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Singular ID was awarded the €300,000 prize to start-up operations in Italy
Singular ID, is the winner of Nanochallenge 2005, the international business plan competition for nanotechnology-based ideas, whose final event took place in Padua last week end.
Dr. Adrian Burden and Dr. Peter Moran, CEO and CTO of the new venture, are the founders of Singular ID, a nanotechnology spin-off licensing core technology from the Agency for Science Technology and Research, Singapore. Their project focuses on the commercialization of magnetic tags for the protection of people, brands, corporate images and market shares. Singular ID offers such a system through an integrated solution comprising unforgeable tags, portable scanners, and a centralized authentication database. The tags are based on a patent protected nanotechnology that uses composite magnetic materials to create 'fingerprints' or 'signatures' on a very fine size scale. Consequently, these features are prohibitively difficult, if not impossible, to replicate. As such, these unique patterns can be inexpensively manufactured and applied to objects of value, giving items individual identities. This approach can be used to prevent counterfeiting, prevent contract manufacturing overruns and can be applied in the security industry.
Dr. Moran, after the winner announcement, commented "we have presented our business plan many times previously, but this was an occasion when the technology, the business strategy and the market opportunity for Singular ID was closely scrutinized by a very diverse and capable panel. To have won the approval in this way is extremely encouraging for all of our stakeholders." Dr. Burden, on the other hand, emphasizes on the opportunities for the European market "For Singular ID this means we can set up our European operations ahead of schedule. We will be drawing up the detailed plans over the coming months, but Singular ID Europe will comprise a business development office and applications laboratory that leverages on the nanotechnology facilities that have recently opened in the Veneto cluster."
Key advantage for the winners of Nanochallenge 2005 is the potential impact their solution can have on the major players in luxury and pharmaceutical industries, based both in Italy and continental Europe, who can be easily served from Singular ID's headquarters in Veneto (North-East of Italy).
For further information: www.singular-id.com - firstname.lastname@example.org
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
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