Chronicled, Inc. said it has closed USD1,400,000 in convertible note financing.
The round was led by investment firm Colbeck, with participation from Mandra Capital, Pantera Capital, Social Starts, and Seattle Seahawks RB Marshawn Lynch, in addition to the company´s four co-founders and other angel investors.
The company said it intends to use the funds to continue building its consumer authenticity platform, which it will launch for limited edition sneakers in autumn 2015.
Chronicled eliminates knock-off sneakers from the market by attaching small wearable sensors–smart labels–to shoes, using an open registry and various applications to track authenticity, ownership, and provenance. The company has partnered closely with Identiv (NASDAQ: INVE) in the development of the encrypted microchips included inside the smart Labels.
Chronicled, Inc. is a technology company based in San Francisco. Founded in September 2014, the company is developing a platform that ensures 100 percent authenticity of consumer products.