Marshawn Lynch is definitely a sneakerhead, so it’s not shock that he’s interested in avoiding the fakes.
The Seahawks All Pro is among the investors in tech company Chronicled, Inc., which seeks to rid the world of fake sneakers.
According to Market Watch, the Seattle Seahawks running back participated in the latest round of financing that’s to be used to build the company’s app, which launches this fall.
Chronicled, Inc. today announced that it has closed $1,400,000 in convertible note financing. The round was led by investment firm Colbeck, with participation from Mandra Capital, Pantera Capital, Social Starts, and Seattle Seahawks RB Marshawn Lynch, in addition to the Company’s four co-founders and other angel investors. The Company intends to use the funds to continue building its consumer authenticity platform, which it will launch for limited edition sneakers in autumn 2015.
Chronicled eliminates knock-off sneakers from the market by attaching small wearable sensors—Smart Labels—to shoes, using an open registry and various applications to track authenticity, ownership, and provenance. The Company has partnered closely with Identiv INVE, +2.52% in the development of the encrypted microchips included inside of the Smart Labels.
“We are delighted to be joined by investors with deep expertise in social platforms, cryptography, and the burgeoning Internet of Things, as well as pop culture, art, sports, and fashion,” said Ryan Orr, the company’s founder and CEO. “Our technology lets consumers know if their products are authentic at the tap of a mobile phone,” said Sam Radocchia, co-founder and CPO. “It also provides brands and retailers with a new platform to engage with the consumer beyond the point of sale and to issue limited edition products.”
Chronicled’s plan of actions centers on attaching sensors — or “Smart Tags” — to sneakers to confirm their authenticity.
The tags are considered tamper proof and give each shoe a “digital presence on the Internet” that provides details about its ownership and origin.