Security Matters (SMX), the blockchain digital twin company listed on the Australian Securities Exchange (ASX), is raising AUD 6.1 million ($4.7m). The company is involved in two high profile ESG related projects. It partnered with the Perth Mint on the trueGold project to verify that gold is ethically sourced. And it’s also involved in BASF’s reciChain project for recycling plastics.
“With this (latest) raise, what we’ve done is position SMX as the leading ESG impact platform in the market,” said Haggai Alon, CEO of Security Matters. “SMX continues to make strong progress along its strategic roadmap for the SMX technology to be adopted and scaled up across the different and new market segments globally.”
The company’s technology is being used to permanently mark any object, whether it’s a solid, liquid or gas, to enable identification, proof of authenticity and traceability.
While most of the funds are for general working capital, it plans to spend AUD 1 million on conveyer readers for sorting and recycling facilities and another AUD 0.5 million on gold industry applications. However, the company isn’t short of cash, with USD 4.34 million on the balance sheet at the end of last year.
However, in the case of Security Matters, it’s specifically focused on the technology to create the digital twin and tie it to a blockchain. In contrast, most others focus on the blockchain and applications and often use third-party technologies to create the digital twin. For example, Everledger uses Applied DNA’s CertainT platform for DNA tagging. Honeywell’s aircraft parts solution uses iTRACE and SecureMarking technologies.