NIR WATCHDOG
The intelligence layer for physical material verification.
NIR WatchDog turns portable spectrometers into intelligent inspection points:
verify more materials, more often, in seconds.
Active 3-year $155K design-partner contract
UNIVERSITY OF LUXEMBOURG SPIN-OFF
INVESTOR BRIEFING · 2026
NIR WATCHDOG
02 · A DAY IN THE FIELD
Michelle inspects shops for fakes every day.
Today the lab answers days later.
A market-surveillance inspector. Food supplements, chocolate bars, medicines: her job is to catch the fake before it is sold.
TODAY · DAYS PER CASE
1
Visits the suspicious shop and buys the suspect product.
2
Bags it, labels it, ships it to the laboratory.
3
Waits days for the result. The case stalls.
4
By the time the verdict arrives, the batch has been sold.
WITH NIR WATCHDOG · SECONDS
1
Scans the product in the shop with a handheld NIR device.
2
The spectral fingerprint is matched against the validated reference model.
3
Verdict on the spot: product name, PASS or FAIL, GPS location, time.
4
A signed, timestamped evidence record is created. The lab only confirms.
FIELD LOG · ONE MORNING
Chocolate bar, 100 g
Shop 1 · 49.611° N, 6.130° E · 10:02
PASS
Supplement capsules
Shop 2 · 49.603° N, 6.126° E · 10:41
PASS
Captopril 25 mg tablets
Shop 3 · 49.598° N, 6.119° E · 11:14
FAIL
Each record carries the NIR fingerprint, product, model version, location, time and hash.
Three verdicts before lunch, each with its evidence.
NIR WatchDog turns a week of waiting into a verdict on the spot: product, fingerprint, location, time.
Illustrative scenario. Coordinates are Luxembourg City; location and time are captured from the device at scan time.
NIR WATCHDOG
03 · THE PROBLEM
Companies can identify any material.
They cannot afford to check every batch.
Labs are accurate, but central, slow and expensive, so most goods are never tested
COUNTERFEIT IMPORTS · EU
€99B
4.7% of all EU imports
Global trade in fakes: $467B, 2.3% of world imports (OECD / EUIPO, 2025)
FAKES STOPPED AT THE US BORDER · FY2025
$7.3B
79M items seized
and that is only what gets caught. US brands are the world's most counterfeited (CBP; OECD / EUIPO)
When the material is a medicine, the cost is lives: 267,000 deaths a year are linked to falsified anti-malarials in sub-Saharan Africa alone (UNODC, 2023).
NIR WatchDog brings verification to the point of decision:
portable scanners plus AI, deviations flagged on the spot
ANY solid or liquid material
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.
NIR WATCHDOG
04 · THE TEAM
Researchers who ship, builders who scale
INCORPORATED 2023
UNIVERSITY OF LUXEMBOURG INCUBATOR
Eddie Berkovitch, MBA
CEO
Dr. Jorge Meira
COO
Dr. Hui Huang
Chief Scientist
Prof. Radu State
Scientific co-founder · SnT, Uni.lu
Dr. Wazen Shbair
Blockchain & XRPL
Ilias Sviatko
Software Architect
Leonard Perry
SW Partner · ex-Head of R&D, Viber
Nino Chaganava
Projects Coordination
FNR JUMP GRANT, 2020 · BLOCKSPRINT HACKATHON, 1ST PRIZE, 2020 · RIPPLE XRPL ACCELERATOR + SPECIAL AWARD, 2023
NIR WATCHDOG
05 · THE SOLUTION
From scan to trusted verdict
in seconds.
1
SCAN
Any portable NIR device and our app; our own phone-sized device with an embedded NIR sensor follows in the next round. Line, warehouse, border.
2
SCORE
Our engine compares it with validated reference models.
Trained once per material
device-agnostic.
3
DECIDE
PASS or FAIL in seconds: authentic, deviating or anomalous.
4
PROVE
Every scan and model version can be hashed, signed and timestamped on the XRP Ledger: an audit trail regulators can check.
The intelligence layer above scanners, any scanner.
ANY NIR DEVICE
96–99% ACCURACY IN PILOTS
LIVE ON iOS & ANDROID
NIR WATCHDOG
06 · TRACTION
96–99% accuracy on food and pharma.
Commercial since 2023.
New models, new materials, one platform.
