Ennoventure raises $5 million in funding from Fenice Investment Group

Ennoventure Inc, a SaaS company that provides technology to track and trace products and identify counterfeit items, said it has raised $5 million as part of its Series A funding from Fenice Investment Group, USA.

The funding will be used for scaling up the team and to expand to Europe and the US, the company said in a release.

In April 2018, the company had raised $1 million in a seed fund round.

Ennoventure’s key markets are South Asia, India and Africa. It has plans to further expand to the European and US markets.

The Massachusetts-based company has its R&D centre in Bengaluru.

“As part of the growth strategy, the company also plans to focus on India as it is a key market for the export of generic drugs,” the release said.

Started in 2018 by Padmakumar Nair and Shalini Nair, Ennoventure offers an integrated packaging solution that enables companies to stay connected with their customers throughout the journey, right from production to final consumption.

“Counterfeit and fake products are a major challenge faced by the world and India is no exception. Governments and companies are working hard on their part to find ways to curb this problem. We believe that our novel solution that is real time and easy to deploy will go a long way in fighting this menace,” said Shalini Nair, co-founder, Ennoventure.

The company uses AI, Cryptography, Blockchain and embedded solutions in their product offerings.


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