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DataDot tech selected by new joint venture

DataDot tech selected by new joint venture

DataDot (ASX:DDT) said its anti-counterfeiting technology will be used by a new textiles joint venture.

DataDot's DataTraceDNA digital nanoparticle authentication technology will be used by CoatsVTT, a joint venture between yarns and threads producer Coats and VTTM Holdings.

VTTM Holdings has developed an anti-counterfeiting technology using DataTraceDNA, VerifiTT, and has granted the JV global rights to use it.

Coats will blend VerifiTT with the raw material used to create sewing thread. The thread will be designed for use in the manufacture of clothes and other items to help determine their authenticity.

“Counterfeiting is a significant and growing problem for global brands” in the textiles industry, Coats CEO Paul Forman said.

DataDot CEO Ben Bootle said the decision represented an endorsement for DataTraceDNA.

The technology was developed in conjunction with the CSIRO, but DataDot acquired the research body's half of the business – including full ownership of the IP - last year.

DDT shares jumped 17.14% to $0.041 in Tuesday's trading following the announcement.

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Tags joint venturesecuritycounterfeit goodsfashionDataDotASX:DDT

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