startup is currently working on pilot projects with five international companies and has over 10,000 transactions recorded on its test network. It has also conducted research with over 50 brands from various industries such as fashion, luxury, automotive, and healthcare, according to a statement.