NIR Watchdog turns portable spectrometers into intelligent inspection points: verify more materials, more often, in seconds.
Labs are accurate, but central, slow and expensive, so most goods are never tested.
NIR Watchdog brings verification to the point of decision: portable scanners plus AI, deviations flagged on the spot, any solid or liquid material*.
*any solid or liquid material with organic origin.
Sources: OECD / EUIPO, Mapping Global Trade in Fakes 2025 (2021 customs data); US CBP, FY2025 IPR seizure statistics; UNODC (2023), threat assessment on trafficking in medical products. The €99B EU figure is reported in euro by OECD / EUIPO and is left in euro deliberately; the global equivalent is $467B.
Not another scanner. The intelligence layer above scanners.
Incorporated 2023 · University of Luxembourg incubator
New models, new materials, one platform.
Planned Luxembourg funding on top takes the plan to break-even in 2029, no further round. 150 customers is 0.5% of a $3.1–3.9B market (A5).
| Year | Customers | Revenue | Proof |
|---|---|---|---|
| 2027 | 10 | $1.0M | Platform v1 released · US entity and commercial lead in place · first US pilots signed |
| 2028 | 22 | $2.2M | 3+ US customers · first expansion deals · net revenue retention above 100% |
| 2029 | 45 | $4.5M | Operating break-even · three verticals live · no further round required |
Verification as infrastructure: any material, any point in the chain, seconds not days.
Roadshow goal: pilot partners, and investors who want to back the physical-verification layer the US market needs.
More customers, more labelled spectra, better models, faster onboarding. First, high-value inspection in food and pharma; then material verification wherever goods are produced, stored or transferred.
Nothing gets past it.
| Company · product | AI integration | Mobile | NIR device |
|---|---|---|---|
| Tellspec · Food Sensor | Full | App + cloud | Native only |
| Consumer Physics · SCiO | Partial | Native mobile | Native only |
| Si-Ware Systems · NeoSpectra | Full | Via scan app | Native only |
| Spectral Engines · NIROne Scanner | Partial | SDK options | Native only |
| B&W Tek (Metrohm) · NanoRam | Limited | Limited | Native only |
| NIR Watchdog · Analytics platform | Trainable | Native app | Any device |
● Full · ● Partial / limited · ○ Tied to own hardware
$50K one-time setup and model training per client, plus $100K annual platform licence. Customers 10 / 22 / 45 / 85 / 150.
Revenue per year, USD · year-end client count
Sep 2026 scenario · licence revenue from mid-year of signing · no churn. New customers 10 / 12 / 23 / 40 / 65; revenue = $50K × new customers + $100K × average customers in the year. US list pricing, not an FX conversion of the euro plan; break-even in Y3 on the Dec 2025 cost plan (converted at 1.17 USD/EUR).
Year-one cost base of ~$1.4M against a $4.75M plan ($3M private plus planned public funding). Sales and support scale with the client base, so total cost rises to ~$3.4M by Y5, break-even lands in Y3, and the plan is funded through break-even without a further round.
| The team | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|
| Leadership & Ops | 3 | 4 | 4 | 4 | 3 |
| Engineering | 4 | 4 | 4 | 4 | 4 |
| Data Science / ML | 1 | 1 | 1 | 1 | 1 |
| Product | 1 | 1 | 1 | 1 | 1 |
| QA / Testing | 1 | 2 | 2 | 2 | 2 |
| Support & Ops | 1 | 4 | 4 | 6 | 8 |
| Sales & Marketing | 2 | 3 | 3 | 4 | 5 |
| Customer Success | 0 | 1 | 4 | 4 | 4 |
| Total FTE (year-end) | 13 | 20 | 23 | 26 | 28 |
| People cost / yr | $1.2M | $1.75M | $2.2M | $2.6M | $2.9M |
Team grows to 28 FTE by 2031 as sales and support scale with the client base. People cost grows $1.2M to $2.9M (Y1 to Y5) while revenue scales ~15×. Euro plan converted at 1.17 USD/EUR.
Counted from the buyer up: manufacturing sites with a QC lab or incoming-material inspection, US and EU. The €99B and $467B counterfeit figures are context, not the market.
| Segment · US + EU | Target sites | ACV at maturity | Market |
|---|---|---|---|
| Pharmaceutical manufacturers (US ~2.9K establishments, EU ~4K enterprises) | ~7K | $125K | $0.9B |
| Dietary-supplement manufacturers (US 3–5K, EU 2–3K; industry estimates) | 5–8K | $125K | $0.6–1.0B |
| Food and beverage manufacturers, 100+ employees (US ~5.5K of 42.7K sites, EU ~4.5K) | ~10K | $125K | $1.25B |
| Distribution, customs and regulated trade (estimate) | 3–6K | $125K | $0.4–0.75B |
| Total serviceable market | 25–31K | $125K | $3.1–3.9B |
ACV at maturity: $100K platform licence plus expansion by material, site and supplier; the $50K set-up is one-time and excluded. Plan coverage: 45 customers in 2029 is 0.15%, 150 in 2031 is 0.5% of the sites counted. Widening food to 50+ employees adds ~10K sites ($4.4–5.1B).
Sources: USDA ERS / US Census County Business Patterns 2022 (42,708 food and beverage manufacturing establishments; ~13% with 100+ employees); US Census SUSB, NAICS 3254 (~2,900 pharmaceutical establishments); Eurostat SBS, NACE C10–C11 and C21 (EU food manufacturing ~264K enterprises, ~4% with 50+ employees; ~35K drinks enterprises); supplement and distribution counts are industry estimates.
NIR Watchdog is in the app stores. Scan, authenticate and review results from a phone. No lab, no training course.
The routine identity check today is sample, ship, wait: three to five days in quarantine and a minimum of $1,300 per herb, every time it comes in. NIR Watchdog reads the material where it lands.
Luxembourg co-funds startups that have just raised private money. Planning scenario, not approved funding.
To verify: €40K turnover threshold (treatment of research-contract revenue) · YIE "new capital" test for the private round · split of commercialisation vs R&D budgets · cumulation rules. File YIE at least 4 months before the 5-year window closes: by Nov 2027.
Sources: guichet.lu and Luxinnovation, aid for young innovative enterprises (Law of 6 June 2025); RDI aid scheme; Luxembourg Future Fund 3 announcement, Sep 2026. Confirm the YIE ceiling with Luxinnovation.
Both flows feed one data-analysis core. Every scan and model version is hashed, signed and timestamped on the XRP Ledger: spectra, device ID, location, result, an immutable audit trail for regulators and customers.