DUST Identity Announces $40M Series B and Partnership with Oxygen Esports

By | December 7, 2023


DUST Identity Inc., whose technology enables product authentication by linking physical items to their digital records, announced the launch of its mobile solution, which is fueling its growth into new industries. Initially designed for high-security applications, the company is now expanding its offerings to include the authentication of luxury goods, artwork, game-used apparel and memorabilia, and other one-of-a-kind items. This expansion comes as DUST signs a partnership with Oxygen Esports and raises $40M in Series B funding.

DUST Identity’s new product line for mobile is an on-demand solution that reinforces authenticity for any physical object of value by enhancing the traceability and visibility of the object’s origin. Oxygen Esports, one of North America’s largest multi-title esports organizations, will leverage this new solution through a recently signed partnership agreement with DUST. This partnership comes as DUST sees keen interest from the sports and entertainment space. It also signals DUST’s growing commitment to enabling organizations to build meaningful and long-lasting relationships with fans through the activation of authentic, game-used merchandise.

“The merchandise we sell reinforces our brand reputation and DUST’s solution is helping us protect our brand, athletes, and fans from counterfeit memorabilia. We’re looking forward to working with DUST to unlock rich omnichannel experiences for fans, as we leverage their technology,” Dani Marks, CMO at OXG, said.

The partnership with Oxygen Esports and launch of the company’s mobile solution follows a $40 million Series B round led by Castle Island Ventures, with participation from Amex Ventures, Kleiner Perkins, Airbus Ventures, 8VC, and others.

For new investor Amex Ventures, this round signifies an opportunity to invest in an innovative solution that can help brands enhance trust with their customers and unlock new growth opportunities.

“We all interact with many physical items daily, but largely have no proof of these items’ origin. By linking a physical item to its digital record, DUST’s technology provides new capabilities to track and trace an item across its lifecycle. In doing so, DUST helps unlock new customer engagement opportunities and loyalty concepts for brands across a wide range of industries,” Margaret Lim, Managing Director of Amex Ventures, said.

Ophir Gaathon, CEO and Co-Founder of DUST Identity, said: “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. DUST Identity has broadened its mission of protecting and connecting everything that matters by introducing our new mobile solution. We’re excited to utilize our funding to deliver on this mission as we bring our technology to many new industries.”

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