Verofax, the leading MarTech solution for marketing and operational efficiencies, was crowned the winner of the Artificial Intelligence Award at the Rocket Fuel Startup Competition during the LEAP23 event in Riyadh (Feb 6-9). The award, powered by the Saudi Arabian National Technology Development Program and worth $150,000, recognizes Verofax’s disruptive approach to product digitization, utilizing cutting-edge artificial intelligence and computer vision to deliver unmatched marketing results.
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An esteemed panel of judges, consisting of successful serial entrepreneurs, investors, and Dragons from BBC’s Dragons’ Den, including Ghazal Alagh, Karen Brady CBE, James Caan CBE, Steven Bartlett, and Tala Al Jabri, chose Verofax from among 90 semi-finalist global startups.
“We are thrilled to receive this recognition and grateful to our partners and customers who have helped us get to where we are today,” said Wassim Merheby, CEO of Verofax. “Our goal is to empower brands, retailers, and sustainability agencies with the tools they need to secure their supply chain, simplify compliance, and transform customer experience. With our innovative AI and blockchain solutions, we are leading the way in product digitization and helping to create a more sustainable future.”
Verofax has developed and patented an AI powered product winning service that provides enterprises with increased supply chain transparency, reduced operational costs, and enhanced customer engagement. By leveraging Verofax’s scalable blockchain technology with low-cost and rapid deployment, businesses can accrue immediate benefits, including:
– MarTech solutions: Turning every product into an interactive direct communication channel to consumers, allowing brands to acquire and retain customers and provide relevant and personalized recommendations. By simply scanning unique identities on primary packaging, brands can convert the 60% of consumers that decide on purchase in multi-branded stores, all while lowering cost of acquisition by 20X vs o*************** channels.
– Web3 rewards: Helping brands build lasting relationships with consumers and increase Customer lifetime values (CLTV) by adopting Web3 rewards such as brand NFTs that cost a fraction of loyalty programs.
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– Retail and eCommerce virtualization: Delivering immersive and personalized shopping experiences with Augmented reality in store and 3D shopping experience in ecommerce marketplaces, offering delight to 83% of consumers that expect an upgraded shopping experience vs current flick & click experience.
– Supply chain transparency: Providing brands with end-to-end inventory traceability to optimize availability and prevent price dilution. Counterfeiting and product diversion eats up to 30% in some industries, damaging brands reputation and posing serious threats to public health.
– Sustainable passporting: Helping brands turn sustainable by measuring and certifying their products across complex multi-tiered supply chain and engage directly with consumers for loyalty and advocacy.
Verofax is supported by leading government sponsored programs such the Hub71, the Mohammed Bin Rashid Innovation Fund and leading investors such as 500 Startups, Dubai Angel Investors, Dubai Silicon Oasis, Benson Oak Ventures, Privity FZ LLE and Wami Capital.
With offices in key regions such as Europe, Asia, the Middle East, Africa, and North America, UAE-based Verofax serves a diverse clientele, including Fortune 100 brands like Budweiser, Corona, and sustainable entities. Verofax has confirmed its strategy to set up offices in Saudi, a key growth market for 2023, via Plug and Play powered MCIT Tech Champions soft-landing incubator.
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