Entrupy Debuts Legit Check Tech for Sneaker Authentication, a Scalable, Objective Solution Enabling Marketplaces and Retailers to Identify and Combat Counterfeits

NEW YORK, Feb. 5, 2020 /PRNewswire-PRWeb/ -- Product authentication technology provider Entrupy today unveiled its newest solution, Legit Check Tech (LCT) for sneaker authentication, created to combat the proliferation of counterfeit products in the market projected to reach $95 billion by 2025. The technology will empower high-volume resellers, marketplaces and retailers with an accurate, tech-enabled and data-driven system to quickly determine the authenticity of items in popular styles such as the Nike Air Jordan 1 and Adidas Yeezy.

Entrupy, whose AI-based solution for luxury products secured over $170 million customer inventory in 2019, developed the new system to protect businesses while enabling consumers to trust that the products they are buying are genuine. According to the Organization for Economic Co-operation and Development (OECD), footwear accounted for 22 percent of the total value of counterfeit goods seized by customs in 2016. As the demand for popular styles from a growing population of "sneakerheads" increases, so does the appeal to manufacturers of counterfeit goods.

"Trust is a critical issue for consumers, especially when transactions are increasingly digital, over large distances and involve opaque supply chains," said Vidyuth Srinivasan, co-founder and CEO of Entrupy. "While a lack of trust can prevent sales, a violation of trust can topple a whole industry. With LCT, we're protecting both the end buyer and the seller from the damaging impact of trading in counterfeits."

LCT operates in a way similar to Entrupy's AI-based product authentication technology, currently used by resellers, retailers and marketplaces as well as customs officials around the world. Entrupy's technology uses advanced imaging and a proprietary database with millions of records collected from real and fake products, which augments human expertise with objective criteria and scalability. To date, the system is capable of instantly verifying the authenticity of the most purchased series' of styles, estimated to be 20 percent of the entire market volume. Support for other brands and styles is being added continuously.

"While a pair of Yeezy's may not have a price tag as high as a Louis Vuitton handbag, the high cost of counterfeits in the marketplace is the same. Counterfeiting is not the victimless crime that many believe. It's detrimental to the environment, fuels human trafficking and is a common source of funding for organized crime," said Srinivasan. "In fact, the 2015 terrorist attacks in Paris were partly funded by the sale of fake sneakers. It's about time we had a reliable way to combat this scourge on the mass scale the market requires."

If you are interested in learning more, please visit https://sneakers.entrupy.com/legitchecktech/

About Entrupy
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.

SOURCE Entrupy

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