Security Matters

What Security Matters does

Security Matters Public Limited Company (NASDAQ: SMX), headquartered in Singapore and founded in 2009, develops a molecular marking and blockchain-enabled digital traceability platform that embeds invisible, tamper-resistant identifiers directly into physical materials including plastics, textiles, metals, fuels, chemicals, rubber, cotton, leather, and gemstones. The core proprietary technology creates persistent physical-to-digital identity that survives industrial processes such as melting, refining, and recasting, linking each marked material to a blockchain-backed Digital Material Passport for verification, chain-of-custody tracking, and real-world asset tokenization. The company's flagship products are the Digital Material Passport Platform (DMPP), launched in April 2026, and the Circularity-as-a-Service platform launched in June 2026, which combines molecular marking, Digital Material Passports, a Recycled Plastic Registry and Marketplace, and Plastic Cycle Tokens (PCTs) as tradable digital assets backed by verified recycling activity.

The business operates on a partnership-driven go-to-market model, embedding its technology into existing supply chains via strategic alliances with industry leaders including BASF (plastics), LVMH Métiers d'Art (luxury goods), TruCotton (U.S. cotton), CETI (European textiles), Bougainville Refinery (gold), and FinGo (biometric KYC/AML). Revenue mechanics span platform licensing and subscriptions (Circularity-as-a-Service and DMPP), marketplace transaction fees, real-world asset tokenization via PCTs, hardware sales/leasing of the Generation 2.0 conveyor belt detector reader, and compliance and verification services aligned with regulations including the EU Digital Product Passport (mandatory 2027), UK Plastic Packaging Tax, California SB 54, and U.S. state packaging EPR laws. The company maintains two 50:50 joint ventures: trueGold (with W.A. Mint Pty Ltd) for gold traceability and Yahaloma (with Trifecta Industries) for diamond and precious stone verification.

Despite a high-profile partnership portfolio, Frost & Sullivan recognition (2021 Global Waste Management and Recycling Digitalization Technology Innovation Leadership Award), and approximately $250 million in committed equity capital from Target Capital 1, LLC extending runway into 2028, Security Matters is pre-commercial at the revenue line with TTM EBITDA of negative $30.95 million and no disclosed revenue. The company has executed multiple reverse stock splits in 2026 (20-for-1 in May, 2.285-for-1 in June), experienced significant board turnover (founder and CEO Haggai Alon assumed the Chairman role in January 2026 following resignations of Ophir Sternberg, Roger Meltzer, and Thomas Hawkins), and adopted a shareholder rights plan, indicating active capital structure management alongside product and partnership expansion.

Name

Security Matters

Legal name

Security Matters Public Limited Company

Website

https://smx.tech

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Security Matters (NASDAQ: SMX) provides molecular marking and blockchain-based traceability technology that embeds invisible identifiers into physical materials, linking them to Digital Material Passports for verification, chain-of-custody tracking, and asset tokenization across plastics, textiles, precious metals, and luxury goods.

Ownership category

akta.pro rank

Product category

Supply Chain Traceability Software

NAICS

Packaging and Labeling Services (56191)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Anti-Counterfeit & Authentication Packaging (Holograms, QR/NFC, Track-and-Trace) (IMALANAJ)

akta.pro secondary industries

Security, Tamper-Evident & Track-and-Trace Printing (IMALAKAJ), Regulatory Reporting, Tax & Audit Trails (reconciliation, provenance) (FSAPAJAI), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH)

Keywords

• Molecular marking technology
• Supply chain traceability
• Blockchain verification
• Digital material passport
• Circularity platform

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Platform Licensing and Subscription: The Digital Material Passport Platform and Circularity-as-a-Service platform are offered on a licensing or subscription basis to enterprises across plastics, metals, textiles, and advanced materials markets. Exclusive customer access began April 2026 with broader bookings from May 2026.
2. Marketplace and Registry Transaction Fees: The Circularity-as-a-Service platform includes a Recycled Plastic Registry and Marketplace functionality enabling recyclers, sorters, and manufacturers to identify, grade, certify, and verify recycled materials. The marketplace likely generates transaction-based revenue on material trades facilitated through the platform.
3. Real-World Asset Tokenization: Plastic Cycle Tokens (PCTs) represent verified recycling activity as a tradable digital asset, enabling tokenized financing and commercial trading of authenticated physical materials through the platform's digital asset enablement capabilities.
4. Reader Hardware and Detection Systems: The Generation 2.0 Online Unit (conveyor belt detector) and reader technology represent potential hardware revenue from industrial scale identification, authentication, and sorting equipment sold or leased to recyclers, manufacturers, and supply chain operators.
5. Compliance and Verification Services: Molecular marking technology enables companies to comply with regulatory requirements including the UK Plastic Packaging Tax (30% recycled content threshold), EU Digital Product Passport regulation (mandatory 2027), and California SB 54 packaging EPR laws, through automated compliance reporting systems.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

SMX (Security Matters) owns and commercialises proprietary molecular marking technology that embeds invisible, tamper-resistant identifiers directly into physical materials (plastics, textiles, metals, fuels, chemicals, rubber, cotton, leather, precious metals, gemstones) at the molecular level. These physical markers are linked to blockchain-backed Digital Material Passports, enabling verified provenance, chain-of-custody tracking, automated certification, anti-counterfeiting, and real-world asset tokenization across global supply chains. The company's flagship platform, Circularity-as-a-Service, combines molecular marking, Digital Material Passports, a Recycled Plastic Registry/Marketplace, and Plastic Cycle Tokens (PCTs) for the global plastics value chain.

