Verisart has raised $2.5 million in a seed funding round led by Galaxy Digital EOS Fund. Sinai Ventures and Rhodium were among the investors financing the art and collectibles provenance startup.
Verisart said the funds will be primarily used to develop new products on authentication and provenance. The company uses blockchain technology to record and timestamp digital certificates of artwork and collectibles. These digital certificates can verify and track the provenance of an art piece.
Robert Norton, Co-founder and CEO of Verisart, said “With this new round of funding, we’re able to scale our business and ramp up our partnership integrations. The art world is quickly realizing that blockchain provides a new standard in provenance and record keeping and we’re looking forward to extending these services to the industry.”
Verisart’s Bitcoin blockchain system creates and securely stores verifiable digital certificates for artworks and collectibles. Accessible via smartphone or computer, certificates can prevent fraud and forgery, increasing transparency and trust in the global art market.
eBay has been Verisart’s partner since the company launched in 2015. Works by world’s best-known artists, like Ai Wei Wei and Shepard Fairey, have been certified by Verisart.
As a founding member of the Arts Innovators Alliance, Verisart is one of the leading art tech startups that look to revolutionize the art world with blockchain. According to the CEO, the new funding will go to financing the company’s partnerships as well as expanding staff.
In 2018, the company won the Hottest Blockchain Dapp in the European tech startup award.
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