Authentication technology firm Dust Identity has successfully secured $40 million in Series B funding to support its expansion into the sports industry. This move aims to instill trust in the rapidly growing market for sports memorabilia and collectibles.
Castle Island Ventures spearheaded the Series B funding, with notable participation from Amex Ventures, Kleiner Perkins, Airbus Ventures, and 8VC, among other contributors.
Dust Identity specializes in the creation of an innovative ‘anchored digital thread’ technology. This technology establishes a connection between physical items and their corresponding digital records, enabling the verification of the origin and authenticity of valuable physical objects throughout their lifespan.
The process involves marking items with uniquely traceable diamond dust, allowing for subsequent scanning to confirm their identity. The funds raised will play a crucial role in propelling Dust Identity’s expansion efforts into the sports sector.
While predominantly utilized in the aerospace and defense sectors thus far, Dust Identity aspires to extend its applications to luxury goods, game-worn apparel, and other high-value items with the aid of recent funding. This expansion aims to combat counterfeiting and instill confidence in buyers.
Oxygen Esports has already entered into a partnership with Dust, and there are expectations that more sports organizations will follow suit. Beyond the revenue potential in memorabilia and collectibles, Dust positions its technology as an opportunity for teams, federations, and athletes to deepen engagement and foster loyalty among their fanbase.
Dust Identity’s CEO and co-founder, Ophir Gaathon, emphasized the importance of trust in consumer spending and the validation of authenticity. He stated, “People want to trust that the products they are spending their time and money on are genuine, and the foundation of that trust comes from being able to validate an item’s authenticity. Our technology provides that validation.”
Gaathon further mentioned that Dust Identity has expanded its mission to protect and connect valuable items by introducing a new mobile solution. The funding will play a crucial role in realizing this mission as the company ventures into various industries.
