QRGL, a startup established in Russia’s third largest city Ekaterinburg in the Ural mountains, secured $1 million from Veles Capital, a Moscow asset management company, regional portal 66.ru reported last week. Veles Capital will receive a two-third stake in the company.
Founded in April 2010 by Pavel Medvedev, QRGL has developed an anti-counterfeit technology that generates product labels with a unique code assigned to each product. The code looks similar to QR codes, but includes a link to a central database. Product authenticity can be checked by sending a request to the central database from a simple mobile phone.
The technology is intended for use worldwide, by pharmaceutical manufacturers and makers of luxury items, in particular.
Although the commercial version of the technology has not yet been released, the startup offers a free test to interested manufacturers.
QRGL has received the resident company status in Skolkovo, the international technology center under construction near Moscow.
