How does CollX use technology to scan and evaluate the value of trading cards?
CollX, a startup digitizing the trading card industry, has raised $5.5 million in seed funding to help them move their mission forward. The company will use the funds to accelerate their product development and expand their research focused on scanning and evaluating the value of trading cards.
Expanding an Appealing Collecting and Trading Hobby
CollX’s app is a platform for collecting and trading virtual cards for sports, entertainment, and culture. It not only looks to digitize the market, but also to expand the hobby of card collecting, that has historically been enjoyed by both youngsters and adults, alike.
An Accurate Scanner of Card Value
In order to accurately scan and evaluate the value of a trading card, CollX has partnered with a trusted third-party provider. This partnership allows the user to scan and view stats on any card’s value, including the estimated worth of rare cards. The ability to quickly confirm the value and rarity of a card without delay, provides users with greater insight and eliminates the need to consult multiple third parties.
A Server-Side Validation System
CollX has also implemented a server-side validation system that registers the value of a card at the moment of the scan. This ensures that the reported value is reflective of the actual worth of a card or set.
Funding and Future Development
The funding that CollX has recently secured will be used to further develop their product, add more features, and more importantly, expand their research efforts into more authentic card grading methods.
The Future of CollX
The team at CollX is laser-focused on expanding the world of card collecting and making it even more exciting for fans. With their new funding secured, progress is expected to be made at a faster rate, driving adoption and building the largest virtual collection online.
CollX, the data-driven platform for trading cards, recently announced they have secured $5.5M in a Series A funding round.
The funding was led by Norwest Venture Partners and also included participation from existing investors including Spero Ventures and other VCs. The company said the new investment will be used to enrich the user experience of their existing products and to develop new technology for assessing the value of collectible trading cards.
CollX is a leading platform for trading cards with over $20 million in transactions since it was launched 18 months ago. The platform provides enthusiasts with the tools to identify the value of their cards, interact with other collectors, manage their collections, and safely buy and sell cards.
With the new funding, CollX will be able to enhance its sophisticated valuation algorithms that allows for the accurate pricing of cards based on data-driven metrics such as scarcity, condition, and rarity. The platform currently covers thousands of products from over 200 different brands and are constantly expanding their catalog. They also provide a secure payment processing, escrow services, and community messaging platform.
This new round of funding shows a strong commitment by investors to the future of collectible trading cards and the related industries. With the help of this new investment, the company will be able to deliver the most comprehensive and accurate pricing models for trading cards and drive the industry forward with its cutting-edge technology.