96–99%
accuracy across six materials
$155K
PM International 3-year R&D contract (€132K)
2023
incorporated in Luxembourg
iOS + Android
app live in the stores
VALIDATED MATERIALS
Chocolate packaging
2019–21
96%
Paracetamol
2021–22
98%
Powders & molasses
2022–23
98%
Oyster provenance
2024
98%
Water quality
2024
99%
Food supplements
2025–26
ongoing
COMMERCIAL · SINCE INCORPORATION 2023
2023
Kerry Group research · Ripple XRPL accelerator award
2024
Oyster provenance and water-quality models delivered
2025–26
PM International 3-year R&D contract, ongoing
2026
App live on iOS & Android · US roadshow
FNR JUMP GRANT · UNI.LU INCUBATOR · IP REGISTRATION IN PROGRESS
WORKED WITH
NIR WATCHDOG
07 · BUSINESS MODEL
$50K to onboard, $100K a year,
then expand.
1 · ONBOARDING
$50K
one-time fee
Your material, your scanner, your validated model: samples, model training, device integration, handover.
2 · PLATFORM LICENCE
$100K
per year
Unlimited scans, verdicts in seconds, analytics, and an audit trail regulators accept.
3 · DEVICE · NEXT ROUND
$1.5K
per unit · 50–100 per customer
Our phone-sized NIR device: a $75–150K fleet per customer, developed with the next round.
4 · EXPANSION
Expand
per material, site, supplier
Each new material, site or supplier adds recurring revenue on the same platform and models.
LAND
One material, one site, one scanner.
→
PROVE
Inspection time, cost per sample and error rate against the current workflow.
→
EXPAND
More materials, sites, suppliers and devices on the same platform.
BUYER
Food, pharma, supplements, quality labs
BUDGET OWNER
QA director, COO, procurement, compliance
ROI
Up to 75% cut on $0.5–2.5M of annual authentication spend, faster release decisions
Software stays device-agnostic: the app runs on iOS and Android and connects to any NIR spectrometer; our own device is a next-round programme.
NIR WATCHDOG
08 · THE ASK
Seeking $3M for 15%: the software plan,
funded through break-even.
$17M pre, $20M post. Break-even in 2029 on this round; the device programme is the next round. 150 customers is 0.5% of a $3.1–3.9B market (A5).
$3M
Private capital, 15% equity
$20M post-money. Covers the US build-out and the platform through break-even.
Next round
Own NIR device
10-month programme, $1.5K per unit, 50–100 per customer, funded once US customers are live.
MILESTONES · NEXT THREE YEARS
CUSTOMERS
SOFTWARE ARR
PROOF
2027
10
$1.0M
Platform v1 · US entity and commercial lead · first US pilots
2028
22
$2.2M
3+ US customers · first expansion deals · device programme scoped for the next round
2029
45
$4.5M
Operating break-even · three verticals live
Verification as infrastructure: any material, any point in the chain, seconds not days.
INFO@NIR-WATCHDOG.LU
NIRWATCHDOG.LU
NIR WATCHDOG
09 · WHY THE US, WHY NOW
The US window is open:
enforcement is live, budgets exist.
MARKET READY
Enforcement is live
Drug Supply Chain Security Act (DSCSA) is in force for manufacturers, wholesalers and large pharmacies since 2025. Detecting and removing suspect product is a legal duty, and the FDA is enforcing it.
Small pharmacies: exempt to Nov 2027.
A FOCUSED FIRST BUYER
QA leaders
At supplement and pharma manufacturers with an incoming-material inspection workflow. They buy from the quality budget that already exists; no new budget line needed.
A MEASURABLE PILOT
One material, one site
Agreed validation criteria, inspection time, cost per sample and error rate, and a clear path to a licence. The product is live: we demo it on the spot.
Roadshow goal: pilot partners, and investors who want to back the physical-verification layer the US market needs.
NIR WATCHDOG
10 · VISION AND ASK
Every deployment makes the platform smarter and harder to copy.
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.
WHAT WE ARE LOOKING FOR IN THE US
Introductions to supplement and pharma QA leaders
$3M private investment for 15%
Nothing gets past it.
INFO@NIR-WATCHDOG.LU
NIRWATCHDOG.LU
NIR WATCHDOG
Appendix
A1 Competition
A2 Financial projections
A3 Cost discipline
A4 Team plan
A5 Market, bottom-up
A6 Product demo
A7 Luxembourg state funding
A8 How training works
BACKUP SLIDES · FOR Q&A
NIR WATCHDOG
A1 · COMPETITION
Everyone else sells a scanner.