Product overview

Security Matters (SMX) offers a molecular marking and blockchain traceability platform that digitizes physical objects to enable circular and closed-loop economies. The core technology embeds invisible molecular markers into materials (plastics, textiles, metals, precious metals, fuels, chemicals) that persist through industrial processes and link to blockchain-backed digital records. The primary product offering is the Circularity-as-a-Service platform, which combines molecular marking technology, Digital Material Passports, a Recycled Plastic Registry, Marketplace functionality, and Plastic Cycle Tokens. Supporting products include the Digital Material Passport Platform (DMPP) for material identity and asset tokenization, the trueGold platform for precious metals authentication, the Generation 2.0 conveyor belt detector for industrial sorting, and the SMX Fashion Sustainability Competence Centre for fashion industry traceability. The platform serves multiple industries including plastics, fashion/textiles, precious metals, rare earth elements, critical minerals, agriculture (cotton), rubber/gloves, and energy (oil and gas).

Differentiator

Problem solved

Functional benefit

Brands

• Digital Material Passport Platform (DMPP): Blockchain-backed system connecting physical materials to secure digital records for verified traceability, compliance, authentication, and asset tokenization.
• Plastic Cycle Tokens (PCTs)
• Fashion Sustainability Competence Centre (FSCC)
• trueGold
• Industrial Rubber Traceability
• Textile Traceability Tool

Products and services

• Molecular Marking Technology Proprietary chemical-based molecular marker technology that embeds invisible, tamper-resistant identifiers into physical materials (plastics, textiles, metals, fuels, chemicals) at the molecular level, creating persistent physical-to-digital identity that survives industrial processes including melting, refining, and recycling. Links to blockchain-backed digital records for verification, authentication, and chain-of-custody tracking. Sold to enterprises across plastics, textiles, precious metals, energy, and other material sectors.
• Circularity-as-a-Service Platform Comprehensive platform for the global plastics value chain combining molecular marking technology, Digital Material Passports, a Recycled Plastic Registry, Marketplace functionality, and Plastic Cycle Tokens. Enables verified proof of origin, recycled content, chain of custody, and circularity performance for materials across collectors, recyclers, brand owners, and commodity traders.
• Digital Material Passport Platform (DMPP) Blockchain-backed system connecting physical materials to verified digital records for traceability, compliance, authentication, and real-world asset tokenization. Creates physical-to-digital identities by linking intrinsic molecular material markers to secure digital records, supporting provenance verification, chain-of-custody tracking, automated certification, and circularity tracking across global supply chains.
• Plastic Cycle Tokens (PCTs)

Quantifiable outcome

• Recycled plastic could become 20-25% cheaper than virgin alternatives under combined stress scenarios (doubling oil prices, carbon pricing, plastic taxes), representing a structural cost inversion
• +4 more outcomes

