LuxTag, an anti-counterfeit solution provider intends to establish a reliable and honest future working with high-end technologies and the Internet of Things (IoT) powered by blockchain.
October 2019, Cyberjaya, Malaysia— Counterfeit and bogus goods are soaring all over the world and stand at 3.3% of global trade, as reported by the Organisation for Economic Co-operation and Development (OECD) and the EU’s Intellectual Property Office. The counterfeit items seized from 2004 to 2008 have reached more than RM212 million, thereby pegging Malaysia on the watch list of Office of the US Trade Representative’s (USTR) list of counterfeiting and intellectual property rights (IPR) violations. Counterfeit, as part of illicit trade, implies no tax on goods leads to tax revenue loss for the nation. The Malaysian government misses somewhere around RM8 billion in tax revenue due to illicit trade, especially in tobacco, auto parts, food and beverages, and machinery.
Nevertheless, with the continuous hard work from the government to curtail the illicit trade, Malaysia can breathe a sigh of relief as the nation is now off the watch list. Nonetheless, reported counterfeit cases are still piling up and it is in need of more solutions to curb such activities. Moreover, the rise of e-commerce, the arrival of 3D printing, and ever-increasing global trade complexity have definitely proven a challenge to restrict it.
Such challenges create trust issues and apprehension among the consumers when engaged in buying goods, most especially the ones prone to being faked. The current method of paper certificates and stickers of product originality are easily faked or lost. It is time for updated technologies to disrupt the market.
Enter LuxTag, an anti-counterfeit tech company with a vision to bring back trust and honesty in high-value assets trading. LuxTag is offering digitized certificates of authenticity registered in the distributed ledger technology, NEM blockchain – a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. With the help of their application, customers can access the origin and provenance of products from the manufacturer, distributor, retailer reaching the current owner. Customers can also enrol ownership and thus activate extended warranties.
Since today, assets which have been successfully secured by LuxTag’s include artworks, luxury timepieces, and academic certificates. Many national and international notable organizations have also put their trust in LuxTag solutions. Among them is Swiss watch manufacturer Chronoswiss for whom LuxTag has protected on its blockchain 500 pieces of watches worth USD 3,482,465 and the 25-year-old sports socks and accessories apparel manufacturer DeFeet where LuxTag’s system allows DeFeet socks for authentication, warranty, repair and loyalty reward in merely one scan. International Islamic University Malaysia also takes advantage of LuxTag platform to secure the issuance of a university degree and lastly, the Malaysian e-services IT company DagangNet applies LuxTag blockchain technology for their system verification.
In addition to patented digitized certificates of authenticity, LuxTag’s offering also incorporates a platform to secure documents, educational accreditations or professional accreditations, plug and play assets tagging application programmable interfaces (API) subscription service, all using a secure blockchain platform.
Even while just beginning, LuxTag has been carefully named as one of the best 7 business to business (B2B) intelligent startups to enter the desired SAP Foundry Singapore 3 months acceleration program where selected organizations have access to curated mentorship, exposure to SAP technology and application programmable interfaces (API), along with opportunities, to collaborate with SAP customers. Upon the program’s conclusion in November 2019, LuxTag aspires to integrate its service of digitized certificates of authenticity, ownership, and warranty to enterprises globally with SAP.
LuxTag is right now raising a pre-series A funding through pitchIN, the popular Malaysian equity crowdfunding platform that is totally licensed by the Securities Commission of Malaysia. The funding round with a minimum target sum of RM 1.2 million to a maximum of RM 2.4 million is now pre-live to investors ever since early September. In just weeks, LuxTag has at this time secured one-third of the minimum target raise amount.
LuxTag expects to hit its target amount inside of the 30 days campaign when it goes fully live with its fundraising campaign. Engaged local and international investors are cordially encouraged to take part in investing.
The near future is looking good for LuxTag With the 2019 funding, LuxTag is aiming to strengthen and extend their product lines, hire additional developers to boost tech development and expand their presence in Europe and North America. Conceptualizing an IPO in 2023-2025, LuxTag has set its eye on linking its name with trust and honesty when it pertains to valuable products and assets.
LuxTag is an anti-counterfeit, track and trace, and anti-theft solution provider, utilizing the state of the art blockchain platform NEM. The blockchain-powered service issues digitized certiﬁcates of authenticity for tangible products, linking these to brands and owners via multi-signature smart contracts and the Internet of Things. In addition, LuxTag technology offers business intelligence through innovative means of enhanced customer engagement.
The equity crowdfunding deal will wrap up once it achieves its maximum target of US$ 580 thousand (RM2.4 million) or after 30 days live from the launch date. For additional information on LuxTag or to learn more about how to join this call for funding participation, please visit www.luxtag.io/invest or head directly to equity.pitchin.my. For media-related inquiries, please contact Keith Liew at [email protected]
pitchIN is Malaysia’s No. 1 equity crowdfunding platform. It is a Registered Market Operator (RMO) with the Securities Commission. The platform has raised over RM40 million for 35 companies to date, the most among all ECF platforms in Malaysia. More than 2000 investments have been placed into fast-growing Malaysian companies.
Equity crowdfunding is open to both local and foreign investors. Positioned as long term investments, investors get shares in the companies they invest in. Equity crowdfunding gives investors access to fast-growing companies at the stage when they offer the highest potential