We sell the intelligence layer.
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
NIR WATCHDOG
A2 · FINANCIAL PROJECTIONS
$15M revenue in year 5, all software; break-even in year 3
$50K set-up + $100K licence per customer. Customers 10 / 22 / 45 / 85 / 150. Device revenue excluded: next round.
SOFTWARE REVENUE PER YEAR · YEAR-END CLIENT COUNT
150
customers by year 5, from 10 in year 1
Year 3
operating break-even, including the US build-out
$31M
cumulative 5-year revenue; $15M ARR by year 5
OCT 2026 SCENARIO · LICENCE REVENUE FROM MID-YEAR OF SIGNING · NO CHURN
NIR WATCHDOG
A3 · COST DISCIPLINE
Lean start, controlled ramp, scaling with the base
Milestone-gated spend
Costs rise in discrete waves aligned to capability milestones: build → operate → scale. No front-loading.
Predictable overheads
Legal, accounting and certification on constant retainers; rent and hosting step up only with capacity.
Scales with the base
From 2029, sales and support headcount grows with the client base; core R&D and overheads stay lean.
Year-one cost base of ~$1.8M including the US build-out, against the $3M raise. Costs rise to ~$4.6M by Y5 as sales and support scale; break-even lands in Y3; cash never drops below ~$1.2M before any public funding.
OCT 2026 PLAN
NIR WATCHDOG
A4 · TEAM PLAN
The team, year by year
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. Excludes US pods, costed separately in A3.
NIR WATCHDOG
A5 · MARKET, BOTTOM-UP
Sites times contract value:
a $3.1–3.9B serviceable market
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
$3.1–3.9B
ACV at maturity: $100K platform licence plus expansion; the $50K set-up is one-time and excluded. Device fleets: 50–100 devices at $1.5K per site adds $75–150K one-time per customer, a further $2–4B of hardware demand across the sites counted, addressed from the next round. Plan coverage: 150 customers in 2031 is 0.5% of the sites counted.
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
A6 · PRODUCT DEMO
We are on iOS and Android
NIR WatchDog is in the app stores. Scan, authenticate and review results from a phone. No lab, no training course.
▶ Watch the demo video
youtu.be/ULUV4nAbAE0
↓ Download on the App Store
NIR WATCHDOG · iOS & ANDROID
NIR WATCHDOG
A7 · LUXEMBOURG STATE FUNDING
How the state's €1.5M (≈ $1.75M) is built: YIE plus RDI
Luxembourg co-funds startups that have just raised private money. Planning scenario, not approved funding.
YOUNG INNOVATIVE ENTERPRISE (YIE)
Up to $1.15M
non-dilutive, €1M cap, up to 70% of the need
Small company registered < 5 years: window closes Mar 2028
≥ €40K turnover in the last 12 months
Recent private investment, 3-year financing plan, apply before the work starts
Luxinnovation certificate: R&D ≥ 15% of opex in one of the last 3 years
RDI PROJECT FUNDING
40–60%
of eligible R&D costs for a small enterprise
40% experimental development, 60% industrial research
Fits: ML models, device interoperability, spectral databases, validation
Project-based, separate from YIE: the same costs cannot be funded twice
LUXEMBOURG FUTURE FUND 3
€270M
Sep 2026 · SNCI €180M + EIF €90M
Invests through VC, PE and private-debt funds, deep tech included
A route to investors, not a grant or guaranteed co-investment
ILLUSTRATIVE $4.75M PLAN · $3M PRIVATE + PLANNED PUBLIC FUNDING (≈ $1.75M) · NOT APPROVED FUNDING
$3.0M private investment
$1.15M YIE (€1.0M)
$0.6M RDI (€0.5M)
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.
A8 · HOW TRAINING WORKS
Train once, inspect continuously, prove everything
TRAINING
Reference samples
validated authentic material
→
NIR fingerprinting
spectral signatures captured
→
Model training
deep learning + transfer learning
→
Model library
per material, per device
INSPECTION
Field scan
any portable NIR device + mobile app
→
AI comparison
against the validated model
→
Verdict in seconds
authentic · deviating · anomalous
↓
EVIDENCE ON BLOCKCHAIN
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.
NIR
WATCHDOG