Algrthm Venture Studio today announced the availability of Real Goods the world's first artificial intelligence (AI) powered authentication and grading application for cell phones that certifies the authenticity and condition of luxury goods and collectibles without any human inspection.
Real Goods is available as a white-label Software as a Service (SaaS) solution for online marketplaces that sell luxury goods and collectibles, current grading and authentication firms, and luxury and collectible brands looking to create an enhanced user experience with a branded "Certified" program for their customers.
By offering a Real Goods powered certification program, luxury and collectible brands will be able to greatly reduce knockoffs and counterfeit goods. It will also allow them to charge certification fees based on a percentage of each secondhand sale – giving them the ability to earn royalties on every product they've ever produced, whenever it's resold.
Today, authentication and grading of luxury goods and collectibles requires humans to inspect each item, creating a slow, expensive, highly subjective, and often incorrect result. No technology has been able to solve these weaknesses until now. With 8 patents pending, Real Goods uses advanced AI and machine learning to accurately grade and certify luxury goods and collectibles. Real Goods will also create a transferable digital certificate of authenticity and condition that lives on from one buyer to the next, getting updated each time an item is sold or resold.
The advantages of Real Goods are overwhelming. It dramatically shortens the time for goods and funds to change hands, helps eliminate fraud, and redefines the user experience to buy and sell collectibles and luxury goods. All done in real-time from a user's cell phone.
"The global market for collectibles and second-hand luxury goods is estimated to be more than $400 billion annually," said Seth Waite, CEO of Algrthm. "Because of its sheer size, the industry is filled with fraud and counterfeit goods. Before today, the only solution to avoid buying counterfeit goods was to send them to a third-party to authenticate and grade at a high cost, taking weeks or months to return, often with mixed results. With the introduction of Real Goods, that requirement is gone forever."
According to Jim McBride, Algrthm's Chief Scientist, "Real Goods starts by capturing more than 1 billion pieces of visual and non-visual data, which we then process with our proprietary Artificial Intelligence technology. By processing multiple data types concurrently, we can accurately determine whether an item matches the characteristics and correct materials of a genuine item, and what condition it's in compared to an object in mint condition on a 1-to-100-point scale—something no human can do."
About Algrthm Venture Studios
Algrthm Venture Studios is a collective of entrepreneurs and scientists who create and fund disruptive technologies and companies using artificial intelligence, machine learning, computer vision and material science.
Co-founders Seth Waite and Jim McBride previously founded Handled, a company that developed cutting-edge AI and computer vision to revolutionize the moving industry. After successful launch, the company was sold to one of the world's largest moving companies.
Along with co-founder Rich Waidmann, founder and retired CEO of cloud provider Connectria, the Algrthm team has spent their careers creating cutting-edge technologies and successful companies that provide innovative products and services that deliver radically better customer experiences to the market.
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