Oritain, a New Zealand start-up with significant support from luxury brand Chanel, has secured an impressive $57 million in funding to reinforce its position as a trailblazer in product verification and traceability. The company employs a unique blend of data analysis and forensic science to determine the authentic origins of various products.
This recent investment will facilitate the further advancement of Oritain’s forensic traceability business, which includes cutting-edge technology for assessing product origins and composition, along with an expanding “fingerprint” database used for identification purposes.
Highland Europe, an investment group, led the funding round, and Chanel has nearly doubled its previous investment in Oritain since their collaboration began in 2021. The Business of Fashion reports this significant development. Presently, Oritain offers software-as-a-service (SaaS) tools that investigate the origins of food and textiles. The company serves approximately 100 multinational corporations, including renowned brands such as Lacoste, Supima, and Primark, according to Tech Crunch.
The partnership between Oritain and Chanel, coupled with the substantial funding, underscores the growing importance of traceability in the fashion industry. With increasing consumer demand for transparency and ethical sourcing, Oritain’s innovative approach provides brands with the means to verify and validate their supply chains. By leveraging advanced technology and forensic expertise, Oritain aims to instill trust and confidence in the authenticity and sustainability of products, ultimately reshaping the future of the fashion industry.
