LuxTag secures $600K in funding to fight counterfeiting with blockchain

LuxTag, a Malaysian solution provider that secures valuable assets on the NEM blockchain, has secured USD $600,000 in funding from a seed round led by XSquared Ventures.

This round of funding will push LuxTag’s valuation to over USD $6.6 million. LuxTag provides digitized certificates of authenticity for products registered on a blockchain. The LuxTag technology allows these certificates to be immutable, updatable, and flexibly transferrable.

The negotiations began in late last year when representatives from XSquared Ventures visited LuxTag’s office. Jeff McDonald, CTO of LuxTag brought the dialogues further, visiting the XSquared team in early 2018 and finalized the agreement in May 2018.

XSquared Ventures has previous experience investing in a blockchain company, investing in He3.

Besides the relationship value that this partnership will bring to the company, this investment will allow LuxTag to further its mission of combating counterfeits through the introduction of a tamper-proof authentication.

LuxTag plans on using this funding to expand its operations, namely by hiring more developers to decrease the time needed to complete development work. LuxTag is powered by NEM Catapult, the open source core blockchain technology, considered to be the NEM version 2.0.