DUST Identity Secures $40 Million in Series B Funding
DUST Identity, Inc., known for its technology facilitating product authentication through the linkage of physical items to their digital records, announces the launch of its mobile solution today, marking a significant stride in its expansion into diverse industries.
Originally tailored for high-security applications, the company now extends its services to authenticate luxury goods, artwork, game-used apparel and memorabilia, and other unique items. This development coincides with DUST’s partnership with Oxygen Esports and the successful completion of a $40 million Series B funding round.
The mobile solution introduced by DUST Identity offers on-demand authenticity reinforcement for any valuable physical object by enhancing traceability and visibility of its origin. Oxygen Esports, a prominent multi-title esports organization in North America, will utilize this solution through a newly established partnership with DUST. This collaboration underscores DUST’s growing traction in the sports and entertainment sector and underscores its commitment to facilitating meaningful relationships between organizations and fans through the authentication of genuine, game-used merchandise.
Dani Marks, CMO at OXG, expresses enthusiasm about the collaboration with DUST, highlighting its role in safeguarding brand integrity, athletes, and fans from counterfeit memorabilia. Marks anticipates leveraging DUST’s technology to unlock immersive omnichannel experiences for fans.
The partnership with Oxygen Esports and the launch of the mobile solution follow a $40 million Series B funding round led by Castle Island Ventures, joined by investors such as Amex Ventures, Kleiner Perkins, Airbus Ventures, 8VC, among others.
For Amex Ventures, this investment presents an opportunity to support an innovative solution enhancing customer trust and fostering growth for brands. Margaret Lim, Managing Director of Amex Ventures, emphasizes the potential of DUST’s technology to revolutionize customer engagement and loyalty concepts across various industries by digitally linking physical items to their records.
Reflecting on the milestones achieved, Ophir Gaathon, CEO and Co-Founder of DUST Identity, underscores the importance of trust in consumer transactions and the pivotal role played by technology in validating authenticity. Gaathon highlights the broadened mission of DUST Identity in safeguarding and interconnecting valuable assets, with the introduction of the new mobile solution poised to serve diverse industries. He expresses excitement about utilizing the funding to further advance their mission and expand their technology’s reach.
