Blockchain verification platform Chronicled raises $3.42 million in seed round

Chronicled, a startup using blockchain technology to help authenticate collectible sneakers, has raised $3.42 million in a seed round led by Hong Kong venture capital firm Mandra Capital.

Other investors include Pantera Capital and Colbeck Capital Management.

Founded in 2014, Chronicled aims to ensure the authenticity of consumer products using "smart tags" that can be inserted into shoes and connected to the user's Apple or Android app. Chronicled then uses blockchain technology to record the shoe's information on a distributed ledger.

Chronicled hopes the system will be able to target three target markets: collectors, who want peace of mind when buying collectibles; retailers, who want to sell authentic goods; and brands, who seek to use 'smart tags' to attract consumers.

In a statement, Dan Morehead, a partner at Panther Capital, said:

“Authenticity verification and provenance of other physical items such as luxury goods is a huge, untapped market, and due to privacy concerns, consumers want to own their data history, which will benefit from a blockchain backend.”

ChromaWay founder Alex Mizrahi and Symbiont founder Adam Krellenstein are also listed as members of the company’s advisory board.

Chronicled said it plans to launch a sneaker authentication service in April.

Original article: http://www.coindesk.com/chronicled-blockchain-authentication-3-4-million/
By Pete Rizzo
Compilation: Overnight porridge
Source (translation): Babbitt Information (http://www.8btc.com/chronicled-3-4-million)