The fake goods crisis cuts two ways. Luxury brands lose more than $30 billion a year to counterfeits, while buyers in the booming $210 billion second-hand market have no reliable way to verify that what they’re purchasing is genuine. Veritas wants to solve both problems with a solution that combines custom hardware and software.
The startup claims that it has developed a “hack-proof” chip that can’t be bypassed by devices like Flipper Zero, a widely available hacking tool that can be used to tamper with wireless systems. These chips are linked with digital certificates to verify the authenticity of the products.
Vertitas founder Luci Holland has experienced life as both a technologist and an artist. She has worked in different artistic mediums, including mixed media painting and metal sculpture. She has also worked at Tesla as a technical product manager and has held several business development, community growth, and product management roles at tech companies and venture funds.
Image Credits: Veritas
Holland noted that traditionally, luxury goods makers use various symbols or physical marks to authenticate their products. However, with the growing demand for these goods, counterfeiters have learned to create convincing copies of these marks along with high-quality fake certificates. These goods are often called “superfakes.”
Holland mentioned that she spoke with maisons — established luxury fashion houses — that said that some of their locations had to stop authenticating goods because fakes were becoming too convincing to reliably detect. She said that drawing on her experience in both the tech and art worlds, she wanted to solve the problem.
“For me, as someone who has a background in being a designer and then also has experience in tech, I saw this problem and thought about the different ways we could solve it. I think what’s truly innovative is we’ve used and combined elements from both hardware and software to create this solution that helps protect brands in this way to convey the information,” she said.
“When I think of counterfeiting and I think of the most iconic and legacy brands,” she added, “a lot of these brands have been around for over 100, 150 years. These brands deserve the most advanced protection to protect these designs.”
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