Partnering with Entrupy gives the Dubai DED a powerful, reliable and scalable method of protecting our economy from the scourge of counterfeit products,” said Mohammad Ali Lootah, CEO Commercial Compliance and Consumer Protection Sector at DED.
NEW YORK (PRWEB) October 10, 2019
The Dubai Department of Economic Development (DED), Dubai’s government agency responsible for protecting intellectual property rights, announced today a partnership with product authentication technology provider Entrupy to combat the trade of counterfeit products in Dubai. The DED and Entrupy have signed a memorandum of understanding (MoU), to expand the capabilities of Entrupy’s product authentication platform and enhance local trust for intellectual property rights holders.
Entrupy’s AI-based solution, which authenticates luxury products with over a 99% accuracy rate in seconds, is currently being used by agency inspectors to identify fakes and prevent them from entering the market. Inspectors in the region are now able to review higher quantities of products with more accuracy. Under terms of the MoU, the DED and Entrupy are working together to augment Entrupy's proprietary database of microscopic images with additional data from major, high-end brands. This data will serve to accelerate expansion of support for brands prone to counterfeiting, increasing the number of items eligible for Entrupy authentication and enhancing the DED’s ability to protect the Dubai from this illicit trade.
“Partnering with Entrupy gives the Dubai DED a powerful, reliable and scalable method of protecting our economy from the scourge of counterfeit products,” said Mohammad Ali Lootah, CEO Commercial Compliance and Consumer Protection Sector at DED. “Given Dubai’s strategic location and status as the biggest re-exporting center in the Middle East, it’s vital that we uplevel our efforts in the global fight against counterfeits. With Entrupy’s authentication technology, our inspectors now have the ability to instantly detect fraudulent products and ensure they never reach local markets or the general public. This will help us to continue reinforcing trust in our economy.”
Entrupy’s proprietary product authentication technology uses artificial intelligence and microscopy to instantly verify the authenticity of high-value physical goods from the world’s top 15 luxury brands. In 2018 alone, Entrupy evaluated over $50 million worth of merchandise*, preventing $5.9 million of “unidentified” items from entering the supply chain.
“We’re honored to partner with the Dubai DED and work closely with the intellectual property department to protect trademark owners from the negative impact of counterfeit products,” said Vidyuth Srinivasan, CEO and Co-founder of Entrupy. “In 2018, we found that the UAE had a higher-than-average proportion of unverified items. Having the right tools in place, like authentication, helps everyone up and down the value chain of commerce, and it all starts with government taking action.”
For more information, please visit entrupy.com.
Entrupy is a hardware-enabled SaaS company that uses computer vision algorithms and microscopy to bring trust to transactions of high-value physical goods. Currently in use by hundreds of retailers, brands secondary resellers and marketplaces worldwide, Entrupy provides the only scalable technology capable of authenticating luxury products from brands such as Louis Vuitton, Chanel and Hermès, among others. The service launched in 2016, following four years of research led by Ashlesh Sharma, Vidyuth Srinivasan and Lakshminarayanan Subramanian, Professor at New York University. Investors include DG Lab Fund, deep learning pioneer and Facebook AI Research (FAIR) director, Yann LeCun, serial entrepreneur and investor Zach Coelius, cloud computing pioneer and Google VP of Infrastructure Eric Brewer, and Japanese venture capital firm, Accord Ventures. The company is privately held and based in New York City. For more information, visit http://www.entrupy.com.