Updates, milestones, and links shared by Waterloo Solutions.
Waterloo Solutions is now a portfolio company of Capital Factory and the Austin Technology Incubator.
Between August 2020 and April 2023, EllansaLabs Inc. generated $1.3 million in jewelry manufacturing sales, well below management expectations.\r\n\r\nThe EllansaLabs management team proposed a significant business model pivot away from jewelry manufacturing and towards using its Qrystal NFT blockchain diamonds as product authentication asset tags.\r\n\r\nThe BoD approves the pivot and sets October 1st as the deadline for winding down jewelry manufacturing operations and relaunching the company as a product authentication company.
EllansaLabs Inc. d/b/a Waterloo Solutions completed its pivot from a JMaaS service company manufacturing jewelry on demand to a product authentication company leveraging its Qrystal technology as asset tags. The company relocated from Addison, Texas, to Austin, Texas, in October 2023.
JMaaS customers requested the ability to have unique jewelry pieces linked to the blockchain.\r\n\r\nEllansaLabs Inc. invented a technology to meet those customers' demands. It utilizes a unique laser technology to create graphite QR codes within small lab-grown diamonds, with the QR codes ”pointing” to NFT ”digital twins” on any blockchain system.\r\n\r\nThis technology is called Qrystal, with the ”QR” in the name coming from the QR codes created within the diamonds.
EllansaLabs Inc. was formed as a Delaware C corp. Its mission was to create a Jewelry Manufacturing as a Service (JMaaS) service offering for the jewelry industry.