Dear NEM Community,
As CEO of LuxTag®, I’m more than proud to announce that we received our fourth and final milestone payout this week, crowning a very successful period for our startup. The granting of last week’s patent was the last requirement due to achieve this milestone, and we’re thrilled our technology, solutions, and efforts have been recognized.
All criteria for the final milestone has been completed as LuxTag launched six projects in five different sectors being apparel, luxury, art, education, and identity. All these projects are currently utilizing the NEM Blockchain. The two most remarkable among these were the tagging of luxury watches produced by TechBureau and Chronoswiss and the registration of university diplomas (e-scroll™ solution) on the NEM blockchain for IIUM in coordination with the Malaysian government.
Furthermore, LuxTag received funding from two outside entities excluding the NEM Foundation. The first grant was received from Platcom Ventures on the 24th of October 2017 for US $100,000. The second was our seed round of funding of US $600,000 from xSquared Ventures LLC, a VC from the United States in June 2018 valuing LuxTag at US $6,600,000.
Finally, on the 9th of January 2019, LuxTag has been informed about the granted Innovation Patent from the Patent Cooperation Treaty (PCT) Member Country Australia. We’re expecting to have other patents approved in the future, to further strengthen the technology of both LuxTag and NEM.
The Australian national patent is currently accessible through their public online portal, http://pericles.ipaustralia.gov.au/ols/auspat/applicationDetails.do?applicationNo=2018101669.
I wish to use this opportunity, together with LuxTag’s other co-founders Jeff McDonald and Faeez M. Noor, to thank the NEM Foundation and the NEM Community for the constant support showed towards our project so far. Teamwork and collaboration, combined with committed, talented minds are the strength of both NEM and LuxTag, and we feel honored to belong to the family.
CEO at LuxTag