Nigerian anti-counterfeiting startup Chekkit has secured additional funding to expand its blockchain-based drug safety and tracking solution.
Founded in 2018, Chekkit built a platform to track product movements and the parties involved in moving products from warehouses to retailers and end users. The platform creates tamper-proof unique ID labels with either QR codes or numeric codes that can be placed to high-quality packaged food and beverage products for supply chain and consumer feedback tracking.
Chekkit has secured over 50 million pharmaceutical and consumer goods products and is set to develop further after the Nigerian Food and Drug Administration (NAFDAC) mandated that pharmaceutical products implement end-to-end serialization and traceability from the end 0f 2024.
To capitalize on this opportunity, Chekkit has initiated an undisclosed funding round from the Cardano ecosystem accelerator, Adaverse, with participation from existing investors.
Dare Odumade, CEO of Chekkit, said the company's partnership and integration of its pharmaceutical traceability and consumer intelligence solutions with SAP will enable pharmaceutical companies already using SAP's Advanced Track and Trace platform to track and analyze last-mile patient data.
The company also integrated the GS1 global standard system, making its serialization software compliant in over 100 countries globally.
The new funding will help Chekit to onboard more manufacturers in Nigeria and other parts of Africa, as well as expand into new markets in India, the UK, and the Middle East.
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