UAE Gawah Holdings invests in Blockchain startup Verofax
UAE Gawah Holdings has acquired an equity stake in UAE Blockchain medicine traceability startup Verofax www.Verofax.com, previously known as Dhonor. Dhonor was one of the first Blockchain startups to work on organ donation tracing. Today Verofax uses the latest NFC (Near FIeld Communication) and Blockchain technologies to trace not only medicine but other goods. On their website Verofax announced that they will be launching their safe pharmaceutical market place in June of this year. Verofax has healthcare clients both in the UAE and KSA.
Verofax is headquartered in Abu Dhabi Global markets, ( ADGM ) in Abu Dhabi, under Department of Health within the Hub71 ecosystem. According to their website, Verofax offers a unique solution for compliance and brand protection, including serialization, traceability, anti-counterfeiting and anti-diversion solutions, which help pharmaceuticals and other consumer goods manufacturers to meet evolving product traceability regulations and growing consumer demand for product safety, security and authenticity.
Verofax’s proprietary and patented last mile secure delivery technology is a unique solution that offers privacy and safety for the delivery of controlled and prescribed medication as well as valuables.
Gawah Holding based in the UAE has been making extensive investments in key growth areas including those related to Blockchain technology, STO exchanges as well as digital currency loaning solution provider Clear Hedge and others. The investment in Verofax will add to Gawah Holdings’ portfolio of assets & services related to Healthcare and supply chain, especially after the advent of COVID-19
Pandemic. Wassim Merheby, CEO of Verofax Limited, commented, “We are truly thrilled to welcome Gawah Holdings as shareholders and strategic partners in Verofax. Covid-19 has demonstrated the need to transform secure delivery and offer protection to the most vulnerable in our society. Our services are perfectly positioned and aligned to secure pharmaceutical deliveries of medication in the region with privacy and safety.”
Suhail Al Ansari, Deputy Vice Chairman & Co Founder of Gawah Holdings commented, “on account of our experience in the industry we see a great need in the future of the healthcare system for companies like Verofax. And keeping in line with our own vision of delivering an evolved version of Healthcare assets & services we feel verofax would add great value.”
Al Ansari further added “The world has just been hit by a pandemic that has clearly pointed that Healthcare could be better managed with technology such as IOT devices, drones, Blockchain, AI, and Augmented Reality. The most immediate need we see is in the safe delivery of eHealth services, and Verofax offers wide applicability of the underlying systems of Healthcare and supply chain industries.’
According to Merheby, traceability and brand protection market is a large and growing global sector and is estimated to reach $55 billion by 2025, with food traceability alone accounting for $22 billion.
Verofax with offices in UAE, Malaysia Estonia are offering Traceability as a service on cloud based platforms that include Azure and Oracle.