Belgian software company iTraceiT targets international luxury market
After developing a digital passport for diamonds, Belgian software company iTraceiT is now expanding its focus to the broader international luxury sector. The company announced on Wednesday that it has raised €1.5 million to support this strategic move.
iTraceiT's technology enables the precise tracking of the origin and journey of luxury goods using tools such as blockchain and QR codes. This allows manufacturers, retailers and consumers to verify the entire production and distribution chain. The system can be applied to items such as whisky, handbags and perfume. The company already serves several hundred customers in the diamond industry.
Our solution responds to European regulations and growing consumer demand for transparency
"You can literally trace a leather handbag from a forest in India to a boutique on Antwerp's Meir shopping street," explains CEO Frederik Degryse. "From 2025, we will apply similar technology to the wider luxury market, building on our experience with the diamond passport. Our solution responds to European regulations and growing consumer demand for transparency."
Private and public investors
The €1.5 million in new funding comes from both private and public investors. The investment will help scale the technology in Europe, the United States and the United Arab Emirates. Backers include the funding platform Spreds, the Business Angel Network Flanders (BAN Flanders) and public bodies such as Wallonie Entreprendre, the Walloon regional investment agency. The funds will also support the recruitment of ten new employees.
In practice, iTraceiT allows luxury brands to mark their products - or components - with QR codes that document the entire life cycle of each item. In the case of handbags, this could include photos of Indian tanneries or videos of the packaging process in Spanish workshops.
© AFP-GETTY
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