Verofax Limited, Privity FZ LLE
DUBAI, UAE, July 9, 2020 – (ACN Newswire) – Verofax Limited, a HealthTech start-up building innovative Traceability services with the application of blockchain technologies, closed its recent pre-seed investment round with Privity FZ LLE participating and acquiring an equity stake. Privity is an independent venture-focused advisory firm, founded in Dubai in 2004, that has backed and invested in more than a dozen portfolio companies globally since its inception.
Wassim Merheby, Verofax CEO, commented, “We are truly thrilled to welcome Privity as a shareholder in Verofax. Traceability plays a key role in upgrading brand owners’ businesses through authenticity validation, advanced product marketing and access to financing and global markets. Traceability is a key enabler of digital transformation to automated and resilient supply chain services. In the markets where Traceability has been deployed such as China, sales increased by over 30% while consumer complaints dropped by 42%. It is just a matter of time for Traceability to become a must for ShopSafe compliance regulations, currently under review in the US for example.”
Mr. Merheby is leading transformation projects for the Health authorities in UAE in relation to eHealth native digital services, and promoting patient safety through the application of integrated technologies. The world has just been hit by a pandemic which points out that Healthcare could be better managed with contactless processes such as IOT devices, drones, blockchain, AI, and augmented reality. The most immediate need is for the safe delivery of eHealth services, where Verofax offers wide applicability to the underlying systems of the Healthcare and supply chain industries.
Sleem Hasan, Privity Founder and CEO, said “Privity participated alongside reputed regional investors in the pre-seed round of investment in Verofax. This is Privity’s first portfolio company based in the UAE, and its second HealthTech venture. COVID-19 has demonstrated the need to transform secure delivery and offer protection to the most vulnerable in our society. Verofax services are perfectly positioned and aligned to secure pharmaceutical deliveries of medication in the region with privacy and safety.”
Verofax proprietary traceability and delivery solutions powers unique compliance and brand protection services, including serialization, traceability, anti-counterfeit and anti-diversion solutions. The service supports manufacturers of drugs, pharmaceuticals and other consumer goods, in meeting evolving product traceability regulations and growing consumer demand for product safety, security and authenticity.
Verofax Limited is a blockchain-enabled, traceability service provider established in Abu Dhabi Global Markets, UAE. Verofax services are accepted by Oracle, Microsoft and Ant Group for co-selling across their established B2B channels. Verofax has recently set up subsidiary entities in Malaysia and Estonia, to offer Traceability-as-a-service across wider geographies.
Privity FZ LLE was founded in 2004, an independent venture-focused advisory firm that seeks entrepreneurs with interesting and unique ideas and helps them develop and grow. Privity is agnostic to geography and industry vertical; It focuses on the quality of the entrepreneur and the compelling value proposition of the idea.