The counterfeit crisis opens up in two directions. Luxury brands lose more than $30 billion annually to counterfeit goods, while buyers in the booming $210 billion used goods market have no reliable way to verify that what they’re buying is authentic. Veritas hopes to solve both problems with a custom hardware and software solution.
The company claims to have developed an “hack-proof” chip that cannot be bypassed by devices like Flipper Zero, a widely available hacking tool that can be used to tamper with wireless systems. These chips are linked with digital certificates to verify the authenticity of the product.
Veritas founder Lucy Holland has lived a life both as an engineer and as an artist. She has worked in a variety of art mediums, including mixed media painting and metal sculpture. She previously worked as a technical product manager at Tesla and has held several business development, community growth, and product management roles at technology companies and venture funds.
Holland pointed out that traditionally, luxury goods manufacturers use a variety of symbols and physical marks to authenticate their products. However, as the demand for these products increased, counterfeiters learned how to create convincing copies of these marks, along with high-quality counterfeit certificates. These products are sometimes called “superfake.”
Holland said he has spoken to the house, a long-established luxury fashion brand, and told them that some stores will have to stop authenticating their products because fakes are so convincing that they cannot be reliably detected. She said she wants to use her experience in both the technology and art worlds to solve this problem.
“Having a background as a designer and also having experience in the technology field, I recognized this problem and thought of different ways we could solve it. I think what was really innovative was that we used and combined both hardware and software elements to create this solution that helps protect brands in this way that conveys information,” she said.
“When I think of counterfeiting, I think of the most iconic and traditional brands. Many of these brands have been around for over 100, 150 years. These brands need state-of-the-art protection to protect these designs,” she added.
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Veritas has worked with a variety of designers to create a chip that has minimal impact on the product creation process. The chip is about the size of a small jewel and can be easily inserted without compromising the integrity of the product, even after it has been manufactured. The chip incorporates NFC (near field communication), the same near field technology used in contactless payments. This means you can tap your smartphone on an item to verify its authenticity.
Holland said the startup has developed custom coil and bridge structures for security purposes. If someone tries to tamper with the product, the chip becomes dormant and the code associated with the product is hidden. On the software side, product information is linked to the Veritas backend to monitor scanning activity and prevent fraud. The company will also create blockchain-based digital clones of its products for digital art gallery shows and metaverse activities.
The company didn’t say who it’s working with, but said brands can use its software suite to get information about all their chip products, add team members to manage items, and add product information along with product stories. The details can also be used to connect with the community. The company says some of its partners are using this to further engage with customers through exclusive invitations and early access to new products.
Although the counterfeiting market is large, Holland believes the market still needs education on why robust technology solutions are needed.
“It’s shocking to learn that some of the shelf solutions that brands are using, such as NFC chips, are actually very vulnerable and can be easily bypassed. This is one thing that most people don’t know about, and we want to educate the ecosystem to adopt more secure solutions,” Holland said.
Veritas, along with DoorDash co-founder Stanley Tan, skincare brand Rays co-founder Gloria Zhu, and former TechCrunch editor-in-chief Josh Constine, announced that they have raised $1.75 million in pre-seed funding led by Seven Seven Six. The company plans to use the funding to expand its two-person team.
Seven Seven Six’s Alexis Ohanian said he was impressed by the combination of Dutch design flair and technical expertise. He believes brands are aware that counterfeiting is a problem and are always looking for solid solutions.
“This is totally an arms race.” [against fake goods makers]But we are used to fighting them and consistently winning in the technology field. And luxury brands need all the help they can get,” Ohanian said.
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