With the growth in information and technology domain and the growing residual income, one of the major reason for concern is the growth in counterfeit products in the market. If data is to be believed, business worth $1.6 trillion is lost due to counterfeiting every year and this is expected to reach $ 4.2 Trillion by 2022.
The companies across the world are spending around $ 204 Billion a year on ineffective solutions available in the market. Recently companies have started realizing the usefulness and viability of the digital anti-counterfeit solutions due to the penetration of smartphones and have started to look out for solutions like ours. This is what led to the creation of NeuroTags.
NeuroTags is the one-stop solutions for anti-counterfeiting. The idea is to help the manufacturers keep the track on their product and save it from counterfeiting. With the help of NeuroTags, companies can also acquire their offline end customers’ product interaction data.
NeuroTags will play a major role in making the world free of fakes and counterfeits. The data collection and analytics by NeuroTags will change the landscape for the non-tech-savvy manufacturers to compete with the top technology equipped companies.
Founded in the year 2017 by Nitin Gupta, Yogesh Miharia and Abhishek Agrawal, NeuroTags makes algorithmically coupled tags backed by Patent pending technology and AI. Each tag comprises of two parts, namely open and protected.
The open tag is visible on the product and can be scanned by anyone with a smartphone to get the information of the product and an indication of authenticity with a certain probability. Once a product is purchased, the buyer has access to the protected tag, which is protected by a scratch layer or is kept inside the product seal.
After scanning the protected tag, user gets the authenticity information with certainty. Also, the user can avail warranty, loyalty and referral points after scanning this tag. The tags are connected, monitored and protected by algorithms and AI on the server in such a way that, if anyone tries to replicate the tags, it gets caught and the copied product gets invalidated.
Nitin is the ex-tech manager and a security expert who has worked with IT giants like Yahoo, PayPal, eBay, etc and was the founder of “lets 101 Inc”, a voice over Internet Protocol (VOIP) angle to social networking.
Nitin is the CEO and CTO at NeuroTags, he is responsible for overall business, software, and tech space. His job also involves the responsibility of designing newer technologies for the brand NeuroTags. At NeuroTags he is also responsible for the product development and R&D.
Yogesh Miharia is the CSO at NeuroTags and is responsible for overall sales and initiating business leads. Yogesh co-founded ShaadiAmantran and TapOnAir before coming on board with NeuroTags. Yogesh also holds a corporate experience of about 5 years working for IT major Cognizant.
At NeuroTags Yogesh is accountable to drive revenue and margins to capture growth opportunities. Abhishek Agarwal is the COO at NeuroTags and is responsible for communicating with the client, managing the team and making sure that the product shapes up the way it is desired. He also takes care of post-sales support.
Coming from a start-up background, Abhishek has previously co-founded ShaadiAmantran and TapOnAir. He has worked with Cognizant for 3 years. He believes education is one thing which leads to a nation towards growth. He has also worked in the social sector with NGO in the education domain. NeuroTags currently is an 18 member team with people from tech and marketing background.
The startup believes itself to be the best technology in the world to provide fool proof Anti-Counterfeit solution. Their AI technology continuously monitors the tags’ scans for their clients and raises red flags promptly whenever suspicious activities are observed.
Below are some of the key points that differentiate them from others:
● Patent-pending technology that truly eliminates the Counterfeit in the most effective way
● Cost effective and gives end consumers the assurance that they are buying a genuine product
● For brands, they provide complete end to end solution for their automated production lines
● Flexible and easy to adopt by brands in their existing process
● Helps collect the real-time offline user’s data which in turn helps in BI
● Insights of product lines effectiveness
● Insights on Geography/City wise effectiveness
● Enable A/B testing of marketing in the offline world
Being the first of its kind, they have successfully bagged 6 clients from various sectors like FMCG, electronics, pharma, etc. They have collaborated with brands like Syska and medium scale industries such as Pikwik, PureDrop, Prika and Janitri.
With NeuroTags the startup helps manufacturers protect their products against counterfeiting. They also help them in collecting end users data which other technology companies are unable to offer.
NeuroTags provide this solution across all the sectors and believes that there are tremendous opportunities waiting ahead. They are already working with some of the key companies. They are also in talks with some of the top brands and are setting their bases in strategic geographies across the globe. They seem to be at the right place and at the right time, providing the right services.
NeuroTags surely looks like a force to reckoned with in the days to come.