With LoopID’s AI-powered software-as-a-service infrastructure, companies can integrate various circular economy solutions. These include secure take-back systems, recommerce platforms, and supply-chain-transparency tools. An innovative chat solution is also designed to help close the loop: the startup enables consumers to chat with their products. This way, they should be able to retrieve information about product features, repair, take-back, or resale.
Additionally, LoopID enables its customers to create and manage digital twins of their physical products. These already comply with upcoming EU regulations on the digital product passport, which is intended to contain all information about components and substances used as well as other product features. This is meant to make it easier for consumers to make conscious purchasing decisions. The startup is currently focusing on the priority sectors of circular economy transformation: electronics/telecommunications, textiles/fashion, and real estate. Here, the Munich-based company has already convinced strong partners such as Infineon, with whom they are developing industry-specific plug-and-play solutions.
“The solution enables a completely new level of interaction between products and customers”
Now the startup has successfully closed its first funding round. Vanagon Ventures and Joerg Walden are investing an undisclosed amount in LoopID. Additionally, the company receives funding from Bundesministerium für Wirtschaft und Klimaschutz (BMWK) as part of the innovation program for business models and pioneering solutions (IGP).
Christian Adler, co-founder and managing director of LoopID, says:
“With their strong belief and confidence in our team and our capabilities, Vanagon enables us to focus on developing and implementing our solution together with our partners at high speed and provides us access to top-tier investors and advisors like Jörg Walden. Our goal for the coming months is to further demonstrate and scale our solution in key markets to accelerate the circular economy transformation of our economy.”
Sandro Stark, co-founder of Vanagon Ventures, adds:
“With their deep expertise and technological competence, the LoopID team has not only managed to leverage cutting-edge technologies like AI and blockchain to enable companies intelligent compliance with upcoming digital product passport regulations: the solution also enables a completely new level of interaction between products and customers.”
