Please share with us a brief background of the company. Can you highlight the key achievements ?
Ennoventure was incorporated in Delaware in the US in 2018. Ennoventure Technologies Ltd, fully owned subsidiary was incorporated in March 2020 to drive global research and development. We had our proof of concept ready by September 2018 and two patents from US were granted by October and December 2018. We started trials with a Pharma company with our MVP in June 2019 and signed our first contract with them by December 2019.
Ennoventure has been selected by Microsoft for Startups and the collaboration enables us to leverage benefits of Azure cloud and publish our SAAS product in Microsoft’s Azure market place. In 2020 Dubai Future Foundation has shortlisted Ennoventure as one of the promising global startups in the space of AI. Ennoventure has been recently accepted to the Cambridge Innovation Centre in Boston.
What are your key anti-counterfeit products and solutions ?
Ennoventure mainly offers covert anti-counterfeit solutions for pharma and FMCG which can be implemented without any disruption to their existing processes. There are different flavours of the product and implementation can vary according to client requirements.
Which are your target client segments in the country ? Any major implementations ?
Presently, pharma is our major focus. We have implemented in three pharma and two FMCG companies but due to confidentiality reasons we cannot disclose the name.
How are you using emerging technologies like AI and blockchain, along with cryptography to detect counterfeit products ?
Ennoventure has a revolutionary technology that can encrypt any information covertly on packaging and which can be scanned using a simple mobile app or web interface. This is available as a cloud based SaaS solution which companies can implement without any investments in machinery or specialised scanners.
AI is a main cornerstone of our solution which comprises of multiple machine learning models which keep evolving as we mature. A Deep Neural Network is our first line of defense which helps identify fake or spurious products and look-alike products masquerading as original. The core logic for the covert technology was born from cryptography and specifically, steganography. Blockchain stores the e-pedigree of a product from plant to consumer and helps fight parallel imports.
What has been your focus on innovation ?
Ennoventure’s solution connects all stake holders in the value chain right from manufacturer to distributor to retailer to consumer and they can scan the product using their smartphone and validate the authenticity. Ennoventure is enabling the facility even on WhatsApp and consumers can upload the image to a specific number and get the authenticity of the product in seconds.
As you can see, our main focus has been on the simplicity of delivery starting from simplicity in adoption for a manufacturer to ease of use for consumer. Our focus of innovation is on leveraging the latest available technology to strengthen the security of our core product without compromising the aforementioned goal.
What are your strategic plans for the future – geographic expansion and new tech products ?
Ennoventure has taken a conscious decision to focus on Indian market as India is the global leader when it comes to export of generic drugs. Ennoventure is entering the US and European markets in Q4 2020.
Any other significant factor you would like to mention ?
Ennoventure started its journey at a time technology was exactly mature enough for our product to offer the simplicity the market needed. Our efforts will be to further enhance our products, leveraging the powers of available technology components.
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