Named customers6 records

Segments8 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• CETI (European Center of Innovative Textiles)coreTechnology or Integration · 1 April 2026SMX and CETI introduced a new sustainability traceability tool for the non-woven and fiber industries using embedded chemical-based markers with blockchain-enabled verification, enabling permanent, tamper-proof tracking from raw input to end-of-life. The technology allows brands to comply with the EU Digital Product Passport regulation (mandatory 2027) without disrupting existing production systems. SMX and CETI previously launched a similar partnership in September with CETI embedding SMX's blockchain-based tracing into its advanced textile R&D and circularity programs.
• TruCottoncoreStrategic or Co-development Partner · 1 January 2026SMX and TruCotton collaboration to embed molecular identity markers into U.S. cotton, enabling verifiable proof of origin through supply chains using material-level authentication rather than documentation-based claims. Targets the approximately 15 million bale annual U.S. cotton market where origin verification traditionally loses fidelity once cotton leaves the farm gate.
• Bougainville Refinery LtdcoreTechnology or Integration · 1 December 2025SMX and Bougainville Refinery Ltd announced a joint initiative to deploy end-to-end authentication across gold sourcing, refining, and export supply chains. SMX's molecular authentication technology embeds persistent, invisible identity directly into gold that survives refining and downstream processing. BRL serves as a live operational proving ground and reference environment for deploying integrated identity infrastructure, with the aim of establishing Bougainville as a global reference model for transparent, responsible gold trade.
• FinGocoreTechnology or Integration · 1 December 2025Joint initiative with SMX and Bougainville Refinery Ltd combining SMX's molecular-level gold authentication technology with FinGo's biometric digital identity and KYC/AML infrastructure to create auditable supply-chain records linking verified individuals to verified assets. The partnership delivers end-to-end traceability and compliance with LBMA Responsible Gold Guidance, DMCC compliance frameworks, and World Gold Council principles.
• LVMH Métiers d'ArtcoreStrategic or Co-development Partner · 1 January 2021SMX and LVMH Métiers d'Art entered a collaboration on a series of research and development projects aimed at improving the transparency and sustainability of the luxury brand's products. The partnership enables complete traceability of origin for raw materials, protecting and developing fashion and leather goods houses' access to raw materials and the superior savoir-faire they require.
• Plastic Recycling Association of Singapore (PRAS)minorStrategic or Co-development Partner · 1 January 2021SMX became a member of the Plastic Recycling Association of Singapore (PRAS), a leading non-profit organisation engaging with key stakeholders from large companies to government organisations. The partnership allows SMX to expand its global reach with a key footprint in the Asia-Pacific market, identifying suitable pilot projects in the regional market and establishing a Plastic Recycling Centre of Excellence (PRCOE).
• W.A. Mint Pty LtdcoreStrategic or Co-development Partner · 1 July 202050:50 joint venture between SMX and W.A. Mint Pty Ltd announced July 2020 to create the world's first 'mine to product' transparency solution for gold following responsible mining principles. The JV created the 'trueGold' platform for gold verified identity. Independent review of the Business Plan undertaken by Grant Angwin (former Chair of LBMA). Full commercial roll-out expected from 2021.
• BASFcoreStrategic or Co-development Partner · 1 April 2020SMX and BASF signed a binding joint development agreement in April 2020 to develop solutions for plastics traceability and circularity. SMX contributes its molecular marker technology enabling physical and digital tracking of closed-loop recycling, authenticating sustainability claims, and improving sorting of plastic waste. The partnership leverages BASF's extensive experience in plastic additives, regulatory know-how, and understanding of the plastics value chain, combining R&D capabilities and required resources.
• Trifecta IndustriescoreStrategic or Co-development Partner · 1 April 2019SMX signed a JV agreement with Canadian diamond manufacturer Trifecta Industries in April 2019, creating a new 50:50 company 'Yahaloma'. Objective is to develop a solution based on SMX trace technology in diamonds and precious stones industry to ensure supply chain integrity. Trifecta will commercialize the technology once developed.
• Israeli Cotton BoardminorStrategic or Co-development PartnerWorking with the Israeli Cotton Board, SMX developed an organic cotton project enabling sustainable and ethical cotton production with full supply chain traceability, later integrated into the Fashion Sustainability Competence Centre (FSCC).

Scale indicators14 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• SICPA: Global leader in security inks and authentication solutions for currencies, identity documents and product authentication. Comparable to SMX in providing covert markers and traceability infrastructure for high-stakes supply chain integrity applications.
• Authentix: Provides authentication and supply chain integrity solutions including covert markers and track-and-trace platforms for fuels, pharmaceuticals and consumer goods. Directly competes with SMX in covert marking and digital verification for regulated industries.
• Applied DNA Sciences: Provides DNA-based molecular tagging for authentication and traceability across textiles, cosmetics, cannabis and supply chains. Most directly comparable to SMX's molecular marking approach, serving overlapping anti-counterfeiting and provenance use cases.
• Optel Group: Supply chain traceability provider focused on pharmaceuticals and consumer goods using serialization, aggregation and track-and-trace technologies. Directly overlaps with SMX's mission of enabling verified, transparent supply chains.
• Covectra: Specializes in serialization, track-and-trace and authentication solutions for pharmaceuticals and consumer goods. Comparable to SMX's serialization and Digital Material Passport capabilities for supply chain visibility and anti-counterfeiting.
• Circulor: Blockchain-based supply chain traceability platform focused on circular economy and raw material provenance for batteries, automotive and electronics. Most directly comparable to SMX's Circularity-as-a-Service and Plastic Cycle Token approach to circular material verification.
• Kezzler: Serialization and traceability platform provider for consumer goods, agriculture and industrial applications. Directly comparable to SMX's serialization-based digital identity and chain-of-custody offerings.
• TraceLink: Pharmaceutical supply chain network for serialization, traceability and compliance. Comparable in building digital traceability infrastructure for regulated industries, though focused specifically on pharma whereas SMX spans multiple material verticals.

Broad incumbents

• Avery Dennison: Global leader in labels, packaging materials and RFID solutions. A broad incumbent providing identification and tracking infrastructure that overlaps with SMX's security labeling and track-and-trace capabilities across consumer goods supply chains.
• IBM Food Trust: Blockchain-based supply chain traceability platform operated by IBM, initially focused on food provenance. Comparable to SMX's blockchain-backed Digital Material Passport Platform for provenance verification, though broader in scope and not focused on physical material markers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights6 records

Customer concentration

• Xx.com/secmattersltd
• LinkedInlinkedin.com/company/security-matters-smx

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Security Matters