KitLegit’s AI tech fights sports gear fraud keeping fans’ money safe | City & Business | Finance
Nothing is quite like the real thing, and as World Cup excitement builds, AI detective KitLegit goes blind to protect football fans and their must-have equipment at their matches. Thanks to the UK company’s technology, they can easily verify that any vintage or second-hand shirt they covet or own is original and reasonably priced. In the £9 billion global counterfeit industry, KitLegit continues to fight against counterfeiters. Its proprietary technology and independent tools with targeted industry applications enable a safer marketplace serving both consumer and commercial customers. These include fans, vendors, sports clubs and law enforcement such as the police, Trading Standards and customs agents.
In a simple process that puts an end to the guesswork, users download the relevant application and upload images of their products. The technology then analyzes details such as stitching, badges and design patterns to verify the identity within seconds. Costing from £1 and available as a token purchase or subscription, each voucher provides a digital certificate containing a unique code that works as proof of any resale or refund claim. Alex Protsenko, chief executive officer and sports merchandising expert, founded the business three years ago with two partners. “As demand for retro and sports fashion grows, the cost of living crisis has fueled the growth in fakes. We quickly realized that what customers want is authenticity and the peace of mind that comes with it. These factors, supported by the availability of advanced technology, created our opportunity,” explains Protsenko, who oversaw the new Version 2, which filters out low-quality images and increases provenance.
“We are the first AI-based authentication company for sporting goods, we can check back to 2000. Buying without checking is risky; we found that 38 percent of our 25,000 kit checks in 105 countries were counterfeit,” he adds.
When working on the proof-of-concept model, KitLegit’s annual turnover was £10,000 but it now expects a 200% increase following successful club pilots at Brentford, Watford and Sporting Lisbon and tournament support such as the World Cup. Following equity investment of £50,000, it plans to expand its team of seven and launch pre-seed funding of between £250,000 and £450,000 this year.
Angel investor expertise in consumer sports and fashion will also be sought, and the company has launched a certification scheme for small independent sports retailers, starting with one in Cambridge. Rugby, Formula 1 Racing, American football and baseball leagues offer further application potential, and a major partnership with an NFC (Near Field Communication) tag provider providing stickers, cards and key fobs is also in the pipeline. Overall, now “we’re in a very good position, sitting in the middle of the ecosystem that connects everything,” Protsenko says. https://kitlegit.com
