The thought behind Dust Identity was initially born in an MIT lab the place the founders developed the bottom know-how for uniquely figuring out objects utilizing diamond mud. Since then, the startup has been working to create a business software for the superior know-how, and at this time it introduced a $10 million Collection A spherical led by Kleiner Perkins, which additionally led its $2.3 million seed spherical final 12 months.
Airbus Ventures and Lockheed Martin Ventures, New Science Ventures, Angular Ventures and Citadel Island Ventures additionally participated within the spherical. At the moment’s funding brings the entire raised to $12.3 million.
The corporate has an uncommon concept of making use of a skinny layer of diamond mud to an object with the purpose of proving that that object has not been tampered with. Whereas utilizing diamond mud could sound costly, the corporate told TechCrunch last year on the time of its seed spherical funding that it makes use of low-cost industrial diamond waste, reasonably than the costly selection you discover in jewellery shops.
As CEO and co-founder Ophir Gaathon advised TechCrunch final 12 months, “As soon as the diamonds fall on the floor of a polymer epoxy, and that polymer cures, the diamonds are fastened of their place, fastened of their orientation, and it’s really the orientation of these diamonds that we developed a know-how that permits us to learn these angles in a short time.”
Ilya Fushman, who’s main the funding for Kleiner, says the corporate is providing a singular method to id and safety for objects. “At a time when there’s a rising belief hole between producers and suppliers, Mud Identification’s diamond particle tag offers a greater resolution for product authentication and provide chain safety than present applied sciences,” he stated in an announcement.
The presence of strategic buyers Airbus and Lockheed Martin reveals that large industrial corporations see a necessity for superior know-how like this within the provide chain. It’s value noting that the corporate partnered with enterprise computing large SAP final 12 months to supply a blockchain interface for bodily objects, the place they retailer the Mud Identification identifier on the blockchain. Though the startup has a relationship with SAP, it stays blockchain agnostic, based on an organization spokesperson.
Whereas it’s nonetheless early days for the corporate, it has attracted consideration from a broad vary of buyers and intends to make use of the funding to proceed constructing and increasing the product within the coming 12 months. Up to now, it has carried out pilot applications and early deployments throughout a spread of industries, together with automotive, luxurious items, cosmetics and oil, fuel and utilities.