KitLegit’s AI tech fights sports gear fraud keeping fans’ money safe | City & Business | Finance
There’s nothing like the real thing and as World Cup fever mounts, AI sleuth KitLegit is playing a blinder protecting football fans and their match must-have gear. With the UK company’s technology they can easily verify that any vintage or second-hand shirt they covet or own is genuine and fairly priced. In a £9 billion global fake goods sector, KitLegit is taking the fight to the counterfeiters. Its proprietary technology and standalone tools with targeted sector apps result in a safer marketplace that serves both consumer and commercial clients. These include fans, resellers, sports clubs and law enforcement agencies such as the police, Trading Standards and customs agents.
In a simple process that ends guesswork, users download the relevant app and upload images of their item. The tech then authenticates it in seconds by analysing details like stitching, badges and design patterns. Each check, costing from £1 and available as a token purchase or as a subscription, provides a digital certificate with a unique code that works as proof for any reselling or refund claim. Chief executive and sports merchandising specialist Alex Protsenko founded the business three years ago with two partners. “There has been rise in demand for retro and sports fashion while the cost of living crisis has fuelled the growth in fake merchandise. We quickly realised what customers wanted was authenticity and the peace of mind that brings. Those factors, underpinned by the availability of advanced technology, created our opportunity,” explains Protsenko who is overseeing a new Version 2 that filters out poor quality images and increases provenance.
“We’re the first AI-based authentication for sports merchandise, can check back to the year 2000. Buying without checking is risky – we’ve found 38 percent of our 25,000 kit checks across 105 countries are fake,” he adds.
As it worked on its proof-of-concept model, KitLegit’s annual turnover was £10,000 but now it expects a 200% uplift following successful club pilots with Brentford, Watford and Sporting Lisbon and tournament boosts like the World Cup. After £50,000 of self-investment it plans to expand its team of seven and launch a pre-seed funding round this year in the region of £250,000 to £450,000.
Angel investor expertise in consumer sports and fashion will also be sought and it has now begun a certification scheme for small independent sports retailers starting with one in Cambridge. Rugby, Formula 1 Racing, American football and baseball leagues offer further applications’ potential and a big partnership with a NFC (Near Field Communications) tag provider of stickers, cards and key fobs is in the pipeline. Overall now “we’re sitting in the middle of the ecosystem connecting it all,” says Protsenko, “we’re very well positioned.” https://kitlegit.com
