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While Sproxil Inc. may not have landed in the money at the MassChallenge competition awards in October, the
brand protection software company has found $1.8 million in new funding, according to a federal document.
The filing with the U.S. Securities and Exchange Commission doesn’t list the single backer by name.
The company is developing technology to help health-care officials and consumers in developing countries
identify counterfeit drugs using cell phones. Sproxil won the IBM Boston Smartcamp business plan competition
put on by IBM Corp. in June of 2010. Learn more about how the IBM Entrepreneur SmartCamp program can help get your Startup off the ground
Somerville-based Sproxil was founded by Dartmouth doctoral degree candidate Ashifi Gogo who serves as CEO,
and it targets cash-based societies, analyzing drug labels to authenticate drugs. Consumers send via text
message an item-unique code for a rapid response that confirms a brand identity. Local tech industry
veteran Alden Zecha serves as CFO and strategist for the company.
According to its website, Sproxil already has had 2.5 million pharmaceutical products labeled with its
identification system in Nigeria alone and has “thousands of users signing up every week.”
Sproxil did make the cut to the 26 finalists for the first-ever MassChallenge awards. Also in June of last
year, Sproxil won the Mobile Infrastructure and PwC Promise Awards in the Massachusetts Innovation &
Technology Exchange (MITX) 7th Annual MITX Technology Awards.